Exam 3 Flashcards
(24 cards)
2008 Financial Crisis
A financial crisis caused by a U.S. housing bubble that was fueled by subprime mortgages and overleveraged banks. When the borrowers of subprime mortgages defaulted, major institutions holding mortgage-backed securities collapsed. However, all the banks that collapsed due to poor management were bailed out by stimulus measures from the government and even used some of it to lobby against big reform. This led to immigrants, poor people, and teachers getting the blame for the collapse and not the mismanaged banks.
Affirmative Action
A set of policies that were designed to promote equal opportunities for historically disadvantaged groups in areas like education and employment. Its supporters believed that it would help address systemic inequality and foster diversity, while critics believed that it worked counter to a meritocracy and was reverse discrimination.
Anthropocene
A geological span of time that covers the impact that humans have had on the world. It is suggested that especially since the industrial the impacts on the climate and global warming are major effects caused by humans. This is intertwined with the Green New Deal.
Citizens United
A court case in 2010 that changed the rules of campaign finance. It was allowed for businesses or unions to spend unlimited money on campaigns. This led to a lot of power being given to businesses who are unelected actors and is similar to Gilded Age problems where the rich had too much power.
Culture Wars
A topic that refers to debates over cultural topics, usually, religion, race, gender, or education. Supporters on either side of a culture war believe that policies should reflect their beliefs on how to live which leads these issues to be difficult to compromise on and extremely polarizing.
Degrowth
An economic idea that highlights the reduction in production and consumption in order to create a more equal society. It challenges the constant capitalist morality, and new right focus on economic growth which often leads to worsening inequality.
Disaster Capitalism
Refers to the idea that some businesses are positioned to profit off of disasters. Prevalent now with the idea that military contractors serve to profit off of more war and therefore take actions to promote war. The debate is whether these entities that profit off of disasters help with relief or if they take advantage of vulnerable communities. There is also a question of whether they take actions or lobby in certain ways that promote disasters to help with profit.
Ecomodernism
An environmental philosophy that highlights using technology and innovation to address problems in the environment while still maintaining economic growth. Supporters believe that human progress through advancements in environmentally beneficial technologies can allow for economic development without environmental problems.
Green New Deal
A set of policies proposed to help with climate change and economic inequality. The name is an allusion to FDR’s new deal which had public works to help get the economy back on its feet. The goal of the green new deal, is for government investment in green energy, jobs, and infrastructure to help create a sustainable economy. The hope is that it creates jobs while reducing carbon emissions. ANTHROPOCENE.
NAFTA
North American Free Trade Agreement which was signed by the U.S., Canada, and Mexico to eliminate trade barriers (which is in general good for all economies) and increase cooperation between the 3 countries. This, however, led to job loss in manufacturing areas as manufacturing companies moved to Mexico for cheaper labor.
neoconservatives
A political movement as a response to a perceived failure in liberal policies. They advocate for strong foreign policy including military intervention to promote U.S. interests abroad. They also support free-market capitalism, limited government, and traditional values. This was highlighted when George W. Bush waged the war on terror in the Middle East.
New Democrats
A faction within the democratic party that highlights the political success of Ronald Reagan and the new right as it shows the way the terms of debate had been changed. Bill Clinton was the leader and had moved the party to the right with more conservative economic values as he embraced a free-market and pro-business policies. Also had a focus on social justice and environmental protection, but were definitely promoters of economic growth and deregulation.
New Right
A political movement that combined conservative social values with conservative economic values. Led successfully by Ronald Reagan who contributed to welfare reform, free market, and limited government intervention. Also supported military strength, and opposed same sex marriage and abortion. Gained significant influence in the 1980s with Reagan in the US and Thatcher in the UK.
Occupy Wall Street
A protest movement in NYC in September 2011 that protested corporate greed, economic inequality, and money in politics. This is somewhat a response to the Citizens United case in 2010 which allowed for unlimited spending on campaigns which gave power to the richest in society. Brought income inequality to the forefront of mainstream politics emphasizing terms like the “99%” and the “1%” stating that the economy was only set up to help the top one percent.
Operation Dixie
A plan to help southern workers get better pay and safer workspaces through unionizing. This was a challenge because it would have required the overcoming of a southern anti-union sentiment and white southerners working with African-American southerns to collectively bargain. The bosses were able to use the racial divides to their advanage because of this.
PATCO
A labor strike from Air traffic Controllers that protested hoping for better pay, better working conditions, and less hours. Reagan gave the workers an ultimatum to return to work and ultimately fired most of them after they declined. This highlights the anti-union ideals of Reagan and the new right and the change from New Deal Era policies.
Rainbow Coalition
A political alliance that brought together diverse groups, particularly those from diverse racial, ethnic, or socioeconomic backgrounds to advocate for shared interests. It became widely popular through unifying support in marginalized communities especially, African Americans, Latinos, women, labor unions, and progressive groups.
Reagan Democrats
A group of democrats from rural or industrial areas who supported Reagan due to his economic values and strong stance on nation defense along with appealing to beliefs on religion or family values.
Rosie the Riveter
A cultural icon who represented the women who filled the men’s jobs in factories while the men were off in WWII. Served as a symbol for female strength and independence and played a critical role in challenging traditional gender roles. Helped pave the way for advancement in womens rights.
Supply Side Economics
An economic theory that suggested reducing taxes on the wealthy businessses and individuals in order to create jobs and economic growth. The hope is that lower taxes would lead to more investment in production and an increasing supply of goods which would help the economy as a whole. Ended up with a trickle-down effect of the benefits as those at the top kept a large share of the benefits and the policy worsened inequality and seemed to not work.
Tea Party
A conservative movement in 2009 in response to government spending, taxation, and a believed overstep by the federal government. Named after the Boston Tea Party to oppose government intervention and overreach. The movement advocated for less government and less taxes.
War on Terror
Refers to the military campaign launched in response to 9/11 in the Middle East. This highlighted the neoconservative international movement of George W. Bush. Has been criticized for leading to human rights violations, coming with great costs, and being largely ineffective and maybe even creating an escalation in terrorism.
Welfare Queen
A derogatory term used by Ronald Reagan to attack women living off welfare who he believed were defrauding the system as they were not contributing to society. However, the data showed that this narrative was false and misleading as welfare fraud was extremely rare and the stereotype blamed these women instead of systemic issues related to poverty. It reinforced racist and classist ideals that suggested that all poor people were responsible for their own struggles.
Welfare Reform
Changes in government policies that attempted to reduce the dependence on public assistance and promoted work. Imposed time limits on assistance and worked against some New Deal programs. This increased poverty and made life worse for those living on welfare programs
