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Flashcards in Politics III Deck (13):
1

What was the 1979 energy crisis?

An event of US panic about potential potential gasoline shortages that happened when oil production decreased in the aftermath of the Iranian revolution.

Oil output only decreased 4% worldwide, but the panic drove up oil prices higher than the decrease justified and caused long lines at gas stations.

2

What was the Iranian Revolution?

- 1979
- The western-friendly Shah of Iran was deposed in favor of a theocratic government.

3

Jeb Bush

Gov of Florida - 99-07
W's younger brother
Republican
Real estate developer
Wife is Mexican
Ended affirmative action in Florida
Supports common core
Anti abortion
Pro immigration
Presided over more executions than anyone in Florida history
Reduced Florida taxes by 19 million
Increased state revenue by 10 billion

4

Mandate

The instruction given by a constituency to a member of the legislature.

5

Depose

To remove from a throne or high office

6

Money market

A section of the financial market where financial instruments with high liquidity and short maturities are traded.

It's used for borrowing and lending in the short term.

Consists of: CDs, US Treasury Bills, commercial paper, municipal notes, federal funds, and repos.

7

Municipality

A city or town that has corporate status and local government.

8

OPEC

"Organization of Petroleum Exporting Countries"

- world's largest oil cartel
- founded in 1960
- consists of (among others) Iran, Iraq, Kuwait, Saudi Arabia, Venezuela.
- attempts to manage the world's oil supply so it can set the price of oil on the world market.
- since the price of oil crashed and we found oil reserves in Alaska and started fracking oil shale OPEC hasn't had much influence.

9

Why is US trying to become less dependent on OPEC for oil.

Why is the US trying to reduce its dependence on foreign (more specifically, Middle East) oil.

The theory is that once our money goes into OPEC hands, it's anybody's guess who gets it, really. Everyone in Western Asia is Muslim and who knows how much of our own money ends up being funneled to terrorist groups.

Once we become less dependent on them for product, we cut off the tap.

10

Cartel

An organization of producers of a good or a service who regulate supply in order to regulate or manipulate the price.

It's like a monopoly, but with not quite so much power.

Cartels are illegal in the US, although OPEC (a cartel) is protected by foreign trade laws.

11

Bourgeoisie

Upper class.

Wealthy class.

12

Third world

- term used to describe a developing nation but originally a Cold War term denoting a country's political allegiance.

- a third world country is a country whose political allegiance is with neither NATO, capitalism, and the US, or with WarPac, communism, and the Soviet Union.

- First world: NATO, US, capitalism
- Second world: WarPac, Soviet Union, communism
- Third world: Asia, Africa, Oceania, Latin America (countries that used to be colonies under imperialist rule and were given independence to start their own economies. These countries developed similar problems: great poverty, high birth rates, dependence on other countries for economic help).

13

The beltway

The Washington DC area within the highway that encircles it.