October 23

IB 303/35

I had you all go down to the Business Office at the beginning of class today to sign out your textbook for Prescribed Subject 3: The Move to Global War (this will be the topic for your Paper 1 exam in May 2018). I gave you time to work on your "Economic Planning in the USSR" reading and notes. This will be submitted for homework check marks tomorrow. This was the last topic that I'm going to cover in Social 30-1 portion of economic systems. You're writing an Economic Systems Exam next Thursday (please see the study guide below). 

Don't forget that the good copy of your IA is due on Tuesday, October 31st. Please remember it is counts 20% to your overall mark with the IB. Please have a look at the upcoming important dates. 

UPCOMING IMPORTANT DATES FOR IB 30/35 STUDENTS:

• Social 30-1 WRA II Essay on economic systems is on Wednesday, November 1st
• Economic Systems Exam is on Thursday, November 2nd (please see the study guide below)

ECONOMIC SYSTEMS EXAM STUDY GUIDE:

This exam will be written on Thursday, November 2nd. It is a multiple choice question format test. 
This is a comprehensive exam that covers all of the major economic systems: market economy, mixed economy, and command economy. It is 74 multiple choice questions. 

• Chapters 3-6 in Perspectives on Ideology
• study the applicable PowerPoint presentations that are on the wiki under Unit 2 (check your notes): The Development of Classical Liberalism, Responding to Classical Liberalism, The Evolution of Modern Liberalism, 20th Century Rejections of Liberalism (just the USSR section of this PowerPoint)
• In Chapter 5, just focus on the Soviet Union, and left-wing of economic spectrum (command economy), we haven't covered aspects of dictatorships or Nazism yet (the techniques of dictatorship and fascism will be on a Chapter 5 Test)
• please see the summary notes from the Ideologies textbook: Chapter 7 (Private Enterprise)
• supply-side economics 
• boom and bust cycle/business cycle 
• laws of supply and demand, Adam Smith, invisible hand, market forces
  self-interest, consumer sovereignty, competition, private ownership, profit motive
• basic economic problems/questions
• advantages/disadvantages of the market economy
• causes of the Great Depression 
• FDR and the New Deal
• please see summary notes from the Ideologies textbook on the Mixed Economy Case Studies #14 (Sweden) and #15 (Canada), #16 (Japan), #17 (Fascism and Nazism)
• also see the Democratic Socialism booklet on Sweden (indicative planning, "cradle to the grave" economics/"womb to tomb economics")
• characteristics of a mixed economy
• nationalization
• privatization
• democratic socialism
• welfare capitalism
• Keynesian economics
• the business cycle and fiscal and monetary policies (study all of the notes I gave you)
• demand-side economics
• neo-conservatives
• monetarism
• trickle down economics
• supply-side economics
• Thatcherism and Reaganomics
• Milton Friedman
• Friedrich Hayek
• how Keynesian economics deals with a recession (remember "the percolator": increase circulation of money reducing taxes, increase government spending on "make work" projects, and reduce interest rates, which according to Keynesian economics is going increase demand for goods and services and lead to more money circulating in the economy) 
• how supply-side economics deals with a recession (remember "trickle down coffee maker": government should stimulate the goods and services sector of the economy by reducing corporate and personal taxes, eventually benefits will "trickle down" to the middle class and working class, make connections between supply-side economics and laissez faire economics/classical liberalism)
• advantages and disadvantages of a mixed economy
• neo-conservative criticism of government intervention
• characteristics of a centrally planned economy
• advantages and disadvantages of a centrally planned economy
• Marx notes (on the wiki, under Unit 2)
• Lenin notes (on the wiki, under Unit 2)
• establishment of the Soviet Union
• Soviet economic system (top-down decision-making process)
• Lenin's War Communism and the New Economic Policy
• Stalin notes (on the wiki, under Unit 2)
• "Changes to Soviet Society After Stalin" notes (this bridges the gap between Stalin and Gorbachev) (on the wiki, under Unit 2)
• Gorbachev to Collapse Notes (on the wiki, under Unit 2)
• Market Socialism (on the wiki, under Unit 2)

SOCIAL 10-1

I finished the lecture today on "Historical Globalization and Imperialism". If you missed class today, you will need to get notes from a classmate.

One week from today, you will be writing your Chapter 7 Test, please see the study guide below. 
This quiz will have three sections: a matching section, a multiple choice section, and a short answer section.

1. Key Terms for Chapter 7 Test:

• historical globalization
• the Silk Road
• international trade
• the Columbian exchange (the grand exchange)
• mercantilism
• capitalism
• free market
• Adam Smith
• entrepreneur
• communism
• industrialization
• the Industrial Revolution
• cottage system
• physiocrats
• exploitation
• imperialism
• Eurocentrism
• ethnocentrism
• European imperialism
• "old" imperialism
• "new" imperialism
• colony
• protectorate
• sphere of influence

2. Study the Questions for Inquiry from Chapter 7 (be able to answer these questions using case studies and examples that we have covered in class):

• What were the beginnings of global trading networks?
• What values are associated with capitalism?
• Whose values did industrialization effect?
• Why did England industrialize before other European powers?
• What were some of the effects of the Industrial Revolution?
• In what ways did imperialism benefit one people over another?