Social 30-1
We had another bust day! I did a homework check on your Chapter 4 Key Terms and Questions. We did a quick review of the business cycle, and the Keynesian response to the various stages of the boom and bust cycles. I went through the "Using Monetary and Fiscal Policy to Stabilize the Economy" notes in your Social 30-1 booklet (pages 56-62). I also walked you through the "Case Study: USA during the Great Depression" notes (pages 63-64 in study booklet). It's also a useful idea to check out this recording from NPR that draws comparisons between the FDR administrations' response to the Great Depression and the Obama administration's response to the 2008 global recession.
You were supposed to read, highlight and annotate "Democratic Socialism and the Mixed Economy" notes (pages 65-67) and complete Sweden: The Welfare State (pages 68-72). If you look at the study guides for the Market Economy and Mixed Economy Test and the Economic Systems Exam that there is reference to the Mixed Economies case studies (Sweden, Canada, Japan, Nazi Germany), you can find these case studies on pages 73-76 in the blue study booklet. Your Chapter 6 Key Terms and Questions are due tomorrow. Please remember that you have your Ideological Reaction to Industrialization Test (see the link to the study guide below). I also showed you two videos from the newsmagazine show 60 Minutes, one was called "Dutch Treat" and "Welfare a la carte", as you watched these segments, you were to take notes (advantages and disadvantages to the mixed economy in these countries).
Upcoming Important Dates:
- Ideological Reaction to Industrialization Test is on Friday, July 11th (please see the study guide here, scroll down to find it)
- Market Economy and Mixed Economy Test is on Tuesday, July 15th (please see the study guide below, scroll down to find it)
- Economic Systems Exam is on Wednesday, July 16th (please see the study guide below, scroll down to find it)
- Chapter 5 Test is on Thursday, July 17th (please see the study guide below, scroll down to find it)
Market Economy and Mixed Economy Exam Study Guide:
- Chapters 3-4 and Chapter 6 in Perspectives on Ideology
- 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), you can find this on the Social 30-1 wiki
- nationalization
- democratic socialism
- welfare capitalism
- Keynesian economics
- the business cycle and fiscal and monetary policies (study all of the notes I gave you and the booklet that 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
- how supply-side economics deals with a recession
Economic Systems Exam Study Guide:
This is a comprehensive exam that covers all of the major economic systems: market economy, mixed economy, and command economy. It is 70 multiple choice questions. This exam will be administered on Wednesday, July 16th.
- Chapters 3-6 in Perspectives on Ideology
- study the applicable PowerPoint presentations that I have sent you for Unit 2
- 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)
- 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 and the booklet that 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 (sent by e-mail)
- Lenin notes (sent by e-mail)
- establishment of the Soviet Union
- Soviet economic system (top-down decision-making process)
- Lenin's War Communism and the New Economic Policy
- "Stalin and the Modernization of Russia" (see film notes)
- Stalin notes (sent by e-mail)
- "Changes to Soviet Society After Stalin" notes (this bridges the gap between Stalin and Gorbachev)
- Gorbachev to Collapse Notes
- Economic Planning in the USSR (again, you'll get these notes tomorrow)
Chapter 5 Test Study Guide:
The Chapter 5 Test will be on Thursday, July 17th. It is a 70 multiple choice question test. Please review the following:
- "20th Century Rejections of Liberalism" (ppt)
- Marx notes (see wiki)
- Lenin notes (see wiki)
- Stalin notes (see wiki)
- Soviet Economy notes
- Soviet Economic System notes
- Changes to Soviet Society After Stalin notes
- Gorbachev to Collapse notes
- Economic Planning in the USSR booklet
- Characteristics of Democracy
- Characteristics of Dictatorship
- Democratic Systems notes
- Non-Democratic Systems notes
- Types of Dictatorships notes (includes Techniques of Dictatorships as well)
- A Comparison of Communism and Fascism notes
- Totalitarianism notes
- Fascism/Nazism booklet (has techniques of dictatorship in Nazi Germany and USSR)
- do a brief review of the political and economic spectrums
The following key concepts/key events/key people are mentioned in this test, if you (re-)familiarize yourself with them it will help you out immensely!
- centrally planned economies
- initiative
- FDR and the New Deal
- Reaganomics
- consumer sovereignty
- invisible hand
- Keynesian economics
- laissez faire economics
- War Communism
- Five Year Plans
- mixed economies
- indicative planning
- proportional representation
- democracy
- dictatorship
- political spectrum (characteristics associated with the various ideologies)
- status quo
- egalitarianism
- conservative
- reactionary
- liberal
- radical
- SA
- Hitler
- Bolshevik
- fascism
- communism
- indoctrination
- controlled participation
- terror and force
- direction of popular discontent
- democratic socialists
- supply-side economics
- authoritarian
- tyrant
- totalitarian
- totalitarianism
- ultranationalism
- nationalization
- privatization
- propaganda
- progressive taxation
- Marx
- Lenin
- utopian socialism
- Gorbachev
- martial law
- Reichstag (Reichstag Fire, Reichstag election results)
- referendum
- collectivization
- modernization
- classical liberal
- laissez faire free market economy
- mixed economy
- planned economy
- (review your economic political quadrant model)
- Das Kapital
- Mein Kampf
- The Wealth of Nations
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