July 9

Social 30-1

I taught you the Keynesian economic (demand-side economics) response to the various stages of the boom and bust cycle today at the beginning of class. You got your results back for your Unit 1 WRA I today before the break, and I gave you some general feedback. I also spent a tremendous amount of time today talking about how to structure a WRA II Essay. We went to one of the computer labs to work on a Google Doc essay outline. Hopefully, over the course of the next couple of days you continue to work on this Google Doc and add analysis, argumentation and evidence. Please don't write on your essay outline sheet until the night before the essay. You're only allowed to write on the essay question sheet, below the dotted line, and only on the front side of the essay question sheet, so be very selective about what you write on the sheet.

Key Dates:

• Unit 1 WRA II Essay is on Wednesday, July 11th
• Ideological Reaction to Industrialization Test is on Thursday, July 12th (please see the study guide below)
• Market and Mixed Economy Test is on Monday, July 16th (please see the study guide below)

IDEOLOGICAL REACTION TO INDUSTRIALIZATION TEST STUDY GUIDE:

This test is multiple choice format. This test is on Thursday, July 12th. 

1. Please review material from these PowerPoint presentations: 

• "The Development of Classical Liberalism"
• "Responding to Classical Liberalism"

2. Be familiar with key concepts introduced in Chapters 3 and 4.
3. The Industrial Revolution:

• understand fundamental economic, social and political changes that were caused by the Industrial Revolution
• understand the connection between the Agricultural Revolution and the Enclosure Acts and the Industrial Revolution
• understand the differences, advantages and disadvantages of the cottage system and the factory system

4. Key beliefs of the various ideologies (review the spectrums briefly); also review this material from the "Responding to Classical Liberalism" PowerPoint presentation:

• Adam Smith
• laissez faire economics/capitalism (key ideas)
• John Stuart Mill
• Karl Marx (key ideas and beliefs associated with Marx, Das Kapital, The Communist Manifesto, withering away of the state, dictatorship of the proletariat, view of history, etc. ) and Friedrich Engels (see "Philosophies of Industrialism" booklet)
• Edmund Burke and classical conservatism

5. Some questions may require you to make connections between this year's material and what you learned in 10-1 and 20-1 as well 

MARKET ECONOMY AND MIXED ECONOMY EXAM STUDY GUIDE:

This exam will be on Monday, July 16th

• 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