July 9

Social 30-1

I went through a review of the boom and bust cycle, and then the Keynesian economic response to booms, recessions and depressions. We kept reviewing monetary policy and fiscal policy. I showed you a couple of videos from the BBC 20th Century History series, namely, "Boom and Bust" and "FDR and the New Deal". We went through, as a class, the notes on "Using Monetary and Fiscal Policy to Stabilize the Economy" and "The Great Depression in the USA". You also did some exit slips today, one before the break, and one at the end of the day. We went to the Blenheim Room to work on the Chapter 6 Google Doc, and to prepare for tomorrow's position paper.

UPCOMING IMPORTANT DATES AND HOMEWORK:

• Unit 1 WRA II Essay is on Wednesday, July 10th
• Ideological Reaction to Industrialization Test (Chapters 3 and 4) is on Thursday, July 11th
• Read Chapter 6 and complete the Chapter 6 Google Doc
• Market and Mixed Economy Test is on Monday, July 15th

IDEOLOGICAL REACTION TO INDUSTRIALIZATION TEST STUDY GUIDE:

This test is multiple choice format. This test is on Thursday, July 11th. 

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 
• 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 15th

• 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