Keynesian economics
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1. Keynesian economics argues that governments should intervene in the economy to boost aggregate demand and mitigate economic downturns, unlike classical liberal economics which favors laissez-faire policies. 2. Keynes advocated for policies like increasing government spending, reducing taxes and interest rates, and borrowing to stimulate the economy and achieve full employment during recessions. 3. Although Keynesian policies fell out of favor in the 1980s-1990s, some viewed the economic response to the 2008 financial crisis as a return to Keynesian ideas through similar stimulus measures.
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The document summarizes several acts passed by the British Parliament that angered the American colonists and increased tensions between the colonies and Britain. The Proclamation of 1763 and Sugar Act upset colonists by limiting their expansion and imposing new taxes. In response, the colonists organized groups like the Sons of Liberty and engaged in boycotts. The Stamp Act in particular provoked strong opposition from Patrick Henry and Samuel Adams, leading the Stamp Act Congress to petition for its repeal, which Parliament granted in 1766. However, the Declaratory Act and Townshend Acts further strained relations by asserting Parliament's right to tax the colonies.
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The UK industry was state controlled during WWII to meet basic population needs and support the war effort. This continued after the war, with key industries like coal, utilities and steel being nationalized. Nationalization provided subsidized materials and infrastructure, allowing UK industry to produce 25% of global goods by 1952. However, declining investment and rising wages abroad caused UK's share to fall to 2.9% by 2009. The document discusses alternatives to privatization, including rebuilding UK industry through public investment and ownership to serve common needs.
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There were both external and internal pressures for the British colonies in North America to unite in the 1860s. Externally, Britain wanted to reduce costs and feared American invasion, while the colonies faced threats like Fenian raids. Internally, the colonies wanted to expand westward and ensure control over more territory. This led representatives from the Maritime colonies and Canada to hold conferences in Charlottetown and Quebec City in 1864, establishing the basis for confederation with a federal government and provincial powers. After further negotiations in London, the British North America Act of 1867 was passed, uniting the colonies of Canada, Nova Scotia and New Brunswick into the new Dominion of Canada with a written constitution.
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The document summarizes the events surrounding the American War of Independence and the subsequent migration of Loyalists to British North America. It discusses how Britain was in debt after the Seven Years' War and tried to make the American colonies pay taxes, leading to protests and eventually rebellion. Many Loyalists who supported Britain fled to Quebec and Nova Scotia during and after the war. This influx of Loyalists increased tensions and led Britain to pass acts dividing the colonies to try and address the concerns of the Loyalists and Canadiens.
Give Me Liberty
The document summarizes the key events that led to the American Revolution, including Britain imposing taxes on the colonies to pay for wars without colonial representation, colonists being forbidden from settling west of the Appalachians, and acts like the Stamp Act, Townshend Acts, and Intolerable Acts that angered colonists and restricted colonial autonomy. Growing tensions over taxation and control culminated in the Boston Tea Party, prompting Britain to pass the Intolerable Acts, further unifying the colonies toward revolution.
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Keynesian economics
Keynesian economics is an economic theory developed by John Maynard Keynes that argues that government intervention is necessary to increase aggregate demand and pull the economy out of recession. It posits that private sector spending affects income and output, and that inadequate private spending during economic downturns can lead to increased unemployment and a slower economy unless the government injects money directly into the economy through spending on public projects, tax cuts, or by increasing the money supply. Keynesian economics advocates for government intervention in the economy through fiscal policy tools like spending and taxation to stabilize output and mitigate economic cycles.
Classical theory of economics
Classical economics is a macroeconomic theory based on flexible prices, Say's law that supply creates its own demand, and equality between savings and investment. It traces back to Adam Smith and assumes markets clear naturally, leading to full employment. In contrast, Keynesian economics recognizes unemployment and a need for aggregate demand management by the government.
Federalism 2
Federalism in the US divides power between the national and state governments. It was a compromise between a unitary system and confederation. While not explicitly mentioned, the Constitution divides powers between the federal and state governments within their own spheres. Over time, amendments and Supreme Court rulings have increased federal power, though states still have autonomy in many policy areas like education and healthcare. Presidents have taken different approaches to federalism, with some increasing federal intervention and others reducing it. Overall, federalism allows for diversity while also providing national unity and protection of rights.
Congress
This document is a multimedia presentation about the U.S. Congress that was created in 2001. It discusses the organization and functions of Congress, including that it is made up of two chambers: the House of Representatives and the Senate. It explains that the House has 435 members with two-year terms, while the Senate has two Senators from each state with six-year terms. Additionally, it describes that Congress's power comes largely from its autonomous standing committees that deal with bills and oversight of government departments.
Legislation problems in congress
Passing legislation through Congress is difficult due to numerous hurdles in the legislative process. Bills must gain majority approval in multiple committees and chambers, and any opposition can block legislation through filibusters or presidential vetoes. The legislative system is designed to make enacting new laws challenging by separating and sharing powers between institutions and requiring supermajorities. As a result, only a small percentage of proposed bills actually become law.
What’s wrong with congress[1]
Gerrymandering and lack of diversity negatively impact Congress. Only 16% of Congress is female and less than 7% are ethnic minorities. Congressmen often spend time and resources on pork barrel projects to please constituents. Committee chairs once had too much power but now face term limits, resulting in less expertise. Scandals in Congress increase public skepticism while divided government and abuse of the filibuster limit oversight of the executive branch.
Congress & parliament
While Congress and Parliament both have bicameral legislatures dominated by two main parties, there are key differences in their functions and operations. Parliament has stronger party discipline as MPs don't want to be responsible for their party losing power. In contrast, Congressmen feel more pressure to satisfy constituents and can be challenged by their own party. Additionally, most legislation is more likely to pass Parliament due to the UK's tradition of ideologically coherent parties, whereas in Congress competing agendas between the President and Congress can lead to gridlock.
Federalism
While President Bush was expected to shrink the federal government as a Republican, his presidency instead saw the largest expansion of federal spending since Lyndon Johnson's Great Society programs of the 1960s. This was due to increased national security spending after 9/11, expansions of Medicare and education under the No Child Left Behind Act, and disaster relief following Hurricane Katrina. President Obama has also grown the federal government through policies like supporting California's emissions standards and stimulus spending, though some governors opposed this as irresponsible. Both presidents demonstrated the federal government taking on a larger role than traditionally expected for Republicans.
Phases of federalism
This document discusses different models of federalism in the United States:
Dual federalism characterized the early period, with states exercising most power and the federal government focused on money, war, and peace. Cooperative federalism emerged during the New Deal era, as federal and state governments collaborated to address issues like transportation, health, education, and poverty. This coincided with four Democratic presidents. New federalism then arose under four Republican presidents and sought to return some powers from the federal government back to the states, reflecting views that earlier programs had failed and growing distrust in the federal government.
Committees congress
There are several types of committees in Congress, including standing committees, select committees, conference committees, party committees, and joint committees. Standing committees are permanent policy specialists committees, such as those focused on armed services or judiciary. There are 34 standing committees total between the House and Senate. Select committees are typically ad hoc and investigative in nature, focusing on specific issues like Hurricane Katrina or Watergate. They have power to subpoena evidence and witnesses. Committee roles include shaping legislation, oversight of government agencies, and confirmation of presidential appointments.
Federalism consequences
Federalism results in variations between states in laws like marital age and education requirements. It also leads to complexity with different state and national court systems and tax codes. Power has shifted back to states in recent decades due to reduced federal aid, perceptions that federal programs weren't successful, and Supreme Court decisions upholding states' rights, contributing to regional diversity and decentralization of political parties and elections under state law.
Vice president
John Adams remarked that the vice presidency was "the most insignificant office" ever devised by man, yet it holds the potential to become "everything" if the vice president must assume the presidency due to the president's death, resignation, or removal from office. The document then discusses the roles and responsibilities of the vice president, such as presiding over the Senate, counting electoral votes, and becoming acting president if the president is disabled. It notes that the vice presidency has taken on increasing significance and responsibilities over time, such as advising the president and acting as a spokesperson.
How representative is congress
This document discusses how representative Congress is in the United States. It examines representation in terms of gender, race, age, education, religion, and geographical region. Congress has historically been dominated by older, highly educated, Christian white men. While women now make up around 20% of Congress, racial minorities and younger people remain underrepresented. The document also questions whether members of Congress represent the views of their constituents through their actions and votes.
Third way
This document discusses the evolution of the Labour Party in Britain from 1994 onward under Tony Blair's leadership. It notes that Blair rejected traditional socialist policies and embraced concepts associated with the Third Way like pragmatism, communitarianism, and meritocracy. While Labour adopted some neoliberal policies under Blair like workfare programs and increasing private financing, it also maintained some socialist policies like the minimum wage. The document debates whether Labour remained a socialist party and examines some of Gordon Brown and Ed Miliband's policies that represented a shift back toward traditional labour values around redistribution, regulation, and public services.
Neo conservatism
Neoconservatism emerged in the 1960s-70s as former liberals became more conservative, particularly on foreign policy where they favored direct confrontation with the Soviet Union over détente. Neoconservatives critique modern society and advocate interventionist foreign policy to spread democracy. Notable neoconservative individuals, organizations, media outlets, and foundations have advocated for these views and influenced US foreign policy. Some debate whether Tony Blair's views align with neoconservatism. Ideological positions can vary and overlap in complex ways.
Judicial review comparative
Judicial review refers to the power of courts to review and interpret legislation and actions of the other branches of government. Both the UK and US grant their highest courts this power, allowing them to review statutes for compliance with the constitution and review administrative actions. However, key differences exist between the two systems - UK courts cannot strike down legislation due to parliamentary sovereignty, while US courts have asserted the right to strike down laws since the 1803 Marbury v Madison case.
The third way
The document discusses the Third Way as a political position that attempts to reconcile right and left-wing policies. Historically, Mussolini marketed fascism as a Third Way between socialism and capitalism. In the UK, Tony Blair and New Labour pursued a Third Way by advocating a center ground between Thatcherism and Old Labour, influenced by sociologist Anthony Giddens and advocating pluralism, community initiatives, and welfare to work.
The imperial presidency
The term "Imperial Presidency" originated in the 1970s to describe the perceived abuse of power by presidents Lyndon Johnson and Richard Nixon during the Vietnam War and Watergate scandal. Historian Arthur Schlesinger Jr. argued that the presidency had become dominant over Congress, with the executive branch resembling a royal court. Subsequent presidents, including Reagan with the Iran-Contra affair and Clinton with treaties and wars not authorized by Congress, were also said to expand presidential power beyond what the Founding Fathers intended in the Constitution by taking war-making authority for themselves. Whether modern presidencies should truly be considered "imperial" is still debated.
How can the president circumvent congress
Executive orders allow presidents to manage operations within the federal government without congressional approval. However, the Supreme Court ruled that presidents cannot use executive orders to make new laws. Presidents since the 1950s generally cite which existing laws their executive orders are based on. Signing statements are issued when a president signs a bill into law and can be used to interpret statutes, though some argue this modifies laws without congressional approval. Executive agreements are international agreements made by the president without senate ratification and have the force of treaties despite questions over their constitutionality.
John rawls (1921 2002) – a brief
John Rawls (1921-2002) was a hugely influential US philosopher known for attempting to reconcile liberal beliefs in freedom with the need to prevent excessive inequality in society. His best known work, A Theory of Justice (1972), proposed a thought experiment where people create a just society from behind a "veil of ignorance" without knowing their place in it. Rawls argued this would lead people to choose principles guaranteeing equal rights, respect for all, and a minimum standard of living so that the worst off are not below a certain level, even if this requires some inequalities. He called this the "difference principle."
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John Maynard Keynes (1883-1946) was one of the most influential economists of the 20th century. He studied at Eton and King's College, Cambridge and had a successful career working for the British government during World War I on issues of war finance. In his major work, The General Theory of Employment, Interest and Money (1936), Keynes argued that high unemployment could persist for long periods without government intervention. He advocated for fiscal policy solutions like government spending and investment to stimulate demand and pull the economy out of recession. Keynes' ideas formed the basis of modern macroeconomics and significantly influenced government policies worldwide in the post-World War II period.
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During the post-Civil War period of industrialization in the United States:
- Entrepreneurs like Carnegie, Rockefeller, and Edison established monopolies in industries like steel, oil, and electricity through aggressive business practices that eliminated competition.
- The rise of large trusts and monopolies led the government to begin regulating industry under Progressivism to curb their power and abusive practices.
- Other notable industrialists of the time included inventors, manufacturers, and transportation magnates who helped drive economic growth through new technologies and infrastructure projects, though some schemes like Crédit Mobilier involved political corruption.
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The document summarizes the key causes and effects of the stock market crash of 1929 that led to the Great Depression. It discusses several underlying causes, including an unequal distribution of wealth, widespread installment buying, bank failures, rising unemployment due to new machinery, high tariffs, and huge farm surpluses. It also describes the immediate cause as the stock market crash in October 1929. Finally, it outlines some of the hardships of daily life during the Depression, such as poverty, homelessness, migration, and President Hoover's reluctance to provide government relief.
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Karl Marx developed a theory of history and society known as historical materialism or Marxism. He argued that history is defined by class struggle between economic classes, and that capitalist societies would inevitably give way to socialist ones due to internal contradictions like alienation of workers and tendency towards crisis. While capitalism created massive productive forces, it also created inequality and instability. Marx saw it as the precursor to socialism and eventually communism, without private ownership and class divisions. His theories were influential but faced criticisms around human nature and whether revolution was necessary. Debate continues around the ongoing relevance of Marx's critique of capitalism.
Pigscowssheep
1. The document discusses several topics related to economics including capitalism, middlemen, laissez-faire, entrepreneurs, robber barons, monopolies, labor unions, insurance, banking, stock markets, and the barter system.
2. It provides context on how these concepts developed and were important during the Industrial Revolution, such as how capitalism and entrepreneurs drove innovation, while middlemen profited and labor faced low wages and poor conditions.
3. Robber barons created monopolies in industries like steel and oil, though they also transformed the economy, while organized labor unions struggled for better treatment of workers.
History of Economics Thought II ch-4.pptx
1) John Maynard Keynes developed the Keynesian school of economics in response to the Great Depression. His major work, The General Theory of Employment, Interest and Money, argued that government intervention was needed to increase aggregate demand and pull the economy out of recession.
2) Keynes argued that Say's Law did not always hold, and that unemployment could persist if aggregate demand was insufficient. He advocated for fiscal policy tools like government spending and tax cuts to boost effective demand.
3) The Keynesian school emphasized macroeconomics, instability in the economy, and advocated for active fiscal and monetary policies by the government to promote full employment and economic growth.
a century of peace and progress
This document appears to be a collection of newspaper clippings about the history of economic and political ideas from the 18th-19th centuries. It discusses early capitalist thinkers like Adam Smith and laissez-faire economics. It also covers Thomas Malthus' theory of population growth, David Ricardo's iron law of wages, and Jeremy Bentham and John Stuart Mill's support for reforms. The document next summarizes socialism and thinkers like Robert Owen. It concludes with sections on communism according to Karl Marx, and the growth of humanitarianism, women's rights, and public education.
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Karl Marx collaborated with Engels to elucidate the principles of communism and organize the international working class movement. John Maynard Keynes argued that business investment fluctuates and cannot maintain high employment on its own. Adam Smith believed free markets and laissez-faire policies best allocate resources under the invisible hand. David Ricardo feared overpopulation would lead to land scarcity and supported free trade between nations.
Capitalism Pre capitalist Mercantili.docx
Capitalism
Pre capitalist
Mercantilism is economic nationalism for the purpose of building a wealthy and powerful state. Adam Smith coined the term “mercantile system” to describe the system of political economy that sought to enrich the country by restraining imports and encouraging exports. (Library of economics and liberty)
The goal of these policies was, supposedly, to achieve a “favourable” balance of trade that would bring gold and silver into the country and also to maintain domestic employment
the mercantile system served the interests of merchants and producers such as the British East India Company, whose activities were protected or encouraged by the state.
The most important economic rationale for mercantilism in the sixteenth century was the consolidation of the regional power centres of the feudal era by large, competitive nation-states.
Enclosure Acts (1604 – 1914)– land publicly used for grazing , crops became the property of landlords – who then increased rent – pushing people toward the cities to earn a living
Other contributing factors were the establishment of colonies outside Europe;
the growth of European commerce and industry relative to agriculture;
the increase in the volume and breadth of trade; and the increase in the use of metallic monetary systems, particularly gold and silver, relative to barter transactions.
Growth of empire building (and military)
During the mercantilist period, military conflict between nation-states was both more frequent and more extensive than at any other time in history. The armies and navies of the main protagonists were no longer temporary forces raised to address a specific threat or objective, but were full-time professional forces.
Each government’s primary economic objective was to command a sufficient quantity of hard currency to support a military that would deter attacks by other countries and aid its own territorial expansion.
In exchange for paying levies and taxes to support the armies of the nation-states, the mercantile classes induced governments to enact policies that would protect their business interests against foreign competition.
For example; In France, Jean-Baptiste Colbert, the minister of finance under Louis XIV from 1661 to 1683, increased port duties on foreign vessels entering French ports and provided bounties to French shipbuilders.
In Britain - the Navigation Act of 1651 prohibited foreign vessels from engaging in coastal trade in England and required that all goods imported from the continent of Europe be carried on either an English vessel or a vessel registered in the country of origin of the goods. Finally, all trade between England and its colonies had to be carried in either English or colonial vessels
But then
The innovation and invention thoprugh science and reasoning led to the
Eric Hobsbawm did not exaggerate when he opined that “the Industrial Revolution marks the most fundamental transformation of human lif ...
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Here is a Frayer Model for Socialism:
Definition: An economic and political system in which major industries are owned and controlled by the government rather than by individual people and companies.
Characteristics:
- Public or government ownership of key industries and services like transportation, communication, energy, water, etc.
- Central economic planning and regulation of production and distribution of goods
- Equality of outcome emphasized over equality of opportunity
- High taxes used to fund public services like education, healthcare, etc.
- Little to no private property ownership of major means of production
Examples:
- Scandinavian countries like Sweden, Norway, Denmark
- China
- Former Soviet Union
- Cuba
Non-Examples
Summer Research Presentation
Marriner Eccles held views on the Great Depression that differed from Keynes and Samuelson. Eccles believed that excessive saving could be detrimental during a recession, unlike the conventional view. He also thought the government could spend money through creating it, not depending on private profits, and that increased government spending was the only escape from depression. Eccles' famous policies as Chairman of the Federal Reserve included the FHA Act, utilizing private funds but with government protection, centralizing control over money supply through the Banking Act of 1935. His views preceded and aligned with later Keynesian general theories and Samuelson's textbook.
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This document summarizes key people and events in the history of capitalism. It discusses how capitalism has created great wealth but also financial crises. While capitalism may be imperfect, it is the best existing economic system. The document outlines influential early economic thinkers like Adam Smith and events like the South Sea Bubble and Mississippi Bubble. It then discusses major world events and leaders that shaped capitalism over the 19th and 20th centuries, including the World Wars, Churchill, Keynes, and decisions by the US Federal Reserve. It concludes by suggesting rules-based economic policies could provide more stability than discretionary actions.
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New deal ppt
This is a basic overview of the new deal. It includes links to pages with more information for each of the New Deal laws mentioned.
The Ghost of Keynes, Lecture 1 - William Anderson
This document provides an overview of a course that will critically examine Keynesian economics from an Austrian economic perspective. The course will cover topics like who Keynes was, the fundamentals of Keynesian thought, criticisms from Austrian economists, and whether the 2008 financial crisis was caused by Keynesian policies rather than free markets. It will use the book "Where Keynes Went Wrong" as a guide to explore these issues over several weeks.
Labor and economy
1. The growth of large corporations in the late 19th century led to declining wages and increasing profits, causing the formation of national labor unions like the AFL to advocate for workers' rights.
2. The Panic of 1893 caused widespread unemployment and economic depression, fueling the Populist movement which called for government regulation of railroads and banks.
3. World War II pulled the US out of the Great Depression by stimulating industrial production but the postwar economic boom also led to rising inflation that was exacerbated by the oil crises of the 1970s.
Social Studies 11: Canada and the 1930s
The document provides an overview of the economic conditions and political responses during the Great Depression era in Canada in the 1930s. It describes the stock market crash of 1929 and resulting economic hardships. Politically, it contrasts the responses of Prime Ministers Mackenzie King and R.B. Bennett and policies of Hoover and Roosevelt in the U.S. It also discusses the rise of new political parties in Canada like the CCF and the "On to Ottawa Trek" protest by unemployed workers seeking relief.
MACROECONOMICS IN PERIL FOR THE GLOBAL ECONOMIC CRISIS - WHAT IS NEXT???
Macroeconomics is on the verge of a collapse for the prolonging Global Economic Crisis,in spite of the great influence of Islam and Christianity over 60% of the Humanity. . Schools and Universities all over the world are teaching Micro- and Macro-Economics as something great and they provide answers to all economic maladies. It was true before Information Technology Revolution that lead to Globalization.; but not true in the age of globalization. Now schools and universities are misguiding the students; teachers could not explain the Global Economic Crisis other than what is taught with the help of some ready-made PowerPoint presentations or popular text books or course materials. Why do our economists fail to offer any solution or even a logical explanation for the present Global Economic Crisis? What about the world renowned Harvard or Stanford Business Schools? Do they have any solution other than promoting Consumerism or Corporatism?
In the midst of the prolonging global economic crisis, the tools and remedies of Micro and Macro Economics have become ineffective. Economics and Management Science are getting irrelevant. In this context, Mega or Universal Economics has been proposed to deal the global economic crisis.
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Heros & villains of the great crises of capitalsim.slides
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Making of Modern Britain Sixties and Social Change 15 September 2015
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MACROECONOMICS IN PERIL FOR THE GLOBAL ECONOMIC CRISIS - WHAT IS NEXT???
MACROECONOMICS IN PERIL FOR THE GLOBAL ECONOMIC CRISIS - WHAT IS NEXT???
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President and power of veto
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As the judiciary
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- 1. Classic Liberal ...approach to the economy Adam Smith promoted free market capitalism, and in his Wealth of Nations (1776) described how free trade and an unregulated market‟s „hidden hand‟ would act in the best interests of all. Govt should stick to ensuring that all obey the law, and steer clear of economic management. Can be described as a „laissez faire‟ approach – meaning „leave alone‟...
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- 4. NATIONAL IDEOLOGY CARD 11-03--2010-1003 Name: John Maynard Keynes --------------------------------------------- -------- Date of Birth: 05-06-1883 Date of Death: 21-04-1946 (62) Birthplace: London, England Modern Liberalism •He was a British economist whose ideas have profoundly affected modern Ideology: macroeconomics and social liberalism Liberal Political Party: •He advocated interventionist economic policy, by which governments would use fiscal and monetary measures to mitigate the adverse effects of economic recessions, and depressions •Friedrich Hayek was Keynes's most prominent contemporary critic, with sharply opposing views on the economy. Yet after Keynes death he wrote: “He was the one really great man I ever knew, and for whom I had unbounded admiration. The world will be a very much poorer place without him.” --------------------------------------------------------------------------------------------------------------- “ -------------------------------------- misleading guide to current affairs. The long run is a In the long run we are all dead. ”