Foundations of Neoliberalism
What famous figure from Austria studied economics and philosophy, later winning a Nobel Prize award in economics?
Erwin Schrödinger
Adolf Hitler
Franz Joseph I
Friedrich Hayek
Friedrich Hayek
True/False, the government did not play an active role in the new deal order.
False
What era was the prosperity of the automobile industry in the United States?
1920’s
1890’s
1950’s
1980’s
3. 1950’s
True/False, Public companies have a higher economic upside compared to privately owned companies
False
How was social power allocated in the new order?
Labor over capital
Capital over labor
2. Capital over labor
Which of the following is NOT Neoliberalism…
A political project
An intellectual project
Studies individual and business choices
Coincided with a crisis in accumulation
3. Studies individual and business choices
True/False, did the new deal emphasize aggregate demand?
1. True
What country eventually overtook the United States for automobile production post WW2 (60s-80s)
Japan
As productivity increased 138.7%, what metric only grew 9.0%?
Market potential
Workplace environment
Hourly compensation
Employment
3. Hourly Compensation
What did Clinton's Welfare Reform NOT include?
Welfare benefits
Work requirements
Reduced assistance for the poor
Reduced corporate tax breaks
4. Reduced corporate tax breaks
Which of the following is NOT a neoliberalism promise?
Freedom and empowerment
Fairness and opportunity
Broad prosperity
Widespread regulation
4. Widespread regulation
What was NOT a result of the new deal
Stabilization of banking systems
Created jobs
Reduced unemployment
Universal currency security
4. Universal currency security
During what time period did we see the highest percentage increase in Inflation?
1950-1960
1970-1980
1990-2000
2005-2010
2. 1970-1980
The top 1% of income earners control approximately how much of the total wealth share?
40%
50%
60%
70%
4. 70%
What is the first step in the transition to flexible accumulation?
Labor
Shift
Globalization
Market
2. Shift
What topic did John Maynard Keynes research?
Government intervention in the economy to manage demand
Why were Keynesian policies so unaffective
People's confidence in government management decreased
Government refused to increase spending during recessions
Keynesian policies were too focused on long-term growth
Affected economies experienced intense hyperinflation
1. People's confidence in government management decreased
In the early 1980s how high did the unemployment rate rise to?
5%
8%
12%
16%
3. 12%
What are positive examples of wealth
Reflects innovation
Enables investment
Supports dynamism
Employed to distort democracy
4. Employed to distort democracy
What is NOT a norm in the business world?
Loyalism
Exploitation
Fordism
Short-termism
1. Loyalism
What did John Maynard Keynes believe?
Equilibrium was not a dominant characteristic of economies
Consumers were purely rational
Firms expectation were accurate
Human behavior does not play into how economies work
1. Equilibrium was not a dominant characteristic of economies
What was NOT a part of the New Deal built on Keynesianism?
Regulatory state
Unregulated capitalism
High taxes on the wealthy
Deficit spending as economic stimulus
2. Unregulated capitalism
At the end of Laissez-faire, which country did NOT weaken economically?
United Kingdom
France
Germany
United States
4. United States
Which is not a positive example of wealth
Reflects innovation
Enables investment
Supports dynamism
Employed to distort democracy
4. Employed to distort democracy
What is NOT included in the social safety net?
Social Security
Unemployment Insurance
Housing Assistance
Public School Funding
4. Public School Funding