Laissez-Faire Ideas
This characteristic or phrase best describes laissez-faire liberalism.
What is a "hands off" or "invisible hand" approach?
This CEO, referred to as the "Tiger Woods of management," shifted General Electric's focus from industrial manufacturing to financial services and implemented a "rank and yank" culture.
Who is Jack Welch?
Unlike the "vicious cycle" of the Great Depression, this economic era was characterized by a "virtuous cycle" of mass production and consumption.
What is Fordism? (or the New Deal Era)
This 19th century philosopher/economist warned that intervention by the government in markets reduces efficiency and individual freedom.
Who is Adam Smith?
In order to keep things quick and cheap in the 80s, companies began using this "flexible" strategy that relies on hiring temporary workers rather than full-time employees.
What is flexible accumulation?
Following the theories of Keynes, the New Deal shifted the government's responsibility to managing capitalism through this specific type of policy, which involves government spending and taxation to stimulate demand.
What is fiscal policy?
This term is used to describe a model of government that has minimal powers and is restricted to activities such as protecting property and maintaining order.
What is a Night-Watchman State?
In Howard's Blocking Abundance Reading, this term is used to describe a tactic that dominant firms would use to buy and kill the products of their smaller competitors.
What is engineered scarcity?
In contrast to the Neoliberal era's focus on monetary policy and price stability, the New Deal era was defined by the government's commitment to this specific labor goal, achieved through deficit spending as an economic stimulus.
What is full employment?