US Global Political Dominance
After WWII, this country emerged as the dominant global political and economic power
What is the United States?
This major economic crisis led to the adoption of Keynesian ideas in the U.S.
What is the Great Depression?
This economist argued that equilibrium was not a dominant characteristic of economies and is known as the father of Keynesian economics.
Who is John Maynard Keynes?
This 1946 law declared that the federal government had the responsibility to promote full employment, production, and real income to the US people through the economy.
What is the Employment Act of 1946?
Fordism relied on factories producing massive quantities of goods while workers earned enough to buy them, creating this economic cycle.
What is mass production and mass consumption?
The U.S. gave many of these during WWI, which in turn made the U.S. into a large economic power over foreign nations
What are loans?
This set of programs expanded government spending and regulation to revive the U.S. economy.
What is the New Deal?
This business owner is well known for increasing productivity and loyalty by increasing workers' wages.
Who is Henry Ford?
1935 New Deal program created retirement pensions and unemployment insurance, forming a major part of the US welfare state.
What is the Social Security Act?
Stable industrial jobs and relatively high wages helped produce historically high levels of this within the US workforce.
What is economic equality?
The U.S. created this institution that allowed it to design the rules of the global economy
What is the World Bank?
Keynesian economics emphasized boosting this part of the economy to increase production and employment
What is aggregate demand?
This president implemented programs to combat the Great Depression and was the political leader behind the New Deal.
Who is Franklin D. Roosevelt
This 1938 law signed by FDR put in place the first federal minimum wage in the United States.
What is the Fair Labor Standards Act?
Despite rising wages for many workers, discrimination and segregation meant the Fordist era was still plagued by this condition.
What is social inequality?
Because of these ideas, the U.S. was able to stabilize after the Great Depression and become a global superpower.
What is the New Deal?
During the Fordist era, stable wages and mass production helped sustain this key Keynesian principle
What is mass consumption?
This president signed and put into effect the US Employment Act of 1946, making it the government's responsibility to implement programs and policies to promote full employment and production.
Who is Harry S. Truman?
This New Deal law gave workers the right to unionize and bargain collectively
What is the Wagner Act?
Through steady employment and expanded educational opportunities, Fordism helped this movement move up the economic ladder.
What is economic mobility?
This U.S.-led alliance helped solidify American influence over Western Europe
What is NATO?
This theory challenged classical economics by arguing markets do not always self-correct quickly
What is Keynesian economics?
This economist argued that consumers are not purely rational and firms' expectations can be wrong.
Who is John Maynard Keynes?
This 1933 banking law separated commercial and investment banks to reduce financial speculation and strengthen the system after the Great Depression.
What is the Glass–Steagall Act (The Banking Act) of 1933?
Fordist industrial strength and mass-production capacity helped the United States achieve this status in global politics and the economy after World War II.
What is global dominance?