Economic theory
This theory, developed by Adam Smith, describes how individual self-interest unintentionally benefits society.
What is the Invisible Hand?
This ideology promotes private property, free markets, and minimal government intervention.
What is Classical Liberalism?
This movement marked the transition from agrarian societies to industrial economies, beginning in the 18th century.
What is the Industrial Revolution?
This type of policy involves adjusting government spending and tax rates to influence a nation's economy.
What is Fiscal Policy?
This Scottish philosopher wrote "The Wealth of Nations" and is considered the father of modern economics.
Who is Adam Smith?
This economic theory advocates for government intervention during recessions to increase demand.
What is Keynesian Economics?
A system where the government owns key industries but maintains democratic governance
What is Democratic Socialism?
This Soviet policy of economic restructuring, introduced by Gorbachev, aimed at more efficient socialism.
What is Perestroika?
This program was a key element in President F.D. Roosevelt's effort to combat the Great Depression.
What is the New Deal
This economist developed theories on the importance of government spending to combat economic downturns.
Who is John Maynard Keynes?
This was a response to the abuses happening during the Industrial Revolution as introduced by Theodore Roosevelt.
The Square Deal
This ideology advocates for collectivization and a stateless, classless society.
What is Communism?
A Soviet policy allowing more openness and transparency in government institutions.
What is Glasnost?
This policy advocates reducing government regulation to stimulate economic growth.
What is Deregulation?
This British philosopher is known for his contributions to liberalism, especially on the topics of freedom of speech and utilitarianism.
Who is John Stuart Mill?
This theory states that population growth will outpace food supply, leading to widespread poverty.
Who is Thomas Malthus or What is the Theory on Population
This term refers to the bourgeoisie's exploitation of the proletariat, a key element of Marxist thought.
What is Class Conflict?
The economic system dominant in Europe during the 16th to 18th centuries, where nations sought to accumulate wealth through trade and colonial expansion.
What is Mercantilism?
This policy involves supporting corporations/businesses so that they can support the consumers.
What is the "Trickle-down" theory
This revolutionary leader co-wrote "The Communist Manifesto" and founded Marxist theory.
Who is Karl Marx?
This economic policy, associated with Ronald Reagan, focused on reducing taxes and deregulation to boost economic growth.
What is Reaganomics?
This political ideology promotes the privatization of industries and strong national defense, often associated with Ronald Reagan and Margaret Thatcher.
What is Neo-Conservatism?
The Soviet economic plan that involved the collectivization of farms and industries under state control.
What is GOSPLAN?
The economic theory that suggests reducing taxes on businesses and the wealthy will lead to greater economic growth, often associated with Reagan.
What is Supply-side Economics?
This economist is closely associated with monetarism and argued for the limited role of government in the economy.
Who is Milton Friedman?