GS101 Study Guide - Quiz Guide: Falafel, Kfc, Universal Declaration Of Human Rights
Document Summary
National control of fiscal (taxation) and monetary (e. g. interest rates) policies. High taxation on wealthy individuals and profitable corporations. Late-1970s, early-1980s election of many governments in (cid:862)first world(cid:863) countries on neo-liberal platforms: margaret thatcher, uk, 1979-1990, ronald reagan, usa, 1981-1989, brian mulroney, canada, 1984-1993. Neo-liberalism: an ideology based on ideas of classical liberal economists on (cid:862)laissez- faire(cid:863) capitalism: adam smith (1723-1790, david ricardo (1772-1823) Margaret thatcher: (cid:862) o(cid:272)iet(cid:455) does not e(cid:454)ist(cid:863); there are only individuals and each is responsible for himself. Ideology: a set of partial truths which cover up or mask hidden interests. Ideology of neo-liberalism conceals hidden interests of business elites by making it appear to be a neutral economic system that benefits everyone, everywhere. American economy still growing, but not growing as quickly as before. Smaller role for governments, and larger role for markets; even out economic disparities. Assumption that private industry can better manage than bureaucratic governments.
