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Terms

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Social Security Act
A 1935 law that established old-age insurance and assistance for the needy, children, and others and unemployment insurance
Regan Doctrine
Policy that the United States would provide military assistance to anticommunist groups fighting against pro-Soviet governments
Unilateralism
A national policy of action without consulting others
Reserve Requirements
Governmental requirements that a portion of member banks deposits must be retained to back loans made.
Federal Reserve Board
A seven-member board that sets member banks reserve requirements, controls the discount rate, and makes other economic decisions.
Public Policy
an intentional course of action followed by government in delaing with some problem or matter of concern
Interventionist State
Alternative to the laissez-faire state; the government takes an active role in guiding and managing the private economy
Isolationism
A national policy of avoiding participation in foreign affairs.
Policy Formulationthe
crafting of appropriate and acceptable proposed courses of action to ameliorate or resolve public problems
Economic Stability
A situation in which there is economic growth, rising national income, high employment, and steadiness in the general level of prices.
Medicare
The federal program established in the Lynden B. Johnson administration what provides medical care to elderly social security recipients
Inflation
A rise in the general price levels of an economy.
Spanish American War
brief 1898 war against Spain because of Spanish brutality in Cuba and U.S. desire to attain overseas territory.
Laize-Faire
A French term literally meaning to allow to do, to leave alone. It is a hands-off governmental policy that is based on the belief that governmental involvement in the economy is wrong
Social Regulation
Governmental regulation of the quality and safety of products as well as the conditions under which goods and services are produced
Medicade
An expansion of mdicade this program subsidizes medical care for the poor Fluctuation between expansion and recession that is a part of modern capitalist economies
Economic Regulation
Governmental regulation of business practices, industry rates, routes, or areas serviced by particular industries.
Nixon Doctrine
The policy implemented at the end of the Vietnam War that the United States would provide arms and military equipment to countries but not do the fighting for them.
Agenda Setting
The constant process of forming the list of issues to be addressed by government
Policy Implementation
The process of carrying out public policy through governmental agencies and the courts
Means-tested program
Income security program intended to assist those whose incomes fall below a designated level.
Social Welfare Policy
Government programs designed to improve quality of life
Collective Security
The concept that peace would be secured if all countries collectively opposed any country that invaded another
Moralism
The policy of emphasizing morality in foreign affairs.
Monetary Policy
A form of government regulation in which the nations money supply and interest rates are controlled
Entitlement Program
Income security program to which all those meeting eligibility criteria are entitled
National Security Council
Executive agency responsible for advising the president about foreign and defense policy and events.
Recession
A short-term decline in the economy that occurs as investment sags, production falls off, and unemployment increases
Pragmatism
The policy of taking advantage of a situation for national gain
Non-means based program
Program such as social security where benefits are provided irrespective of the income or means of recipients
Open market operations
The buying and selling of government securities market.
NATO
North Atlantic Treaty Organization- The first peacetime military treaty the United States joined, NATO is a regional political and military organization created in 1950
Manifest Destiny
Theory that the United States was divinely mandated to expand across North America to the Pacific Ocean
Embargo Act
Passed by congress in 1807 to prevent U.S. ships from leaving U.S. ports for foreign ports without the approval of the federal government
Discount Rate
The rate of interest at which member banks can borrow money from their regional Federal Reserve Bank.
Brettonwoods Agreements
International financial agreement signed shortly before the end of World War 2 that created the world band and the international monetary fund.
Policy Evaluation
The process of determining whether a cours of action is achieving its intended goals
Roosevelt Corollary
Concept developed by President Theodore Roosevelt early in the twentieth century that it was the U.S. responsibility to assure stability in Latin America and the Caribbean
Carter Doctrine
Policy announced after the 1979 soviet invasion of Afghanistan that the Persian Gulf area was a vital U.S. interest and the United States would fight to maintain access to it.
Fiscal Policy
Federal government policies on taxes, spending and debt management; intended to promote the nations macroeconomic goals, particularly with respect to employment, price stability, and growth.
Tariffs
Taxes on imports used to raise government revenue and to protect infant industries
Gross Domestic Product
The total market value of all goods and service produce in a country during a year.
Truman Doctrine
U.S. policy initiated in 1947
International Monitary Fund
International governmental organization crated shortly before the end of World War 2 to stabilize international financial relations through fixed monetary exchange rates
Multi-lateralism
The U.S. foreign policy that actions should be taken in cooperation with other states after consultation
Monroe Doctrine
President James Monroe's 1823 pledge that the United States would oppose attempts by European states to extend their political control into the Western Hemisphere
Containment
Strategy to oppose expansion of Soviet power, particularly in Western Europe and East Asia, with military power, economic assistance, and political influence
Governmental Agenda
The changing list of issues to which governments believe they should address themselves

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