Social 30 Chapter 6
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What is consumerism?
Consumer spending; a preoccupation with consumer goods and their acquisition; a set of values focused on the acquisition and display of things in order to denote status.
What is modern liberalism?
Radical individualism (liberty pressed too far) or radical egalitarianism (equality pressed too far).
Why was there a shift from classical liberalism to modern liberalism?
Recognition that all members of society contribute and all should receive the same rights and freedoms. Various groups in society were not willing to remain oppressed by inequitable systems, especially in nations with democratic traditions.
What is income disparity?
Difference in earning between the rich and the poor.
What is inflation?
An increase in the general price level of products, the cost of labor, and interest rates.
What is a monopoly?
The exclusive ownership or control of trade in a particular good or service.
What are social programs?
Programs that affect human welfare in a society. Social programs are intended to benefit citizens in areas such as education, health, and income support. Supporters base their support both on humanitarian principles and on economic principles.
What are Trickle-down economics?
Government economic policies that include reduced income and business taxes, reduced regulation (controls on business), and increased government spending on the military. Also known as supply-side economics. Generally these policies favor industry, assuming that if industry prospers then everyone will prosper as wealth "trickles down" to the ordinary workers and consumers.
What is a Welfare state?
A state in which the economy is capitalist, but the government uses policies that directly or indirectly modify the market forces in order to ensure economic stability and a basic standard of living for its citizens, usually through social programs.
Who were the Robber Barons?
Businessmen and bankers who dominated their respective industries and amassed huge personal fortunes, typically as a direct result of pursuing various anti-competitive or unfair business practices. Their lives during the era known as the Gilded Age was in great contrast to that experienced by the workers of America.
Who was Rockefeller?
Engaged in unethical and illegal business practices
What would you like to do?
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