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Final Exam
| Term | Definition |
|---|---|
| Securities | Tradable financial assets/instruments with monetary value (e.g. stocks, bonds, ownership rights). |
| Laissez-faire liberalism | Prominent economic ideology during the 1920s promoting less state intervention, less regulation, and the assumption that markets would correct themselves in the event of financial difficulties or crises. |
| New Deal (social) liberalism | Term used to describe government policies including increased government spending, taxation, regulation, and management of the economy; the so-called New Deal Order constituted the period of the 1930s to the late 1960s. |
| John Maynard Keynes | -He was a prominent British economist who advocated for increased government spending during the Great Depression. -He was also a critical figure in the establishment of the Liberal International Order during the 1944 Bretton Woods Conference. |
| 1933 Banking Act (Glass-Steagall) | Federal law that separated investment and commercial banking and established the Federal Deposit Insurance Corporation (FDIC) to insure customer deposits at banks; it also enhanced the Federal Reserve Board's power of regulation and oversight of banks. |
| 1933 Securities Act | Federal law that cracked down on insider trading and investment fraud; it requires the disclosure of information on public securities (e.g. a required prospectus with information regarding investment offerings to the public). |
| 1934 Securities Exchange Act | Federal law that established the Securities and Exchange Commission (SEC), which is the independent federal agency that investigates investment fraud and enforces securities laws for stock market trading. |
| 1935 Social Security Act | Originally established a national system of a contributory pension program and partial unemployment insurance; provided assistance benefits to the low-income elderly, aid to dependent children (in fatherless homes), and aid to the blind and disabled. |
| Four Horsemen | Supreme Court Justices Pierce Butler, James McReynolds, George Sutherland, and Willis Van Devanter; they were prominent opponents of Franklin D. Roosevelt's New Deal policies during the 1930s. |
| Francis Perkins | She was the first woman to serve in any presidential cabinet and served as Secretary of Labor (1933-1945); Perkins played a critical role in the drafting of the 1935 Social Security Act and based it on the taxing power of Congress. |
| Stagflation | Term for decreased economic growth, increased inflation, and increased unemployment; it is often used to describe the period of economic "malaise" in the United States during the 1970s. |
| Neoliberalism | Term used to describe government policies including deregulation, reduced taxation, reduced social spending, opposition to unionization and collective bargaining, and increased government support for elite interests |
| Milton Friedman | He was a prominent neoliberal economist and adviser to both British Prime Minister Margaret Thatcher and U.S. President Ronald Reagan; Friedman supported policies of deregulation, privatization, and reduced taxation. |
| Washington Consensus | Ten economic principles promoted by two D.C.-based international organizations the World Bank and International Monetary Fund (IMF) for state development. |
| North American Free Trade Agreement (NAFTA) | The free trade agreement established during the 1990s that reduced/removed tariff and non-tariff trade barriers between the United States, Mexico, and Canada; it was renegotiated by the Trump administration as the (USMCA). |
| 2008 Emergency Economic Stabilization Act: | Federal law enacted in response to the 2008 financial crisis; it created the $700 billion-dollar Troubled Asset Relief Program (TARP) for the federal government to purchase bad assets from financial institutions. |
| Monroe Doctrine | U.S. foreign policy was first issued by President James Monroe in 1823; the policy warned European powers that the United States would not tolerate further colonialism and intervention in the Americas. |
| League of Nations | The post-WWI international organization established in 1920 to maintain global peace; it promoted collective security, disarmament, and peaceful settlements of disputes; |
| Liberal International Order | -The ostensible rules-based global system established by the U.S. and its allies at the 1944 Bretton Woods Conference during the Second World War; -The system promotes principles such as multilateralism through global institutions, free trade, etc |
| Multilateralism | Foreign policies involving cooperation with multiple countries and/or allies and participation in international organizations (e.g. United Nations, World Trade Organization, NATO, International Monetary Fund, World Bank). |
| George C.Marshall | -Decorated U.S. Army General and Secretary of State (1947-1949); Marshall gave a speech at Harvard University in 1947 and highlighted the dire economic situation in -His proposal for massive U.S. aid to help rebuild Europe (Marshall Plan) |
| Cold War | Ideological and political conflict between two global superpowers, the United States and the Soviet Union, from around the late 1940s to 1991; |
| Truman Doctrine | U.S. foreign policy was first issued by President Harry Truman in 1947; the policy entailed direct and constant U.S. involvement in global affairs to counter the influence and spread of communism. |
| Falling Domino Theory | Cold War doctrine asserting that if one country should fall to communism, then the neighboring countries would subsequently do the same. |
| Containment | Cold War policy seeking to limit Soviet expansion and influence by utilizing, for example, the threat of nuclear weapons as a deterrent; |
| Detente | Cold War policy that meant a relaxation and reduction in tensions between the U.S. and its communist adversaries (Soviet Union and the People's Republic of China). |
| Rollback | More aggressive Cold War policies, including those seeking regime change. |
| Red Scare | The period of the 1940s-1950s was marked by widespread notions of communist subversion within the U.S. in both private and public institutions. |
| Joseph McCarthy (R-WI) | Senator who claimed in a 1950 speech (Wheeling, WV) that there were communist subversives working within the U.S. State the period known as"McCarthyism" (1950-1954) highlighted a domestic campaign to suspect communists in public and private institutions. |
| North Atlantic Treaty Organization (NATO) | An international organization and defense alliance comprising 30 countries. it was established in 1949 during the Cold War to promote collective security and defend against Soviet aggression in Europe; (Art 5) An attack agains one = attack against all |
| Charles Krauthammer | Neoconservative political commentator who wrote a noteworthy 1990-91 titled "The Unipolar Moment"; He argued that the U.S. should take aggressive actions (using unilateralism and preemptive military action, if necessary) as the sole global superpower |
| Unilateralism | Foreign policies in which one country acts regardless of external support or opposition. |
| Unipolarity | The global environment in which one state holds unmatched dominant power. |
| Bipolarity | The global environment in which two states hold dominant power (e.g. Cold War between the U.S. and Soviet Union). |
| Multipolarity | Global environment in which power is more equally spread amongst many (more than two) states. |
| Bush Doctrine | Post-Cold War U.S. foreign policy employed by President George W. Bush after the 9/11 terrorist attacks in 2001; the policy entailed unilateralism, preemptive intervention, and regime change |
| Caucus | A closed meeting of political party members |
| Cadre parties | The type of early political parties that were formed by legislative members (as a caucus) around common issues of concern |
| Mass parties | The type of political parties that originated in social groups (outside legislatures) seeking representation (e.g. labor/workers parties |
| Catch-all parties (both Democratic and Republican parties are catch-all parties) | The type of political parties that seek to obtain electoral support wherever it can be found; they seek to govern in the national interest, instead of just as representatives of a specific social group |
| Federalist Party | The first U.S. political party that was prominent from 1789 to 1801; it supported greater federal government power and favored the normalizing of relations with the British; |
| Democratic-Republican Party | Political party established by Thomas Jefferson and James Madison during the 1790s to oppose the Federalist Party especially its policies to expand federal government power and its foreign policy leanings favoring the British over the French; |
| Democratic Party | Political party established during the 1820s through the evolution of the Democratic-Republican Party and its consolidation by Andrew Jacksons - The party’s opposed a national bank, supported territorial and opposed the abolition of slavery |
| Whig Party | political party established in response to the 1828 election of Andrew Jackson as President; the Whigs strongly opposed Jackson’s character, his policies, and the expansion of presidential power during his presidency |
| Republican Party (GOP) | political party established during the 1850s in opposition to the Democratic Party; its original platform supported the abolition of slavery and pro-business policies; the GOP won the House in 1858 and the presidency in 1860 (Abraham Lincoln) |
| Populist Party (e.g. banking panics, economic recession, declines in crop prices, rising debt, and rising unemployment) | Protest party established during the 1890s in response to the socioeconomic problems of the Gilded Age its political strategy entailed popular appeals to a base of small farmers and non-industrial laborers |
| Progressive “Bull Moose” Party (e.g. fair business competition, labor rights, environmental conservation, anti-corruption policies) | A short-lived third party established by Theodore Roosevelt after he failed to win the 1912 Republican presidential nomination; the party supported progressive reforms |
| Me-tooism and “Me-too” Republicans | Terms used to describe an era and Republican Party members who generally supported popular New Deal policies from the 1930s to 1960s; Me- tooism ended after the 1968 presidential election of Richard Nix |
| Patronage | The process by which public officials provide rewards, benefits, and jobs in exchange for political support |
| Political Machines | Hierarchical organizations that control politics based on patronage and dominance of nomination processes; New York City’s Tammany Hall was a longtime political machine; powerful Tammany bosses included William “Boss” Tweed and George Washington Plunkitt |
| Electoral system | The rules that structure elections (includes ballots, vote conversion to seats, and districting |
| Single-member plurality (SMP) (There is no requirement of a majority of >50%) | electoral system in which a single legislative member represents a defined constituency; a candidate simply needs to obtain the most votes in an election to win ; SMP is the electoral system primarily used for U.S. congressional election |
| Majority (two-round or “runoff”) electoral system | electoral system requiring a candidate to secure greater than 50% of the vote in the first round to win outright; if no candidate secures greater than 50%, then a second round “runoff” will be held between the two strongest first round candidates |
| Proportional representation (PR) | electoral system in which legislative seats are assigned in proportion to the number of votes won; the number of votes each party wins determines how many candidates are elected from each party; PR systems can also establish multi-member constituencies |
| Maurice Duverger | French political scientist who proposed “Duverger’s Law,” a theory that asserts that the single-member plurality (SMP) electoral produces a two-party produce a multiparty system |
| Culture wars | The term used to describe political conflicts over the nation’s morality |
| Interest groups | organizations of people sharing a common interest; interest groups (lobbies)make policy-related appeals to the government |
| Institutional interest groups (e.g. Ford, Amazon, the NFL) | Individuals, organizations, or offices representing other interest group organizations; they are generally not open to broad public membership |
| Membership interest groups | Organizations open to public membership that allow members to gather to engage in civil or political action (e.g. AARP, ACLU, NAACP, National Rifle Association |
| Public goods | Benefits for both interest group members and non-members |
| Public-interest groups | Groups seeking to provide benefits (public goods) for the broader public beyond just the group’s members |
| Free Riding | When people reap the benefits of interest group action but without participating in the group |
| Incentives to join interest groups Material incentives: Informational incentives: Solidary incentives: Purposive incentives: | Money, services, or things with monetary value Benefits for an individual to obtain or spread knowledge Rewards such as networking, friendships, or increased status Character benefits gained from serving a cause or principle or emotions felt |
| Direct lobbying | Interest group activity that involves influencing legislators to either approve or reject bills by providing them with specialist information |
| Obtaining access | Interest group activity that involves establishing close relationships with legislators and public officials; it highlights the “revolving door” in politics, when legislators and public officials leave office to become lobbyists (and vice versa) |
| Litigation | An interest group activity that involves filing or supporting lawsuits in the courts; examples include providing funding for individuals/groups and providing amicus curiae (“friends of the court”) briefs for legal cases |
| Electoral interest group processes | interest group activities including voter mobilization, initiatives such as petitions and ballot measures, and campaign financing (e.g. political action committees |
| Public appeals | interest group activities that include organizing and/or supporting protests, marches, boycotts, and civil disobedience (e.g. strikes, pickets, sit-ins, disruptions) |
| C. Wright Mills (Sociologists) ("power elite" are financially wealthy) | Proposed the theory of elitism in his 1956 book The Power Elite that only a small group of political, business, and military elites ultimately influence government and policymaking; ordinary people generally lacks power |
| Robert Dahl (Political Scientist) | Supported the interest group theory of pluralism, in which many groups are in political competition to influence the government and policymaking; influence is ultimately shared between many groups; Dahl emphasized bottom-up political processes |
| Theodore Lowi (Political Scientists) | Described the concept of interest-group liberalism in his 1969 book The End of Liberalism; Lowi argued that interest-group liberalism has largely resulted in the general public being shut out of government since the 1930s establishments |
| Broadcast media: | Type of media including television and radio |
| Print Media | Type of media including printed newspapers, magazines, and tabloids |
| Internet/social media: | Type of media including online newspapers/magazines, blogs, interest group websites with news feeds, and social media (e.g. Facebook, Twitter, TikTok, YouTube, etc.) |
| Agenda-setting: | A power used by the media to prioritize certain issues to be taken up by politicians, the public, and interest groups |
| Priming: | The media’s process of preparing the public to take a particular view of an event, political actor, etc. through its sequential coverage of topics |
| Framing | The media’s process to influence how events and issues are interpreted by the reader/audience (i.e. the manner of presentation |
| Federal regulation of the media: | the 1st Amendment provides broad protection, but media organizations and businesses are still required to follow federal anti-trust, tax, labor, and espionage laws |
| Federal Trade Commission (FTC) | The independent federal agency established in 1914 that enforces antitrust laws and conducts consumer protection; for example, in 2019 the FTC fined Facebook $5 billion dollars for consumer privacy violations |
| Federal Communications Commission (FCC): | The independent federal agency established in 1934 that licenses and regulates broadcast media (television and radio |
| Whistleblowing: | Exposures of information, activities, or behavior considered to be illegal, abusive, or unethical |
| Poll: | A research survey of public opinion |
| Pollster | The researcher/organization conducting the poll (survey |
| Respondent | The individual who takes the poll (survey) |
| Sample | A small group selected by a pollster to represent the most important characteristics of an entire population |
| Probability (random) sampling: -Create groups based on population -Then randomly select respondents within each group in proportion to population | A common method used by pollsters to select a representative sample; every individual in the population has an equal probability of being selected as a respondent; the pollster will make a list of all the geographical units in the country |
| National sampling (random digit dialing): | Respondents are selected at random from a list of ten-digit telephone numbers |
| Exit polling: | A polling method that is based on randomly selecting respondents immediately after they have voted in an election |
| Sampling error: | An error that occurs as a result of a small sample of the population; sampling error = margin of error; it is determined through results of two different survey samples |
| Measurement error: | It is the failure to identify the true distribution of opinion due to the questions being vague or poorly worded |
| Illusion of salience | When a poll conveys the impression that something is significant to the public, but it is not in reality |
| Selection bias | A polling issue that occurs when the sample is not representative of the population being studied; some opinions are overrepresented, while others are underrepresented |
| Non-response bias: | A polling issue that occurs when those who agree to be polled are significantly different from those who refused to take part |
| Bandwagon effect | A polling issue that occurs when those surveyed support an individual, party, group, etc. because it appears to be successful at that moment or will be successful in the future |
| Push polling | A polling issue in which questions are designed to shape respondents’ opinions |
| Initiative: (agenda initiative) (referendum initiative) | A direct political process that allows the public to petition the government to discuss/debate a specific issue or initiate a popular vote on a specific proposal, law, or amendment; these processes are used at the state/local level |
| Referendum: | A direct vote of the electorate on a specific issue of policy |
| Recall: | A ballot (referendum) initiative to determine whether an elected official should be removed from office |
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