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WELFARE STATE- A social system whereby the state assumes primary
responsibility for the welfare of its citizens.It was created by FDR during
the New Deal.
TRADITIONAL ECONOMY-It's a characteristic of unendustrialized
society. Societies that produce tradition in the old fashioned way where
the son inherits the job that the father had. It's harder for that economy to
modernize when people are fixed in certain roles and traditional occupations.
NATIONAL LABOR RELATIONS ACT-In 1935, guaranteed workers the
right to orgonize unions and
forbade employers to adopt unfair labor
practices. This marked the beginning of the rise of the uninization in the US.
JOHN MAYNARD KEYNES-British economist who proposed that high
unemployment, being a result of insufficient consumer spending, could be
relieved by government-sponsored programs.
WAR ON POVERTY-It was a program of Linden Johnson where in 1964, in
kansian style he sought to spend a lot of money to end the problem of poverty
in the US.
OPEC- Organization of Petroleum Exporting Countries. It was an organization
of primarily Middle Eastern oil producing countries that vurtually crippled the
economy for many nations when they raised the price of oil.
Cap·i·tal·ism-An economic system in which the means of production and
distribution are privately or corporately owned and development is
proportionate to the accumulation of profits gained in a free market.
Dust Bowl-this was th ephenomenon during the depression in 1932 on were
large area of the Middle West in the US due to drought the top soil became
so dry that the winds came and blew this d ...