2007–2008 financial crisisThe 2007–2008 financial crisis, or Global Financial Crisis (GFC), was a severe worldwide economic crisis that occurred in the early 21st century. It was the most serious financial crisis since the Great Depression (1929). Predatory lending targeting low-income homebuyers, excessive risk-taking by global financial institutions, and the bursting of the United States housing bubble culminated in a "perfect storm". Mortgage-backed securities (MBS) tied to American real estate, as well as a vast web of derivatives linked to those MBS, collapsed in value.
Public worksPublic works are a broad category of infrastructure projects, financed and procured by a government body for recreational, employment, and health and safety uses in the greater community. They include public buildings (municipal buildings, schools, and hospitals), transport infrastructure (roads, railroads, bridges, pipelines, canals, ports, and airports), public spaces (public squares, parks, and beaches), public services (water supply and treatment, sewage treatment, electrical grid, and dams), and other, usually long-term, physical assets and facilities.
Technological utopianismTechnological utopianism (often called techno-utopianism or technoutopianism) is any ideology based on the premise that advances in science and technology could and should bring about a utopia, or at least help to fulfill one or another utopian ideal. A techno-utopia is therefore an ideal society, in which laws, government, and social conditions are solely operating for the benefit and well-being of all its citizens, set in the near- or far-future, as advanced science and technology will allow these ideal living standards to exist; for example, post-scarcity, transformations in human nature, the avoidance or prevention of suffering and even the end of death.
Right-to-work lawIn the context of labor law in the United States, the term "right-to-work laws" refers to state laws that prohibit union security agreements between employers and labor unions which require employees who are not union members to contribute to the costs of union representation. Unlike the right to work definition as a human right in international law, U.S. right-to-work laws do not aim to provide a general guarantee of employment to people seeking work but rather guarantee an employee's right to refrain from paying or being a member of a labor union.
John F. KennedyJohn Fitzgerald Kennedy (May 29, 1917 – November 22, 1963), often referred to by his initials JFK and by the nickname Jack, was an American politician who served as the 35th president of the United States from 1961 until his assassination in 1963. He was the youngest person to assume the presidency by election and the youngest president at the end of his tenure. Kennedy served at the height of the Cold War, and the majority of his foreign policy concerned relations with the Soviet Union and Cuba.
TechnocracyTechnocracy is a form of government in which the decision-makers are selected based on their expertise in a given area of responsibility, particularly with regard to scientific or technical knowledge. This system explicitly contrasts with representative democracy, the notion that elected representatives should be the primary decision-makers in government, though it does not necessarily imply eliminating elected representatives. Decision-makers are selected based on specialized knowledge and performance rather than political affiliations, parliamentary skills, or popularity.
States' rightsIn American political discourse, states' rights are political powers held for the state governments rather than the federal government according to the United States Constitution, reflecting especially the enumerated powers of Congress and the Tenth Amendment. The enumerated powers that are listed in the Constitution include exclusive federal powers, as well as concurrent powers that are shared with the states, and all of those powers are contrasted with the reserved powers—also called states' rights—that only the states possess.
SharecroppingSharecropping is a legal arrangement with regard to agricultural land in which a landowner allows a tenant to use the land in return for a share of the crops produced on that land. Sharecropping has a long history and there are a wide range of different situations and types of agreements that have used a form of the system. Some are governed by tradition, and others by law. The French métayage, the Catalan masoveria, the Castilian mediero, the Slavic połownictwo and izdolshchina, the Italian mezzadria, and the Islamic system of muzara‘a (المزارعة), are examples of legal systems that have supported sharecropping.
Fiscal conservatismFiscal conservatism or economic conservatism is a political and economic philosophy regarding fiscal policy and fiscal responsibility with an ideological basis in capitalism, individualism, limited government, and laissez-faire economics. Fiscal conservatives advocate tax cuts, reduced government spending, free markets, deregulation, privatization, free trade, and minimal government debt. Fiscal conservatism follows the same philosophical outlook of classical liberalism. This concept is derived from economic liberalism.
Four FreedomsThe Four Freedoms were goals articulated by U.S. President Franklin D. Roosevelt on Monday, January 6, 1941. In an address known as the Four Freedoms speech (technically the 1941 State of the Union address), he proposed four fundamental freedoms that people "everywhere in the world" ought to enjoy: Freedom of speech Freedom of worship Freedom from want Freedom from fear Roosevelt delivered his speech 11 months before the surprise Japanese attack on Pearl Harbor that caused the United States to declare war on Japan, December 8, 1941.
Equal Protection ClauseThe Equal Protection Clause is part of the first section of the Fourteenth Amendment to the United States Constitution. The clause, which took effect in 1868, provides "nor shall any State ... deny to any person within its jurisdiction the equal protection of the laws." It mandates that individuals in similar situations be treated equally by the law. A primary motivation for this clause was to validate the equality provisions contained in the Civil Rights Act of 1866, which guaranteed that all citizens would have the guaranteed right to equal protection by law.
Great DepressionThe Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagion began around September 1929 and led to the Wall Street stock market crash of October 24 (Black Thursday). It was the longest, deepest, and most widespread depression of the 20th century. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%.
Great RecessionThe Great Recession was a period of marked general decline observed in national economies globally, i.e. a recession, that occurred from late 2007 to 2009. The scale and timing of the recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. One result was a serious disruption of normal international relations.
Social realismSocial realism is the term used for work produced by painters, printmakers, photographers, writers and filmmakers that aims to draw attention to the real socio-political conditions of the working class as a means to critique the power structures behind these conditions. While the movement's characteristics vary from nation to nation, it almost always uses a form of descriptive or critical realism. The term is sometimes more narrowly used for an art movement that flourished between the two World Wars as a reaction to the hardships and problems suffered by common people after the Great Crash.
Economy of the United StatesThe United States is a highly developed/advanced mixed economy. It is the world's largest economy by nominal GDP, and the second-largest by purchasing power parity (PPP) behind China. It has the world's seventh-highest per capita GDP (nominal) and the eighth-highest per capita GDP (PPP) as of 2022. The U.S. accounted for 25.4% of the global economy in 2022 in nominal terms, and around 15.6% in PPP terms. The U.S. dollar is the currency of record most used in international transactions and is the world's reserve currency, backed by a large U.
Paul KrugmanPaul Robin Krugman ('krʊgmən ; born February 28, 1953) is an American economist who is the Distinguished Professor of Economics at the Graduate Center of the City University of New York and a columnist for The New York Times. In 2008, Krugman was the winner of the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography. The Prize Committee cited Krugman's work explaining the patterns of international trade and the geographic distribution of economic activity, by examining the effects of economies of scale and of consumer preferences for diverse goods and services.
Milton FriedmanMilton Friedman (ˈfriːdmən; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler and others, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations.
Federalism in the United StatesIn the United States, federalism is the constitutional division of power between U.S. state governments and the federal government of the United States. Since the founding of the country, and particularly with the end of the American Civil War, power shifted away from the states and toward the national government. The progression of federalism includes dual, cooperative, and new federalism.
Labor unions in the United StatesLabor unions represent United States workers in many industries recognized under US labor law since the 1935 enactment of the National Labor Relations Act. Their activity today centers on collective bargaining over wages, benefits, and working conditions for their membership, and on representing their members in disputes with management over violations of contract provisions. Larger trade unions also typically engage in lobbying activities and electioneering at the state and federal level.
Causes of the Great DepressionThe causes of the Great Depression in the early 20th century in the United States have been extensively discussed by economists and remain a matter of active debate. They are part of the larger debate about economic crises and recessions. The specific economic events that took place during the Great Depression are well established. There was an initial stock market crash that triggered a "panic sell-off" of assets.
