Crisis, Conservatism, and Globalization Free Online FlashCards

What is stagflation?

Stagflation is the combination of high inflation, slow economic growth, and substantial unemployment.

How did the 1973 oil embargo affect the United States?

The 1973 OPEC embargo sharply raised oil prices, causing fuel shortages and spreading higher energy costs throughout the U.S. economy.

What did the conservative resurgence seek?

The conservative resurgence sought lower federal regulation and taxation, stronger military power, traditional social values, and more responsibility for states, private institutions, and individuals.

What policies defined Reagan’s economic program?

Reagan’s program combined tax reduction, spending restraint, deregulation, anti-inflationary monetary policy, and increased defense spending.

What is deindustrialization?

Deindustrialization is the decline of manufacturing employment and the weakening of industrial communities, even when manufacturing output or productivity continues to grow.

When did U.S. manufacturing employment peak?

U.S. manufacturing employment peaked at approximately 19.6 million jobs in June 1979.

What is globalization?

Globalization is the growing integration of national economies, communications systems, cultures, and political institutions.

What happened on January 1, 1995, in global trade?

The WTO was created on January 1, 1995, replacing GATT as the central institution governing much multilateral trade.

What major factors ended the Cold War?

The Cold War’s end resulted from Soviet economic weakness, Gorbachev’s reforms, Eastern European democratic movements, arms-control diplomacy, and changing U.S.–Soviet relations.

When did the Soviet Union dissolve?

The Soviet Union dissolved on December 25, 1991, when the Soviet flag was lowered over the Kremlin.

What did the 1994 midterm election demonstrate?

The 1994 midterm election demonstrated conservative strength by giving Republicans control of both houses of Congress.

Who developed the World Wide Web, and when?

In 1989–1990, Tim Berners-Lee developed the World Wide Web using hypertext, standardized addresses, and browsers.