Deck 16: The United States and Global Capitalism, 1940-2006

Question 1

Whats defention of terms:
-budget surplus

Answer 1

occurs when the government takes in more money than it spent in a year; government revenues are greater than government expenditures

Question 2

Whats defention of terms:
-creditor nation

Answer 2

a country that is owed more by other countries than it owes to other countries; a country that lends more than it borrows from others on an ongoing basis

Question 3

Whats defention of terms:
-debtor nation

Answer 3

a country that owes more money to foreign countries than foreign countries owe to it-the United States is an example; a country that borrows more than it lends from others on an ongoing basis

Question 4

Whats defention of terms:
-deficit

Question 5

Whats defention of terms:
-external debt

Question 6

Whats defention of terms:
-foreign direct investment

Question 7

Whats defention of terms:
-free trade zones

Question 8

Whats defention of terms:
-global capitalism

Question 9

Whats defention of terms:
-Globalization

Question 10

Whats defention of terms:
-government debt

Question 11

Whats defention of terms:
-internal debt

Question 12

Whats defention of terms:
-price controls

Question 13

Whats defention of terms:
-private debt

Question 14

Whats defention of terms:
-real wages

Question 15

Whats defention of terms:
-stock market bubble

Question 16

Whats defention of terms:
-trade deficit

Question 17

Whats defention of terms:
-trade surplus

Question 18

Describe how the United States emerged as a superpower at the end of World War II.
-What country is a superpower today? What does that mean?

Question 19

Describe how the United States emerged as a superpower at the end of World War II.
-Explain why the United States was an economic superpower after World War II.

Question 20

Compare and contrast the defining features and events of the "long boom," the "long slow down," and the "boom and bust" of 1990 to 2004.
-State some characteristics and explanations for the long boom of the post-World War II period. Specifically, what factors made this period unique?

Question 21

Compare and contrast the defining features and events of the "long boom," the "long slow down," and the "boom and bust" of 1990 to 2004.
-Why did the economy slow down starting in the 1970s? Give some examples.

Question 22

Compare and contrast the defining features and events of the "long boom," the "long slow down," and the "boom and bust" of 1990 to 2004.
-What is cited as the key driver of the boom of the 1990s? What happened?

Question 23

Compare and contrast the defining features and events of the "long boom," the "long slow down," and the "boom and bust" of 1990 to 2004.
-What happened to real wages in the three periods? As part of your answer, define the term

Question 24

Describe the emergence of global capitalism.
-What is generally meant by

Question 25

Describe the emergence of global capitalism.
-Discuss some of the reasons for the rapid increase in globalization in the last part of the twentieth century.

Question 26

Describe the emergence of global capitalism.
-What is some evidence of the increase in globalization?

Question 27

Describe the emergence of global capitalism.
-What is a trade deficit? A trade surplus? What is the explanation for the United States going from a trade surplus to a trade deficit?

Question 28

Describe the emergence of global capitalism.
-Explain the relationship of the trade deficit or surplus to whether a country is a net borrower or lender.

Question 29

Describe the emergence of global capitalism.
-What are some of the effects of the United States being a net debtor nation? Some people argue we should worry and others argue we should not worry about the United States being a net debtor. What do you think and why?

Question 30

Discuss the debates about the role of the government in capitalism.
-Governments are also players in the economy. What is the main source of funds for the U.S. government? What happens if the government spends more than it takes in?

Question 31

Discuss the debates about the role of the government in capitalism.
-How does the government raise money if there is insufficient tax revenue to cover spending?

Question 32

Discuss the debates about the role of the government in capitalism.
-What is the difference between internal and external debt? Why is external debt such a concern?

Question 33

Compare and contrast criticisms of globalization.
-What is neocolonialism? What are the examples of neocolonialism over the 1945-2004 period?

Question 34

Compare and contrast criticisms of globalization.
-Name two international organizations and discuss what they do.

Question 35

Compare and contrast criticisms of globalization.
-What are some of the concerns about powerful global corporations, especially in smaller developing countries?

Question 36

Compare and contrast the nature of war over time.
-How do wars and the reasons for war differ over time? Give examples.

Question 37

Compare and contrast the nature of war over time.
-What is the difference between a "hot war" and a "cold war"? How is a cold war waged?

Question 38

Explain the relationship of neocolonialism and war.
-Is military power necessary to maintain a neocolony? Explain.

Question 39

Explain the relationship of neocolonialism and war.
-What methods are used to control neocolonies?

Question 40

Discuss the different faces of socialism.
-Describe the evolution of communism from the socialist movements in the post-World War II period.

Question 41

Discuss the different faces of socialism.
-How is communism like socialism, and how is it different?

Question 42

Discuss the different faces of socialism.
-Explain how communism is viewed and treated in the United States.

Question 43

Explain the different between Marxism and Soviet Marxism.
-Explain how Marxist scholars argue that Marxism and Soviet Marxism are different.

Question 44

Name current "flavors" of socialist thought.
-Describe social movements of the late twentieth century and their impact on the United States.

Question 45

After World War II ended in 1945, the US economy experienced

A) a period of stagnation with slow economic growth until the 1960s boom.
B) a boom or period of expansion until 1970
C) a return to the hard times of the Great Depression of the 1930s.
D) the emergence of global capitalism until the 1990s.

Question 46

The term, "real wages," means

A) wages that are paid in cash.
B) wages that are above the minimum wage.
C) wages that are adjusted for inflation.
D) wages that are paid in merchandise.

Question 47

A stock market bubble occurs when

A) prices of stock fluctuate or "bubble" up and down.
B) prices of shares of stock increase steadily over a long period of time.
C) prices of stock decrease suddenly due to an external shock to the economy.
D) prices of stock rise above a level supported by underlying economic fundamentals.

Question 48

A free trade zone is defined as

A) an area where consumers may obtain free goods.
B) an area where consumers may avoid duties as long as they are leaving the country with the goods.
C) an area where goods are subject to lower import tariffs and quotas.
D) an area where consumers may buy goods that are normally illegal or restricted.

Question 49

A government budget deficit occurs when

A) the government buys government bonds from private investors.
B) the government collects more in taxes and fees than it spends in a year.
C) the government spends more than it collects in taxes and fees in a year.
D) the government pays out more in interest on the external debt than on the internal debt.

Question 50

During the 1970s and 1980s,

A) the US economy experienced a "golden age" of economic prosperity.
B) the US began to compete effectively with, and in some cases outcompeted, European and Japanese corporations.
C) produced over 80% of the world's manufactured goods.
D) went through a long period of relative stagnation.

Question 51

What is "global capitalism?"

A) capitalism that exists in more than one country.
B) most countries are predominantly capitalist.
C) a few capitalist countries dominate the world economy.
D) capitalism that is based primarily on international trade and investment.

Question 52

The United States is a "debtor nation." What does this mean?

A) the nation has a whole owes more money to foreign countries than foreign countries owe to the United States.
B) the US government owes more money to foreign governments than foreign governments owe to the United States government.
C) individual households in the US owe more money to households in foreign countries than households in foreign countries owe to US households.
D) US businesses owe more money to foreign businesses than foreign businesses owe to US businesses.

Question 53

What is UNICEF?

A) the United Nations International Commodities Exchange Foundation.
B) the United Nations Import Control and Funding Enterprise
C) the United Nations International Children's Emergency Fund
D) the United Nations International Center for Entrepreneurship and Freedom.

Question 54

The purpose of the World Bank is

A) to provide emergency relief to countries during natural and other disasters.
B) to serve as a lender of last resort to countries to stop recessions and monetary panics.
C) to provide foreign currency to tourists traveling overseas.
D) to provide financial and technical assistance to poor or developing countries.

Question 55

The International Monetary Fund provides loans subject to conditions known as structural adjustment policies (SAPs). What are typical examples of SAPs?

A) increased privatization and reduced government spending.
B) increased regulation of foreign investment and exchange controls.
C) increased regulation of financial capital flows and reduced government spending.
D) increased government spending and reduced privatization.

Question 56

In 1898, the United States fought a rival imperial country and took over the colonies of

A) Puerto Rico, Cuba, and the Philippines.
B) Haiti, Puerto Rico, and Hawaii.
C) Bermuda, the Dominican Republic, and Puerto Rico.
D) Puerto Rico, the Philippines, and Guam.

Question 57

The text describes World War II as a war between the fascist, capitalist powers and the liberal capitalist powers. Who were the fascist, capitalist powers?

A) Germany, Italy and Russia.
B) Germany, France and Russia.
C) Germany, Italy and Japan.
D) German, Italy and Poland.

Question 58

Modern Marxists were critical of Soviet Marxism and claimed that

A) the Soviet Union was socialist but not democratic.
B) the Soviet Union was democratic but not socialist.
C) the Soviet Union was neither socialist nor democratic.
D) the Soviet Union was both socialist and democratic.

Question 59

At the end of World War II, socialism or socialist parties

A) existed only in the defeated countries of the Soviet Union.
B) were common in Western Europe, Asia, Africa and Latin America.
C) were outlawed in the capitalist democracies.
D) had disappeared in the US during the 1930s.