To what extent do contemporary policies and practices reflect the principles of liberalism?

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To what extent do contemporary policies and practices reflect the principles of liberalism? by Mind Map: To what extent do contemporary policies and practices reflect the principles of liberalism?

1. Theodore Roosevelt

1.1. Progressivism

1.2. introduced several reforms during his presidency to give middle-class Americans a “square deal.”

1.2.1. Square Deal

1.2.1.1. Sherman Anti-Trust Laws

1.2.1.2. Rights for both Owners and Workers

1.2.1.3. Protection of Unions

1.2.1.4. Part of this square deal involved preventing large companies from abusing their control over the marketplace.

1.3. Successor was William Howard Taft

1.3.1. pursued several of the progressive initiatives started by Roosevelt, such as breaking up trusts—that is, large business multinationals that exerted monopolies

1.3.1.1. Sherman Anti- Trust Laws

1.3.1.1.1. prevented a business entity (such as a trust) from owning two or more competing companies

1.3.1.1.2. President Taft and the US Supreme Court used the Sherman Anti-Trust Act to force the Standard Oil Company to break up into 34 smaller, independent companies.

2. Roaring 20s

2.1. People enjoying benefits of capitalism and equality of opportunity

2.1.1. First Red Scare

2.1.1.1. Saw Russian Revolution and feared a communist uprising

2.1.1.2. 1920 - several Labour strikes

2.1.1.3. Series of bombings by anarchists

2.1.1.3.1. Development of Atmosphere of political conservatism and xenophobia

2.2. Advancing in manufacturing

2.2.1. Larger variety of products

2.2.2. Cheaper prices

2.2.2.1. Consumerism

2.2.2.1.1. Example: Ford

3. The Great Depression

3.1. Beliefs on the cause

3.1.1. Marriner S. Eccles

3.1.1.1. Mass Production has to be accompanied by mass consumption

3.1.1.1.1. This implies redistribution of wealth*

3.1.1.1.2. Did not happen due to income disparity

3.2. Political effects of the Great Depression

3.2.1. Depression creates larger group of low income earners

3.2.1.1. International impacts

3.2.1.1.1. Canada:

3.2.1.1.2. Germany

3.2.1.1.3. USA

4. Post War Economy

4.1. British Welfare State

4.1.1. Sir William Beveridge:

4.1.1.1. social security is necessary but should not stifle incentive, opportunity or responsibility

4.1.1.1.1. Provide a minimum to live but leave room for people to strive to obtain more than the minimum

4.1.1.1.2. Britain established several acts to provide some social security (social safety nets, social programs)

4.1.1.2. Start of the growth of modern liberalism internationally – some social programs, to assist people – employment insurance, assistance to elderly , child care and health care

4.2. Canada

4.2.1. Strengthened social programs

4.2.1.1. Creation of welfare state ideas:

4.2.1.1.1. Universal health care

4.2.1.1.2. Old age security

4.2.1.1.3. Foreign investment review agency

4.2.1.1.4. CRTC

5. 1970’s

5.1. Recession + Inflation = Stagflation

5.2. Economic Crisis:

5.2.1. Causes:

5.2.1.1. Withdrawal from Bretton Woods agreement

5.2.1.1.1. These countries no longer had to use price of gold to determine worth of currency

5.2.1.1.2. World currencies freely floated on markets – led to inflation and slowing of economic activities

5.2.1.2. Arab-Israeli War (4th)

5.2.1.2.1. OPEC – 5 month embargo on oil to US and Netherlands (supporting Israel)

5.2.1.2.2. liberal democracies faced a slowdown in the economy (recession) and inflation - Stagflation

5.2.1.2.3. Britian realized that they could no longer spend their way out of recession (Keynesian economics wasn’t working!!)

5.2.1.2.4. https://www.youtube.com/watch?v=-MRBB0ZM1M0

5.2.2. Effects

5.2.2.1. Recession of 1970s led to a pendulum swing back to favouring the more classical liberal notion of laissez faire or free market (in some countries)

5.2.2.1.1. Monetarism: