U.S. Economic and Political Policies (1945-2020)

General Agreement on Tariffs and Trade (GATT, 1947)

• An international treaty aimed at reducing trade barriers, which later evolved into the World Trade Organization (WTO).

• A bilateral agreement between two countries to eliminate tariffs on specific goods.

• A regional trade agreement focused on agricultural products in Europe.

• A framework for international labor standards established by the United Nations.

Keynesian Economics

• An economic theory advocating for government intervention and spending to manage economic cycles, prevalent in the U.S. from 1946 to the early 1970s.

• A theory that emphasizes the role of supply-side economics and tax cuts to stimulate growth.

• An approach that focuses on the importance of free markets and minimal government intervention.

• A model that suggests that economic downturns are best addressed through austerity measures and reduced government spending.

Cold War (1946-1989)

• A period of political and military tension between the United States and the Soviet Union that shaped global economic and defense policies.

• A time of peace and cooperation between the United States and the Soviet Union.

• An economic alliance formed between the United States and Western Europe.

• A military conflict involving the United States and China.

Reaganomics

• Economic policies promoted by President Ronald Reagan, emphasizing tax cuts, deregulation, and deficit spending to stimulate growth.

• A set of economic policies aimed at increasing government spending and regulation.

• A theory that advocates for higher taxes to reduce the national debt.

• An economic approach focused on increasing tariffs and trade barriers.

North American Free Trade Agreement (NAFTA, 1994)

• A trade agreement between the U.S., Canada, and Mexico that reduced tariffs and facilitated economic cooperation.

• A military alliance formed between the U.S., Canada, and Mexico.

• An environmental treaty aimed at reducing pollution in North America.

• A cultural exchange program between the U.S. and Mexico.

Free Trade

• An economic policy allowing goods and services to move across international borders with minimal restrictions.

• A system where governments control all trade activities.

• A policy that restricts imports to protect domestic industries.

• An agreement between countries to eliminate tariffs on certain goods.

Great Society

• A series of economic reforms aimed at boosting the economy.

• A series of domestic programs launched by President Lyndon B. Johnson in the 1960s aimed at eliminating poverty and racial injustice.

• A foreign policy initiative to combat communism in Southeast Asia.

• A cultural movement focused on civil rights and social justice.

OPEC Oil Embargo (1970s)

• A trade restriction imposed by the Organization of Petroleum Exporting Countries that led to an energy crisis in the U.S.

• A military conflict in the Middle East that affected oil prices.

• A global agreement to reduce carbon emissions in the 1970s.

• A financial aid program for developing countries initiated by OPEC.

Defense Spending

• Government expenditures on military and defense-related activities, which significantly influenced the U.S. economy from 1945 to the 1990s.

• Funding allocated for education and public services in the U.S.

• Investments made in technology and innovation sectors post-1990s.

• Expenditures on healthcare and social welfare programs.

United States-Mexico-Canada Agreement (USMCA, 2020)

• A trade agreement replacing NAFTA, updating trade policies among the three nations.

• A military alliance formed in 2020 between the US, Mexico, and Canada.

• An environmental treaty focused on climate change among the three countries.

• A cultural exchange program initiated in 2020 for students from the three nations.