Both Roosevelt and Johnson wanted to rid society of poverty. Roosevelt carried our projects such as the Tennessee Valley Authority to take action against poverty. The TVA modernized the way agriculture was carried out in the below poverty line Tennessee Valley. Dams and power stations were built and it helped the Valley Prosper. Johnson on the other hand believed that education was the solution to poverty. He carried out many acts and programs to help educate poor children and a lot of the federal budget was used for this cause. Unfortunately, the plan did not help decrease poverty at all; instead researchers said that poverty was mainly due to the neighborhood conditions and family backgrounds.
4. Reagan wanted to lower taxes and cut down domestic spending. When he became president inflation was high and millions of people were unemployed. Instead of doing what his predecessors did he came up with new ways to battle inflation and unemployment. He reduced income tax rates and raised deficit funds. With his Tax Reform Act he sought to neutralize the tax amounts depending on income. The direct effects of these policies was tremendous although it’s still debatable whether all of it should be credited to Reagan alone or even if it was good or bad for the country. By the end of his term the gross domestic product had increased, unemployment decreased and inflation decreased as well.
5a. According to Karl Marx, socialism is one of the stages a capitalist society will go through before becoming communist. In socialism the entire community governs the industries and means of production collectively.
b. Capitalism is a system where individuals and companies privately own the means of production and the exchange of wealth. This system is different because the money obtained here is used to reinvest in the free market, there is no state controlled intervention.
c. A pure form of any type of government or system can never work. Just like a human being cannot be perfect all the time, a system controlled and operated by human beings or their influence cannot be perfect either. In the short run a pure form can be maintained but to accommodate for everyone’s individual needs is impossible in the long run.
d. According the Federal Reserve they “set the nation’s monetary policy to promote the objectives of maximum employment, stable prices, and moderate long-term interest rates. The challenge for policy makers is that tensions among the goals can arise in the short run and that information about the economy becomes available only with a lag and may be imperfect.” They help the economy in times of panic when everyone starts to run to the banks to get their money out which in the past has caused major recessions and inflated the currency highly. It also acts a balancer between private banks and the government. It protects consumers, is in charge of the monetary policy and tries to keep everything stabilized.
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