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ISS 225 - Study Guide 3 - ISS 225 STUDY GUIDE UNIT III FALL...

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ISS 225, STUDY GUIDE, UNIT III FALL SEMESTER, 2007 Exam Number 3 will be given on Thursday, Nov. 1. It will cover all of the book, American Political Economy, 2006 edition, and lectures given October 10-31. I What is the central problem of economic society? What is the difference between wants and needs? Does culture affect one’s perception of “needs? What is meant by the Puritan Work Ethic? What is a “traditional” economy and what are some of its characteristics? What are some of the problems Third World nations face as they attempt to modernize? What is a “command” economy? What is the relationship between economic and political systems? What, according to Professor Milton Friedman, is the relationship between Capitalism and Freedom? What are Friedman’s main arguments on behalf of a free market economy? What does he believe are the only two legitimate roles of government? What is a “market” economy? Who was Adam Smith and why was his book, The Wealth of Nations , called the “Bible of Capitalism?” Why, in the view of classic market economy philosophers, is there a need to diffuse economic power just as there is a need in democracy to diffuse political power? What are some of the major assumptions of capitalist philosophy? Specifically, what is consumer sovereignty? Division of labor? What is the “market?” Who determines resource allocation? Who determines what is produced? Who determines prices? What are the factors of production? What keeps these factors in balance? What is the “invisible hand?” What is laissez-faire ? What role does competition play in a capitalist economy? What is monopoly? Oligopoly? What is a conglomerate? Why do we live in an age of mergers? What impact did the American Industrial Revolution have on capitalism? What were some of the major social, economic and political problems growing out of the changing processes of production? What is meant by the post-industrial world? What is a “technetronic society?” What was the “Gilded Age?”
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What were the respective roles of government and business at the time? Why is it said that early American labor unions lived in a hostile environment? What was “rugged individualism?” How was it related to the American frontier? What was the attitude of Henry Ford toward unions? Who were the Knights of Labor? How did Samuel Gompers use the principle of “business unionism” to build the American Federation of Labor (AFL)? What was the CIO and on what issues did it differ with the AFL? Who were some of the leaders of the CIO? What was the Great Sitdown Strike in Flint, Michigan, in 1936-37? What has been the purpose of strikes? Why did the UAW-GM and UAW-Chrysler reach quick agreements after strikes which lasted so briefly in 2007? What evidence exists that many unions are negotiating from positions of relative weakness today?
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