APUSH Chapter 42

APUSH Chapter 42 - Chapter 42 The American People Face a...

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Chapter 42 The American People Face a New Century I. Economic Revolutions I. As heavy industry waned, the information age kicked into high gear. Microsoft Corp. and the internet brought about the communications revolution. Entrepreneurs led the way to making the Internet a 21st century mall, library, and shopping center. Speed and efficiency of new communications tools threatened to wipe out other jobs. II. White-collar jobs in financial services and high tech engineering were being outsourced to other countries like Ireland and India. Employees could thus help keep the company’s global circuits working 24 hrs. a day. III. Many discovered that the new high tech economy was also prone to boom or bust, just like the old economy. In the Spring of 2000, the stock market began its biggest slide since WWII. By 2003, the market had lost $6 trillion in value. American’s pension plans shrank to 1/3 or more. Recent retirees scrambled to get jobs and offset their pension losses which were tied to the stock market. This showed that Americans were still scarcely immune to risk, error, scandal, and the ups-and-downs of the business cycle. IV. Scientific research propelled the economy. Researchers unlocked the secrets of molecular genetics (1950s). They developed new strains of high yielding, pest/weather resistant crops. They sought to cure hereditary diseases. The movement started to fix genetic mutations. The "Human Genome Project" established the DNA sequence of the 30 thousand human genes, helping create radical new medical therapies. Breakthroughs in cloning animals raised questions about the legitimacy of cloning technology in human reproduction. Stem Cell Research, where zygotes or fertilized human eggs, offered possible cures for Alzheimer’s and Parkinson’s. The Bush administration, and many religious groups, believed that this research was killing people in the form of a human fetus.
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Bush said a fetus is still a human life, despite its small size, and experimenting and destroying it is therefore wrong. For this reason, he limited government funding for stem cell research. II. Affluence and Inequality I. U.S. standard of living was high compared to the rest of human kind Median household income in 2002 = $42,400 II. Americans, however, weren’t the world’s wealthiest people III. Rich still got richer while the poor got poorer The richest 20% in 2001 raked in nearly half the nation’s income while the poorest 20% got a mere 4% IV. The Welfare Reform Bill (1996) restric5ted access to social services and required able- bodied welfare recipients to find work. This further weakened the financial footing of many impoverished families. V.
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This note was uploaded on 08/04/2011 for the course HIST 1 taught by Professor Johhfear during the Spring '11 term at Arkansas Pine Bluff.

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APUSH Chapter 42 - Chapter 42 The American People Face a...

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