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The New Conservatism and a New World Orde9

The New Conservatism and a New World Orde9 - of economic...

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The New Conservatism and a New World Order The Reagan Years The economy was jolted on October 19, 1987, "Black Monday," when the stock market  suffered the greatest one-day crash in its history, 22.6 percent.   The causes of the  crash included the large U.S. international trade and federal-budget deficits, the high  level of corporate and personal debt, and new computerized stock trading techniques  that allowed instantaneous selling of stocks and futures.  Despite the memories of 1929  it evoked, however, the crash was a transitory event with little impact.  In fact, economic  growth continued, with the unemployment rate dropping to a 14-year low of 5.2 percent  in June 1988. FOREIGN AFFAIRS In foreign policy, Reagan sought a more assertive role for the nation, and Central  America provided an early test. The United States provided El Salvador with a program 
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Unformatted text preview: of economic aid and military training when a guerrilla insurgency threatened to topple its government. It also actively encouraged the transition to an elected democratic government, but efforts to curb active rightwing death squads were only partly successful. U.S. support helped stabilize the government, but the level of violence there remained undiminished. A peace agreement was finally reached in early 1992. U.S. policy toward Nicaragua was more controversial. In 1979 revolutionaries calling themselves Sandinistas overthrew the repressive right-wing Somoza regime and established a pro-Cuba, pro-Soviet dictatorship. Regional peace efforts ended in failure, and the focus of administration efforts shifted to support for the anti-Sandinista resistance, known as the contras....
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  • Fall '10
  • New World Order, u.s. international trade, greatest one­day crash, new computerized stock, rightwing death squads

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