2 thoughts on “119. Public Choice Theory Unit 1

  1. Thatcherism: The policies of monetarism, privatization, and self-help promoted by the British Conservative stateswoman and prime minister (1979-90) Margaret, Baroness Thatcher.Thatcherism projects a vision of a new social and economic order, which carries with it major implications for political and legal relationships.
    When Thatcher first PM her political allegiance was, of course, to Conservatism. The only other ‘-ism’ to which she subscribed was ‘monetarism’ – the doctrine that inflation is caused by printing money and can be cured by restricting the money supply. Monetarists argued that, in the interests of efficiency, taxation should be kept low, state-controlled industry should be privatised, and free market forces be allowed to operate

    Reaganism: the specific conservative ideology associated with the Reagan administration, a statement or position commonly associated with Ronald Reagan.
    Ronald Reagan was the 40th President of the United States (1981-1989). He is credited with deregulation of the economy, reducing government spending, Reaganomics (reducing taxes to stimulate economic growth). This is sometimes referred to as ‘supply-side economics’ or ‘trickle-down economics). He was also known for his hard stance towards the Soviet Union, which he dubbed ‘The Evil Empire.’ He is considered a conservative icon and a realist regarding economic policy.

  2. Today, the term THIRD WORLD is no more longer used very much as it has been deemed politically incorrect by many. The term actually originated after second world war, when the third world referred to countries that were neither. Communist nor capitalist. Many of these countries were in central/south America, Africa and Asia. As a result, third world is now synonymous with “developing world” or “global south. “This basically means that a country has lower per capita income, and has less developed industries and infrastructure. Many ‘’third world’’ countries struggle heavily with debt, poverty, and diseases.
    The “advanced” countries are generally referring to places like the United States, Western Europe, Canada, Australia, etc. These countries generally have a high per-capita income, developed national industries, high levels of education, higher life expectancy, more civil and political rights and a general higher quality of life. The terms “Third World” and “developing nations”—as well as their counterparts “First World” and “developed nations”— do not appear on a map. Although Third World nations are clustered in Africa, Asia , and Latin America, the differences between developed nations are primarily political and economic rather than geographic. High levels of industrialization, freedom of trade and political expression, democratically elected governments, a respect for human rights and political expression, and low rates of population growth and poverty characterize First World nations. On the other hand, Third World governments are often toppled by military coups or led by entrenched dictators. War and famine are prevalent. Malnutrition, unsafe water supplies, widespread prostitution and other unsafe sexual practices, and inadequate hospital facilities vastly increase the incidence of serious health problems such as AIDS, malaria, and tuberculosis. The United States and Angola typify many of the differences between First World and Third World nations. The average American outlives the average Angolan by more than twenty-eight years. The gross domestic product (GDP) per capita in the United States is $30,200 per year, compared to $800 in Angola. The problems facing developing nations have led to a debate about whether those countries should seek solutions that follow the economic and political footprints of developed nations, or whether the First World path to development creates further problems for Third World nations.

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