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WELFARE STATE- A social system whereby the state assumes primary responsibility for the welfare of its citizens.It was created by FDR during the New Deal. TRADITIONAL ECONOMY-It's a characteristic of unendustrialized society. Societies that produce tradition in the old fashioned way where the son inherits the job that the father had. It's harder for that economy to modernize when people are fixed in certain roles and traditional occupations. NATIONAL LABOR RELATIONS ACT-In 1935, guaranteed workers the right to orgonize unions adn forbade employers to adopt unfair labor practices. This marked the beginning of the rise of the uninization in the US. JOHN MAYNARD KEYNES-British economist who proposed that high unemployment, being a result of insufficient consumer spending, could be relieved by government-sponsored programs. WAR ON POVERTY-It was a program of Linden Johnson where in 1964, in kansian style he sought to spend a lot of money to end the problem of poverty in the US. OPEC- Organization of Petroleum Exporting Countries. It was an organization of primarily Middle Eastern oil producing countries that vurtually crippled the economy for many nations when they raised the price of oil. Cap ·i ·tal ·ism-An economic system in which the means of production and distribution are privately or corporately owned and development is proportionate to the accumulation of profits gained in a free market. Dust Bowl-this was th ephenomenon during the depression in 1932 on were large area of the Middle West in the US due to drought the top soil became so dry that the winds came and blew this dust all over the place. Agriculture was just strangled and people had to move out of mid-west. Bretton Woods-In 1946, this agreement established taht the value of the US dollar in terms of gold would be fixed at $35 per ouns, and other curancies would be valued at fixed ate in relations to the dollar indirectly to gold. It established the US as the leader in world trade and it really defines the begining of the golden age capitalism. Deindustrialization-the decline in production due to the change in the economy. It refers to the end of heavy industry of steel production, factory work. It is replacing it with McDonalds, Banks,etc. STAGFLATION-slow economic growth coupled with a high rate of inflation and unemployment. It is the end of the Golden Age in 1973. CIVILIAN CONSERVATION CORPS- it was part of the first new deal. It was when the gov't put millions of young men to work in conservation projects