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Reading 9.4
Changing Economy
| Term | Definition |
|---|---|
| Election of 1992 | Presidential election won by Bill Clinton over incumbent President H. W. Bush by campaigning on a message of being a moderate “New Democrat” focused on economic issues. |
| Bill Clinton | 42nd President of the United States who worked with Congressional Republicans to balance the budget and oversee rapid economic expansion, but struggled with a personal scandal. |
| New Democrat | Presidential campaign promise by Bill Clinton in the election of 1992 to be a moderate Democrat focused on economic issues such as jobs, education, and health care. |
| Ross Perot | Third-party candidate and Texas billionaire who put up a serious campaign that helped split the Republican vote, which helped Bill Clinton win the election of 1992. |
| Filibuster | Political procedure to delay or prevent a vote by prolonging debate, which Republicans used to great effect to block most of President Clinton’s larger reform proposals. |
| Brady Bill (1993) | Congressional law that mandated background checks and a five-day waiting period for the purchase of handguns, which was fiercely opposed by the National Rifle Association (NRA). |
| Anti-Crime Bill (1994) | Congressional law that provided $30 billion in funding for more police protection and crime-prevention programs and banned the sale of most assault rifles. |
| National Rifle Association (NRA) | Powerful gun rights advocacy group that tried to mobilize its supporters to overturn the Brady Bill and defeat politicians who supported it. |
| Newt Gingrich | Conservative Speaker of the House who led the “Republican Revolution” and oversaw several government shutdowns and the impeachment of President Clinton. |
| “Republican Revolution” | Widespread election of Republican politicians in the midterm election of 1994 under the Clinton Administration that gave Republicans control of Congress for the first time since 1954. |
| “Revolution of ’94” | Widespread election of Republican politicians in the midterm election of 1994 under the Clinton Administration that gave Republicans control of Congress for the first time since 1954. |
| “Contract with America” | Short list of conservative priorities that Republicans used to great effect to win massive gains in the midterm election of 1994 and win control of Congress for the first time since 1954. |
| Personal Responsibility and Work Opportunity Act (1996) | Congressional law that implemented new requirements on welfare recipients, including a five-year lifetime limit on benefits. |
| Federal Surplus | Total money the government brought in exceeded the total money the government spent in a fiscal year, which happened under President Clinton for the first time since 1969. |
| Impeachment | Process where the House of Representatives holds an investigation and can vote to recommend the Senate remove a government official, which happened to President Clinton in 1999. |
| Internet | Global system of interconnected computer networks that revolutionized communication and productivity and introduced e-commerce as an essential part of the economy. |
| The World is Flat | Book by Thomas Friedman on how swift advances in technology and communications were creating new wealth in the developing world and flattening competition around the globe. |
| Thomas Friedman | Political commentator and author who wrote The World is Flat. |
| 1990s Boom | Massive economic success of the United States in the 1990s as average household wealth increased, unemployment fell to a 30 year low and stocks experienced record gains. |
| Globalization | Increasing interconnectedness of nations into a world economy as technology allowed for improved transportation and communication of people, goods, ideas and capital. |
| North American Free Trade Agreement (NAFTA) | Treaty created in 1994 between the United States, Canada and Mexico that lowered barriers to trade between member nations. |
| World Trade Organization (WTO) | International entity created in 1994 to oversee trade agreements, enforce trade rules and settle disputes. |
| International Monetary Fund (IMF) | International entity created to oversee the stability of the world’s monetary system. |
| World Bank | International entity created to reduce poverty by offering assistance to middle and low-income countries. |
| Group of Eight (G8) | Name for the major industrialized nations including Canada, France, Germany, Italy, Japan, Russia, the United Kingdom and the United States, which controlled two-thirds of the world’s wealth. |
| Digital Security and Privacy | Need for protection and regulation of data as the internet became more integral to the economy and society in general. |
| Top 1 Percent | Wealthiest people in the country who by 2010 controlled 43 percent of the nation’s financial wealth and were moving toward greater control. |
| Joseph Stiglitz | Economist who argued the decline of strong unions since the 1970s was related to the rise in the inequality of income and wealth in the United States. |
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