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Milton Friedman (1912 - 2006) was an economist who received the 1976 Nobel Prize in Economics for his studies in consumption analysis, monetary history and complex theories related to stabilization, including goverment intervention policies.
Presidents such as Hoover or Coolidge, who had governed in the decade before the Great Depression, supported laisez-faire economic measures, that consisted on free functioning of the markets with minimum goverment interventionism. Markets alone, would produce the most efficent outcomes, according to his viewpoint. Therefore, the policies introduced by these governments, involved minimum government regulation of the economic activity by the goverment.
<u>This is why Friedman, such as many others, claimed for alternative policies which involved goverment intervention for stabilization purpouses, using the mechanisms of the fiscal policy.</u> Subsequent goverments did apply such measures, being the best example the New Deal, based on Keynesian economics and implemented by President Roosevelt. The New Deal aimed to create job positions for the large unemployed sectors of the US population, by increasing public expenditure (one of the variables of the fiscal policy) in public works and hence, creating employment to undertake those works.
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McCarthyism is the practice of making accusations of subversion or treason without proper regard for evidence. The term refers to U.S. senator Joseph McCarthy (R-Wisconsin) and has its origins in the period in the United States known as the Second Red Scare, lasting from the late 1940s through the 1950s.
The population declined. Many Eastern Europeans were murdered. Among them Slavs, Jews, Gypsies, etc.
George Wallace is the <span>governor stood in the doorway of the University of Alabama to prevent two African-American students from enrolling.</span>
