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Reaganomics is President Ronald Reagan's conservative economic policy that attacked the 1980 recession and stagflation. Stagflation is an economic contraction combined with double-digit inflation.
It promised to reduce the government's influence on the economy. He supported laissez-faire economics. He believed the free market and capitalism would solve the nation's woes. His policies matched the "greed is good" mood of 1980s America.
Reagan's position was dramatically different from the status quo. Prior presidents Johnson and Nixon had expanded the government's role.
Reagan pledged to make cuts in four areas:
The growth of government spending.
Both income taxes and capital gains taxes.
Regulations on businesses.
The expansion of the money supply.
Reaganomics is based on the theory of supply-side economics. It states that corporate tax cuts are the best way to grow the economy. When companies get more cash, they should hire new workers and expand their businesses. It also says that income tax cuts give workers more incentive to work, increasing the supply of labor. That's why it's sometimes called trickle-down economics.
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A country's foreign policy (also called the international relations policy) is a set of goals about how the country will work with other countries economically, politically, socially and militarily. It includes such matters as international trade, foreign aid, military alliances, and war.
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The Radical Republicans believed blacks were entitled to the same political rights and opportunities as whites.
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