Reaganism

Definition

Reaganism refers to the political ideology and policies associated with the presidency of Ronald Reagan in the United States during the 1980s. It is characterized by a conservative, free-market approach to economic and social issues, with an emphasis on reducing government intervention and promoting individual liberty.

5 Must Know Facts For Your Next Test

1. Reaganism advocated for lower taxes, reduced government spending, and the deregulation of industries to stimulate economic growth and promote individual liberty.
2. The Reagan administration's policies, such as the Economic Recovery Tax Act of 1981, aimed to reduce the role of the federal government and empower the private sector.
3. Reaganism embraced a hawkish foreign policy, including a significant increase in military spending and a confrontational stance towards the Soviet Union during the Cold War.
4. The Reagan administration's support for supply-side economics and the belief that tax cuts would pay for themselves led to growing budget deficits and a significant increase in the national debt.
5. Reaganism's emphasis on traditional values, social conservatism, and the reduction of government programs for the poor and disadvantaged contributed to growing income inequality and social polarization.

Review Questions

• Explain the key economic principles and policies associated with Reaganism.
  • The economic principles of Reaganism were centered around supply-side economics, which advocated for lower tax rates, reduced government spending, and the deregulation of industries to stimulate investment, economic growth, and job creation. The Reagan administration's policies, such as the Economic Recovery Tax Act of 1981, aimed to reduce the role of the federal government and empower the private sector. However, these policies also led to growing budget deficits and a significant increase in the national debt, as the promised economic growth did not fully materialize.
• Describe the relationship between Reaganism and the rise of neoliberalism and neoconservatism.
  • Reaganism is closely associated with the rise of neoliberalism, a political and economic philosophy that promotes free-market capitalism, deregulation, and the reduction of state intervention in the economy. The Reagan administration's policies aligned with the neoliberal agenda, emphasizing the role of the private sector and reducing the size and influence of the federal government. Additionally, Reaganism embraced a neoconservative foreign policy, which emphasized a strong military, an assertive stance towards the Soviet Union during the Cold War, and the promotion of American interests and values globally.
• Analyze the social and political consequences of Reaganism, particularly in terms of its impact on income inequality and social polarization.
  • Reaganism's emphasis on traditional values, social conservatism, and the reduction of government programs for the poor and disadvantaged contributed to growing income inequality and social polarization in the United States. The Reagan administration's policies, which favored the wealthy and the private sector, led to a widening gap between the rich and the poor, as the benefits of economic growth were not evenly distributed. This, coupled with the administration's stance on social issues, such as the role of the government in addressing poverty and inequality, further exacerbated the divisions within American society, contributing to a more polarized political landscape.

Related terms

Supply-Side Economics: An economic theory that emphasizes tax cuts and reduced regulations as a means to stimulate investment, economic growth, and job creation.

Neoliberalism: A political and economic philosophy that promotes free-market capitalism, deregulation, and the reduction of state intervention in the economy.

Neoconservatism: A political ideology that emphasizes a strong military, an assertive foreign policy, and the promotion of American interests and values globally.