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Explanation:
The 2008 Crisis was also called the subprime mortgage crisis. A contraction of liquidity in the global financial market that originated in the U.S. as a result of the collapse of the housing market. It had the possibility of destroying the international financial system. It caused the failure and hardship of many major commercial bankers, insurance companies, mortgage lenders, and loan associations. This caused the Great Recession.

Links to Liberalism:
Canada provided government intervention during the crisis. They used over 63 billion dollars in government revenue to help the situation, by protecting jobs, restoring household and business confidence, and encouraging growth.

Resources:
Duignan, Brian. “Financial Crisis of 2007-2008.” Encyclopædia Britannica, Encyclopædia Britannica, Inc., 14 Mar. 2019, https://www.britannica.com/event/financial-crisis-of-2007-2008/Effects-and-aftermath-of-the-crisis.

“Long Term Effects of Canada's Economic Action Plan .” Government Response - 8512-411-167 - House of Commons of Canada, https://www.ourcommons.ca/DocumentViewer/en/41-1/PACP/report-10/response-8512-411-167#:~:text=By%20injecting%20over%20%2463%20billion,restore%20household%20and%20business%20confidence.

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Explanation:
Tony Blair was a Labour Party prime minister, his platform was a “third way.” His idea was neither the familiar Conservative approach, or the “old Labour Party” approach that was focused on trade unions, public ownership, a welfare state, government intervention, and redistribution of wealth. The third way was a more modern platform, it adopted some free-market policies while still having some social programs, it was a new mixed economy. His third way was a compromise of Keynesian economics and Monetarism, it was a balance of individualism and collectivism.

The government increased public spending on health care, education, and introduced a minimum wage. He also introduced tuition fees for post secondary education, which were formally free

Links to Liberalism:
Blair wanted more government involvement. His ideas were a perfect blend of collectivism and individualism. Under his lead the government introduced many social programs.

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The Fall of Communism and Increasing Economic Freedoms 

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The Fall of Communism and Increasing Economic Freedoms 

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Gorbachev had introduced Western policies
into the USSR. Perestroika was a
restructuring of the economic system. Glasnost
was an “openness” to Western ideologies and an “openness” to its people (not keeping them in the dark, as much, anymore). In a communist system, this did not sit well with some. Things were moving farther to the right than they
would have wanted. For those who were wanting change, Gorbachev was not moving fast enough. It seems no one was happy.

In 1990, while vacationing, an attempted
coup was planned by a “stricter” communist party. They were not successful; instead a more liberal leader emerged named Boris Yeltsin.

Satellite states were allowed autonomy, and
they took it. One by one they broke away, signaling the end of the Soviet Union, and communism in Russia.

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Supply Side Economics (Regan and Thatcher)

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Supply Side Economics (Regan and Thatcher)

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Explanation:
Ronald Reagan became the U.S. president in 1981. He was influenced by Friedman theories. Nixon had tried to combat the stagflation by setting wages and price controls but, unlike Nixon, Reagan wanted less government involvement. When he became the president there was high unemployment and inflation, his administration's response was to reduce income tax, business tax, reduce business regulation, and increase the government spending on the military. The policies he implemented are what's known as supply side economics (trickle-down economics). This perspective says that by keeping tax rates low (especially the tax on the wealthy) economic growth would happen through increased investment. The idea is that the increased investment would trickle down to the working class.

In Britain the Prime minister was Margaret Thatcher. She, like Reagan, tried to reduce the government involvement in the economy. She wanted to embrace classical liberal principles by increasing economic freedom and entrepreneurship. Britain sold most of its social housing, and privatised many companies. Thatcher also took a huge opposition towards labour unions.

Links to Liberalism:
Both Reagan and Thatcher wanted reduced government involvement. Thatcher wanted to keep with the policies of classical liberalism.

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Explanation:
Monetarist Theory follows the idea that control of a country’s money supply is the best way to encourage economic growth and limit unemployment and inflation. In this theory the money supply is controlled and regulated by interest rates. Milton Friedman believed that inflation was caused by excess money. His idea was that when the money supply was increased spending would increase therefore causing the demand to rise and inflating the prices. Friedman believed that the amount of money issued by the central bank should be linked to economic indicators such as the rate of inflation.

Links to Liberalism:
The theory of Monetarism wants less government involvement in the economy. While there is still some regulation with the banks and money supply, the theory still goes against the government getting involved.

Connection to Supply Side Economics (Reagan and Thatcher):
This is essentially the same as supply side economics. Both want reduced government involvement.

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Explanation:
In 1971 The U.S. withdrew form the Bretton Woods Agreement. The agreement had used the gold standard to set exchange rates for the currencies for the industrialised country’s. Many countries followed the example of America and world currencies wee allowed to freely float in the world market. This led to inflation, which leads to less economy activity. More problems were created when Israel was attacked by Egypt and Syria. The oil company OPEC  imposed a five month long oil embargo of the united states, and other countries, after they showed support to Israel. The OPEC also reduced the production of oil which caused the price of oil to quadruple. This lead to a gas shortage in America which caused goods to become more expensive, rising inflation, and slowing the economy. This was a recession and inflation occurring at the same time, which is called a stagflation. This was also effecting the British economy. The British government no longer supported government spending to help the economy, the priminister had previously supported many government programs that led to the British welfare state. Maintaining the programs of a welfare state was rising due to inflation, and the economic slowdown also meant governments collected less tax revenue.

Links to Liberalism: The British government reduced their government involvement because the economic situation was so bad. Britain had previously supported government involvement. Overall for many governments their was much less government involvement. The stagflation was so bad and had such a serious effect on the economy that governments had to stop some government spending and involvement.
Connection to Monetarism: The 1970;s was a period of less government involvement and  the theory of Monetarism had less government involvement. Monetarism wanted regulations but they still had a less involved government.

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Explanation:
After the second world war the government of Canada created social programs, built on legislation and initiatives like unemployment insurance, family allowance, and many programs that followed the characteristics of a welfare state. Some of the programs were the establishment of universal health care, the Canada Pension Plan, Atomic Energy of Canada limited, and Canada Radio and Television.  Quebec also started up many public works projects such as the provincial income-tax program, they used this to expand of infrastructure. They created school, hospitals, highways, hydroelectric projects, and universities. The Quebec government also introduced the highest minimum wage, and the home-ownership assistance act.

Links to Liberalism: After the war the government increase their involvement in the economy. They implemented different social programs, and many different resource for the citizens that followed along the lines of a wealth-fare state. The Quebec government also took a very active role in their province by creating all the infrastructure, and programs.

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Explanation: Canada did not intervene in the economy to the same extent that Roosevelt did. The prime minister, Bennet, did create some relief camps, but then he stopped the government spending. He believed that the laissez-faire policies would eventually improve the economy. The Bank of Canada took over the country’s money supply and they did start using interest rates to try and regulate the economy.

Canada’s economy was still not improving so in 1935 the prime minister tried to implement programs similar to the New Deal, but these programs were rejected by the court. A new prime minister was elected and he led the government to become more involved in Canada's economy. He created many social programs, his programs line up with the characteristics of a mixed economy and wealth-fare state.

Links to Liberalism: At first the government was not involved in the economy. Priminster Bennet believed in the laissez-faire policies, and that the economy would be able to escape the crisis if they did nothing. Then when the Bank of Canada took over the country's money supply they did try to regulate the economy with interest rates. When a new prime minister was elected, Mackenzie King, he did take a more active role in the economy and implemented some social programs.

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Explanation:
When Roosevelt became president he created a “New Deal” for Americans. The New Deal was a bunch of programs that focused on relief, reform and recovery for unemployed people. They called his series of public works projects the alphabet agencies. Some of the alphabet agencies provided work for the unemployed population, and loans to people so they didn’t lose their homes.

LInks to Liberalism:
The New Deal created more government regulation. America previously rejected government regulation and involvement in the economy, but with the depression going on many people changed their standpoint and appreciate the extra help.

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Explanation:
Keynesian economics are from the ideas of John Maynard Keynes. He thought that the government should be involved in the economy in the bad times and the good ones. During the booms he thought that the government should decrease spending and increase interest rates, and in the busts the government should increase spending and decrease interest rates.

Links to Liberalism:
Keynesian Economics followed a more modern liberal approach then the traditional classical approach. Keynes wanted more government involvement to regulate the economy in the good and bad times.

Connection to Roosevelt's New Deal:
Roosevelt followed the theory of Keynesian economics. His belief that the government should be involved in the economy led to him implementing more programs to help people through tough times.

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Explanation:
In the 1930’s there was a period of severe recession, many people lost everything. Unemployment rates were at an ultimate low. People would wait in long lines trying to get food and work. The president at the time, Herbert Hoover, did not believe in government involvement and said the economy would regulate itself. In the next election Franklin Roosevelt won, he appealed to the poor. He used Keynesian economics to try and regulate the economy, and implemented public works projects to try and increase the number of available jobs. People who originally viewed poverty as failure, now see it as a result of unfair circumstances. The Great depression led to an increase in government involvement for America.

Links to Liberalism:
The government shifted to a more modern Liberal approach, rather than rejecting all government involvement some people now supported government regulations. The alphabet agencies Roosevelt created led to many people being able to keep their homes, and get access to jobs.

Connection to Keynesian Economics:
When Roosevelt was elected as president He used the theory of John Maynard Keynes (Keynesian Economics). He thought that the government should be involved in the economy in the bad times and the good ones. During the booms he thought that the government should decrease spending and increase interest rates, and in the busts the government should increase spending and decrease interest rates. The great depression led to Roosevelt implementing this theory and creating the alphabet agencies.

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Explanation:
In the 20’s lots of people were borrowing money and investing in stocks. People thought the prices would continue to rise, but then when they stopped rising people sold their stocks to avoid losing money if the prices dropped. This led to prices falling and more people taking out their shares. This led to the crash of the stock market.

Links to Liberalism:
All of the unregulated capitalism leads to more spending and borrowing. This eventually lead to the crash of the stock market. People continued to buy stocks and prices continued to rise, but then when they stopped rising people panicked and withdrew their shares, which led to the crash.

Connection to The Great Depression:
The stock prices of major companies dropped by 48 percent. People who had lived well lost everything when the market crashed. There was an increase in unemployment and poverty.

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Explanation:

America in the twenties was described as a country that was focused on economic prosperity, and a country eager to further itself from political instability in other areas of the world. This America also believed in equality of opportunity. Everyone had the opportunity to gain prosperity but only people who worked hard enough could gain it. In the 1920’s people were happy after just winning the war. With morale, high people spent more money, which led to more borrowing money. This was unregulated Capitalism.
Links to Liberalism:
America was following a Classical Liberal approach. People had equality of opportunity, not outcome. Everyone was given the same chance at being prosperous but only those who worked hard enough would achieve it. Being poor was still seen as a failure. The quote we see in the textbook from the two sailors describes the way America was and the liberalism it had. “In America, a fellow can get ahead,” and “They don’t want to fight people they want to do business with them.” This shows the ideology that Americans were focused on making money and advancing in society, capitalism was at its peak. The government also stayed out of the economy and offered no involvement. This lead to the unregulated capitalism.

Connection to the Stock Market Crash:
The unregulated Capitalism led to an increase in spending and borrowing money, people continued to spend more, take out loans and buy stocks. When the stock market started to get unstable people withdrew their shares and it crashed.

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Explanation:

The Sherman Antitrust Act was a part of legislation that was introduced in 1890. Its purpose was to prevent collusion and monopolies between the competing companies in the industry. Its purpose was to stop anti-competitive behaviour among companies, not to stop a single company from control in the market. This act prevented a big business from owning two or more competing companies. This act was used to break up the Standard Oil company into many other smaller ones (34).

Links to Liberalism:

This legislation limited some classical liberal freedoms, and marketplace principles. It also prevented powerful companies from abusing the liberties of other smaller companies. Well it limited some liberties its intended goal was to encourage competition.

Ex. Classical liberalism led to the creation of the Standard Oil company monopoly, but the monopoly also undermined some principles of classical liberalism because it took away competition.

Connection to The 1920’s:
In Theory this Act was supposed to create more competition and open up the economy.