the end of the cold war. post-reagan election americans looking for continuation of reagan politics...
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The End of The Cold War
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Post-Reagan Election•Americans looking for continuation of
Reagan politics▫Low taxes, Little Government Involvement
with Economy
•Republican nominee: George H.W. Bush▫“Read my lips, no new taxes”
•Democratic nominee: Michael Dukakis▫Jesse Jackson finishes second in primary
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Election of 1988•Democrats question Bush’s leadership
•Republicans say Dukakis is too liberal and soft on crime
•Bush has Reagan’s endorsement and economy continues to improve
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Soviet Union•Bush continues to work with Gorbachev
•Soviet economy failing due to poor central planning and arms race
•Perestroika: “restructuring”▫Allowed some private enterprise and profit
making in USSR
•Glasnost: “openness”▫Freedom of religion and speech grew in
USSR
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1989 Revolutions•Democratic governments replace
Communist rulers in Eastern Europe▫Bulgaria▫Czechoslovakia▫Hungary▫Poland▫Romania
•November 9: Berlin Wall guards open gates▫Within days the wall was gone▫Germany reunited within one year
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Soviet Union Collapses• Opposition to Gorbachev
▫Communist officials and army try to overthrow gov’t▫Gorbachev arrested and troops enter Moscow▫Army proceeds to go to Russian president
• Boris Yeltsin defeats coup▫50,000 people surround the Russian Parliament▫Bush backs Yeltsin▫Coup fails; Gorbachev returns to Moscow
• 15 Soviet republics declare independence, Yeltsin outlaws Communist Party in Russia▫Gorbachev announces end of Soviet Union in 1991
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Global Challenges Emerge•China determined to remain Communist
▫Government relaxed controls on economy, but still restricted speech
▫Tiananmen Square (May 1989—Beijing) Chinese students and workers protest for
democracy In June, government tanks and soldiers try to
end protests with many casualties and arrests
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Result of Tiananmen Square•US and European countries reduce
diplomatic relations with China
•Arms sales to China reduced
•World Bank suspends loans to China
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Panama•1978: US agreed to give canal to Panama by 2000
•Canal strategically important, so Bush and US officials wanted to make sure Panama’s government was stable and pro-US
•Dictator Manuel Noriega stopped working with US by 1989▫Backed drug traffickers, harassed US military
guarding canal, cracked down on opponents▫December 1989: US troops seize Noriega on drug
charges and US sets up elections for new government
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Persian Gulf War• 1990: Iraq’s Hussein invades Kuwait
▫US fears this is first step in seizing many oil reserves
▫UN coalition to stop Iraq—threatens to use force
• October 31, 1990: US plans attack of Iraq▫General Colin Powell and Sec. of Defense Dick Cheney▫500,000 American troops and air strikes
• January 1991: Operation Desert Storm▫Air strikes on military targets; ground attack 6 weeks
later
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Domestic Challenges for Bush•Growing Deficit
•Economy plunging with recession and increasing unemployment
▫Less soldiers, less military equipment orders
▫Downsizing (laying off workers to increase efficiency)
▫Gigantic debt▫The ugly side of deregulation (risks and
failures)
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Bush Attempts to Improve Economy
•Cut Capital Gains Tax▫Tax paid by businesses and investors when
they sell stocks or real estate for profit▫Believed this would encourage business
expansion▫Democrats defeated this saying it was a tax
cut for the rich
•Changed his “no new taxes” policy▫Increased taxes and cut spending to attempt
to improve deficit▫Hurt his reelection chances
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1992 Election•Democrats: William Jefferson Clinton
▫Stories questioned his character▫Did not serve in Vietnam▫Tried to separate himself from “liberal” label▫Promised to cut middle-class taxes, reduce gov’t
spending, and reform healthcare and welfare
•H. Ross Perot▫Texas billionaire and businessman▫Stressed end to deficit spending▫Grassroots movement: local level
organizations
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