Mr. Rodman’s Top 12 Highlights from Chapter 18: Economic policy and the U.S. Government’s approach to fiscal policy, monetary policy, budgeting for fiscal years – including deficits, mandatory expenditures, discretionary spending, GDP, unemployment and inflation. We also look at the phases of the business cycle, how the Fed uses monetary policy to grow or slow the economy, and how the Executive and Legislative branches use fiscal policy to grow or slow the economy. In addition, we examine the different types of taxes, such as progressive, regressive and flat or proportional taxes, how the budget process works, the different types of economic policy — from Classical to Keynesian to Reaganomics and Monetarist thinking. We then wrap it up looking at the benefits and challenges of the free trade debate, different world trade organizations and agreements, such as WTO, GATT and NAFTA, and the impact of regulation and deregulation over the years.