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Chapter 12
Term | Definition |
---|---|
speculation | practice of making high-risk investments in hopes of obtaining large profits. |
Black Tuesday | Oct. 29, 1929 when stock prices fell sharply in the Great Crash. |
business cycle | periodic growth and contraction of the economy. |
Great Depression | period lasting from 1929 to 1941 in which U.S. economy faltered and unemployment soared. |
Hawley-Smoot tariff | protective import tax authorized by Congress in 1930. |
bread line | line of people waiting for food handouts from charities or public agencies. |
Hooverville | term used to describe makeshift shantytowns set up by homeless people during the Great Depression. |
tenant farmer | working for bigger landowners then to themselves. |
Dust Bowl | term used for the central and southern Great Plain during the 1930s when the region suffered from drought and dust storms. |
Okies | general term used to describe Dust Bowl refugees. |
repatriation | process by which Mexican Americans were forced to go back to Mexico. |
localism | policy relied on by President Hoover in the early years of the Depression whereby local and state governments act as primary agents of economic relief. |
Reconstruction Finance Corporation | federal agency set up by Congress in 1932 to provide emergency government credit to banks, railroads, and other large businesses. |
trickle-down economics | economic theory that holds that money lent to the banks and businesses will trickle down to consumers. |
Hoover Dam | dam on the Colorado River that was built during the Great Depression. |
Bonus Army | group of WW1 veterans who marched on Washington D.C. in 1932 to demand early payment of bonus promised them by Congress. |