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LD SS Great Depress
LD SS Great Depression DBQ - Chapter 25
| Term | Definition |
|---|---|
| CAUSES OF GREAT DEPRESSION | Republican economic policies, Real Estate & Stock Speculation, Stock Market Crash & Bank Failures, Overproduction, Decline of Farming Industry, & Unequal wealth distribution |
| PRESIDENT HOOVER | Republican who instituted the Economic Policies |
| REPUBLICAN ECONOMIC POLICIES | Pro-business policies, trickle-down economics, & didn't work |
| TRICKLE DOWN ECONOMICS | Give tax cuts to wealthy in hopes that they will reinvest $$ and property and that will trickle down to the lower classes |
| DIDN'T WORK | Only increased the gap between rich and poor |
| SPECULATION | Making a risky investment to make a quick, large profit |
| REAL ESTATE SPECULATION | Many people invested in California and Florida in hopes of making a quick profit. This cause people to stop moving West and many fraudulent schemes were created |
| STOCK SPECULATION | Many investors speculated that stock prices would keep rising & invested life savings in them. Buying on a Margin |
| BUYING ON MARGIN | People bought stocks with borrowed money (like buying on credit); banks took stocks as collateral. |
| STOCK MARKET CRASH | Oct. 1929 - Many predicted that stock prices were bound to fall because they couldn't go up indefinitely. Many investors panicked and sold their investments which caused stock prices to fall. |
| BANK FAILURES | Many closed due to little government regulation ("Laissez Fair"); Many had used depositors $$ to invest in stock market; lost depositors $$. 25% of them closed. Today we have the FDIC. |
| FDIC | Federal Depositors Insurance Corporation |
| OVERPRODUCTION | During the 1920's, demand for goods increased, higher consumer demand, higher wages, & new technology. By 1929, demand for goods decreased & people could no longer afford goods (led to decreased prices). The Supply was greater than Demand. |
| DECLINE OF FARMING INDUSTRY | During WWI, farmers borrowed $$ from banks to buy new equipment. As demand for farm products decreased, especially overseas, famers could no longer repay loans. |
| DUST BOWL | Farmers in the Mid-West and Southwest US were hit with a drought and turned the soil into powder. Millions lost farms and headed West. |
| UNEQUAL WEALTH DISTRIBUTION | In 1929, 1% of the American population possessed over 59% of the country's wealth. Over 60% of families lived at or below poverty level. Income for the rich rose about 75% while the income for the average American only rose 9%. |
| UNEMPLOYMENT | Many lost their $ in banks, 1933 25% of workers were out of work, millions were only working PT, black employees were replaced by newly unemployed white employees, minorities lost their jobs 1st, & 34 million belonged to families with no FT worker. |
| HOMELESSNESS | Many lived in crowded, unheated tenements with other families to save $, others slept in doorways & park benches, 100s of women slept in Chicago's Lincoln parks, hundreds lived in sewer pipe city, families cooked & ate in same room, & "Hoovervilles" |
| NEW DEAL | Franklin D. Roosevelt (FDR) - the federal government would assume responsibility for the welfare of the American people |
| FRANKLIN D. ROOSEVELT | Liberal Democrat; whose policies were directed at helping the poor and needy |
| BANK HOLIDAY | Temporary shut-down of every bank in the US to prevent the public from fearfully withdrawing all of its savings. |
| FIRST HUNDRED DAYS | A record number of laws were passed |
| SUMMER OF 1933 | 3/4s of banks were back in business & $1 billion worth of deposits had been returned to banks. |
| SUCCESS OF NEW DEAL | Republican & Democrats cooperated, FDR sought advice from experts ("Brain Trust"), and FDR had support of American people. |
| AAA | Agricultural Adjustment Act - paid farmers not to produce crops to boost farm prices |
| FDIC | Federal Deposit Insurance Corporation - insured bank deposits up to $25,000 |
| SEC | Securities & Exchange Commission - regulates the stock market |
| FLSA | Fair Labor Standards Act - eliminated child labor and established minimum wage and overtime pay. |
| TVA | Tennessee Valley Authority - provided cheap electricity to a number of southern states - Ex: Hoover Dam |
| SSA | Social Security Act - creates a system of pensions for the elderly and disabled |
| CCC | Civilian Conservation Corps - created environmental jobs for young men |
| WPA | Works Progress Administration - provided jobs by building hospitals, schools, tunnels, airports, etc |
| PWA | Public Works Administration - provided jobs by building hospitals, schools, tunnels, airports, etc |
| FHA | Federal Housing Administration - regulates mortgages and housing conditions |
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