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Module 4 (2 of 2)
The Great Depression
| Question | Answer |
|---|---|
| Laissez-faire | Dictates that the government should not interfere with the economy |
| Buying-on-margin | Buying stocks using loans from the bank. Becomes widespread in the 1920s and causes banks to lose significant amounts of money when the stock market crashes |
| Smoot-Hawley Tariff | Raised a tariff (tax on goods coming into the country) on European goods, causing European countries to refuse to buy American goods. Worsens the Great Depression |
| Overproduction | U.S. consumers bought less and less throughout the 1920s, meaning too much product was made and factories started letting workers go. |
| Black Tuesday | October 29, 1929: Investors sell millions of shares of stock, wiping out billions of dollars and signifying the beginning of the Great Depression |
| Bank run | Americans lose trust in banks after the stock market crash and run to the banks to retrieve their money. Causes over 9,000 banks in total to crumble |
| Okies | Oklahomans who lost everything during the Dust Bowl. Many left for California to find work |
| Hoovervilles | Shanty towns of homeless people. Named after Herbert Hoover whom people blamed for the Depression |
| Hobo | Homeless people (typically men) who traveled around the country looking for work. Millions would their families during the Great Depression |
| Dust Bowl | Environmental disaster caused by poor farming techniques that led to massive dust storms centered in the Great Plains |
| Rugged Individualism | Belief held by Herbert Hoover that people should be self-reliant and do not need government assistance to make it through the Depression |
| Bonus Army | Thousands of WWI veterans who traveled to Washington, D.C. protesting for an early cash payment for military service. Many get tear gassed and chase away by police, damaging public perception of Hoover's presidency |
| Herbert Hoover | President during the beginning of Great Depression; largely blamed for economic fallout due to his belief that government shouldn't interfere with the economy |
| Franklin D. Roosevelt | President during the majority of the Great Depression; inspired hope in Americans by passing New Deal legislation to get people up off their feet |
| New Deal | FDR's plan to pass as much legislation as possibly to fix the economy and give people jobs |
| Agricultural Adjustment Act | Unsuccessful act that paid farmers to not grow crops so that food prices would increase. Largely disliked by farmers |
| Civilian Conservation Corps | Successful relief program that gave young men jobs related to conservation and protecting natural resources |
| Fair Labor Standards Act | Successful labor act that establishes a minimum wage and "time and a half" pay for workers who log over 40 hours in a week |
| Federal Deposit Insurance Corporation | Successful program that insured banks up to $250,000 if a deposit is lost |
| National Recovery Administration | Unsuccessful program that aimed to create codes of "fair competition" among businesses |
| Securities and Exchange Commission | Successful program that ensures that the stock market is running smoothly |
| Social Security | Landmark act that creates retirement insurance for the elderly as well as those with disabilities and those who are unemployed |
| Tennessee Valley Authority | Successful program that generated electricity and controlled flood in Tennessee and surrounding areas |
| Works Progress Administration | Successful program that hired young men to work on buildings and roads |
| Court packing | Attempt by FDR to ensure that the Supreme Court would rule in his favor by putting progressive judges on the court. Ultimately never comes to fruition |
| Socialism | Critics of FDR complained that he was turning the country too socialist while he responded that he was doing whatever he needed to avoid a communist takeover |
Created by:
ahibbett
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