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Great Depression
Term | Definition |
---|---|
unequal distribution of wealth | widened gap between the rich and poor, most families earned less than $2500 per year |
overproduction | caused prices to fall drastically |
consumer debt | caused by credit, rising prices, stagnant wages |
speculation | buying stocks and bonds hoping for quick money |
buying on margin | buy stacks with borrowed money |
stock market crash | historical event that started the depression, october 1929 |
bank failures | banks lost people's money from stock crash and closed |
unemployment | increased from stock crash |
underconsumption | fewer gooods are purchased than produced |
hawley-smoot tariff | created to protect US industry |
dust bowl | great plains, high wind storms, drought, over plowing |
psychological effect | suicide rate rose 30%, increased alcoholism, 3x as many people were admitted to mental hospitals,more kindess |
bonus army | WWI vets go to DV for checks due to unemployment |
hoovervilles | shacks to house the homeless |
reconstruction finance corporation | action taken for businesses |
mexican reparation program | hoover philosophy, deport if they don't leave |
emergency relief and construction | funds for public works |