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Lessons 30-33
The Great Depression
| Question | Answer |
|---|---|
| bank run | a financial crisis in which a large number of customers simultaneously attempt to withdraw their money from a bank out of fear that the bank will close |
| bear market | a period in which stock prices are steadily decreasing |
| Black Tuesday | October 29, 1929; the worst day of plunging stock market prices during the stock market crash that helped initiate the Great Depression |
| bull market | a period in which stock prices are steadily rising |
| Federal Reserve System | the central banking authority of the United States, which manages the nation's money supply |
| Hawley-Smoot Tariff Act | a law passed by Congress in 1930 to raise the tariffs on imported goods in order to protect U.S. businesses and farmers |
| overproduction | a situation in which more goods are being produced than people can afford to buy |
| stock market crash | in October 1929, the period of plunging stock market prices that helped initiate the Great Depression |
| underconsumption | a situation in which people are purchasing fewer goods than the economy is producing |
| Bonus Army | a group of thousands of World War I veterans who traveled to Washington, D.C., in 1932 to request early payment of a retirement bonus to help them through the hard economic times of the Great Depression |
| conservative | someone who cherishes and seeks to preserve traditional customs and values |
| First Hundred Days | the first three months of Franklin D. Roosevelt's presidency, during which Congress passed a record number of bills in order to implement the New Deal and provide relief, recovery, and reform from the Great Depression |
| Hooverville | during the Great Depression, a shantytown of makeshift dwellings |
| liberal | someone committed to the expansion of liberty |
| New Deal | President Franklin D. Roosevelt's domestic program from 1933 to 1939, which aimed to bring about immediate economic relief from the Great Depression |
| radical | someone who wants to make sweeping social, political, or economical changes in a society |
| Reconstruction Finance Corporation | a government agency created by Congress in 1932 to provide loans to banks, railroads, and big businesses and later also to farmers and public works projects |
| trickle-down theory | an economic policy in which the government attempts to indirectly aid the needy by promoting economic growth at the business level in the hope that it will influence prosperity at all levels |
| black blizzard | a severe dust storm |
| desertification | a process by which land becomes increasingly dry and desert-like |
| Dust Bowl | an area of the Great Plains of the United States that suffered severely from wind erosion during the 1930s |
| foreclosure | the legal process by which a lender takes over a property it has helped a borrower buy, usually because the buyer has failed to make payments |
| Great Flood of 1936 | devastating flooding in New England that resulted from a series of record-breaking storms that pounded the region daily between March 9 and March 22, 1936 |
| Okies | a nickname for a person who migrated from the Dust Bowl to California during the Great Depression |
| public assistance | aid, in the form of money, goods, or services, that a government provides to those in need |
| The Grapes of Wrath | a novel, written by John Steinbeck and published in 1939, that won acclaim for its description of the experience of Dust Bowl migrants during the Great Depression |
| Agricultural Adjustment Administration | as part of the New Deal, a federal agency created by Congress in 1933 to help reduce farmers' crop production and restore the prices of their goods to a reasonable level |
| Civilian Conservation Corps | a work-relief program established in 1933, as part of the First Hundred Days of the New Deal, to provide work for unemployed Americans during the Great Depression |
| Congress of Industrial Organizations | a labor organization established in 1938 to organize workers by industry rather than by occupation or skill |
| demagogue | a political leader who gains power by appealing to people's emotions and prejudices rather than relying on rational argument |
| left wing | the liberal side of the political spectrum |
| National Industrial Recovery Act | as part of the New Deal, a law passed by Congress in 1933 to increase production while boosting wages and prices; it created the National Recovery Administration |
| New Deal Coalition | a political partnership formed during the 1930s among various social and political groups in support of the New Deal, the Democratic Party, and Franklin D. Roosevelt |
| right wing | the conservative side of the political spectrum |
| Social Security Act | a law passed by Congress in 1935 to establish federal programs to offer old-age assistance and benefits, unemployment compensation, and aid to needy mothers, children, and the blind |
| Wagner Act | officially the National Labor Relations Act, a law passed by Congress in 1935 to protect workers' right to organize into unions; it created the National Labor Relations Board |
| Works Progress Administration | a work-relief organization established in 1935, as part of the New Deal, to provide work for unemployed Americans during the Great Depression |
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