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Great Depression
Term | Definition |
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Hawley Smoot Tariff - | This 1930 tax on imported goods was passed with the goal of protecting the American economy, but in reality it reduced U.S. imports and exports by as much as 50%. |
Black Tuesday - | This is the name given to the day in October of 1929 when the Stock Market crashed. |
Stock Market Crash - | This was a famous dramatic loss of value in the shares of stock in corporations that hit the U.S. in 1929. |
Speculation - | This is buying a commodity such as land or stock with the intention of selling it later when the price goes up. |
Bonus Army - | During the Great Depression (specifically 1932), this group of veterans protested in Washington, D.C., to receive their "bonus" for fighting in World War I, though payment was not required until the next decade. |
Dust Bowl - | This was the term given to the area of the Great Plains that was most greatly affected during the Great Drought of the 1930's. |
Bank Run - | Panicked customers withdrew their deposits in fear that the banks were going to close and their investments would be lost. |
Hoover Blanket - | Popular name for old newspapers that were used by the homeless as bedding during the Great Depression, so named because president Herbert Hoover was blamed for the economic crisis. |
Hoovervilles - | Name given to the Depression-era villages, comprised of shacks built with leftover wood, crates, and sheet metal. They were usually havens for disease and represented the desperation of the masses after the collapse of the stock market. |
Soup Kitchens - | These facilities were organized and sponsored by churches or charities during the Great Depression in an effort to feed the homeless and needy. |
Great Depression - | This was a period of global economic crisis that lasted from 1929 to 1939. There was widespread poverty and high unemployment. |
Credit - | Ability to obtain goods and services before payment, or money lent or made available, both with specific guidelines for repayment. |
Deflation - | This is a general decrease in the level of prices. |
Unemployment - | This is the lack of jobs for willing workers. |
Herbert Hoover - | He was the 31st President of the U.S. He was progressive, humanitarian and Republican. He lost favor with the American public due to the Great Depression and his ill-fated technical solutions. |
Wealth Inequality - | This term refers to the "gap" between rich and poor that helped contribute to the Great Depression. |
Okies - | This is a slang term for a person from Oklahoma. It is sometimes used, specifically, to refer to migrants who settled in California during the Great Depression. |
Debt - | Money owed |
Federal Reserve System - | This is the central bank of the United States. |
Foreclosure - | The seizure of property from borrowers who are unable to repay their loans |