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U.S History Unit 7
| Term | Definition |
|---|---|
| Technology | Mass production assembly line led to uniform production of products. People consumed goods in large quantities. People bought on credit |
| Fundamentalism | Protestant movement that advocated a literal interpretation of the bible. They reject the theory of evolution. Use of religious revivals becomes popular |
| Scopes Trial (Monkey Trial) | John scopes was taken to court and fined $100 for teaching the theory of evolution since it was against Tennessee law. City people stood by scopes and clashes with rural church people |
| Prohibition | The 18 amendment takes effect in January 1920. Reformers thought that the social ills of alcohol needed to be stopped. Led to the creation of speakeasies |
| Organized Crime | Liquor was manufactured illegally or brought from Canada. Bootleggers who supplied illegal beverages made huge profits. Prohibition was largely responsible for a huge increase in organized crime |
| Isolationism and War Reparations | Harding isolated the United States. U.S banks be repaid 10 billion dollars loaned to Britain and France. They could not pay back because of the money needed to rebuild their own economies |
| Reparations (continued) | Two ways to make the payments, export more goods and receive payments from Germany. Charles G. Dawes convinces banks to loan Germany $2.5 billion |
| Bull Market | Led to much investment in the stock market. As stocks rose, more and more people encased in speculation |
| Speculation | Buying stock betting on quick considerate profit fueled by markets |
| Upward spiral | Wealth was on paper stocks generated little in relation to dividends compared to stock prices |
| Buying on Margin | Made things worse paying small percentage of stock prince and burrowing the rest |
| Black Tuesday (October 29, 1929) | Stock prices plummeted and investors lost $14 billion = to spending 1/2 by U,S. Signaled the start of the Great Depression |
| Great Depression 1929-1941 | Economy in severe decline and millions of people were out of work. World wide event |
| Causes of Great Depression | Old and decaying industrial base- some industry less competitive. Crisis in farm sector because farmers produced more then they could sell. Availability of easy credit. unequal distribution of income |
| Things that made Depression Worse | Collapse of stock market. Bank of business failures. unemployment, Hawley-Smoot Tariff that was the highest Tariff in U.S History. Gold standard problems. Huge international (European) dents |
| Hoover's Policies | Cutting taxes to enable consumers to buy more products. Greatly increasing the amount of government money spent on public projects-building of dams, highways, harbors, etc |
| Reconstruction Fiance Corporation (1932) | To lend money to railroads, mortgage and insurance companies, and banks on the the verse of bankruptcy |
| Federal Farm Board | To help farmers by buying products in hard times to keep prices high |
| Declaring Debt Moratorium (1931) | Temporary halt on repayment of war debts. Recognized depression was a worldwide event. Tried to restore American confidence in the economy, voluntary business agreement and public statements from the government |
| Failure of Hoover's Programs | Failure to provide direct relief. Efforts not enough. Philosophical belief in self-help . Classical economic belief (self-correcting economy) |
| Franklin D. Roosevelt | Was in a wheel chair and wore heavy braces on his that was hidden from the public. Believed that the government should do whatever it could to help people out of the economic depression. More inclined to help people directly (federal paychecks). "New Deal |
| Hundred Days | Close banks temporarily. Insure bank deposits. pay farmers to reduce their production. Encourage businesses to establish fair prices. Minimum wage of 40 hour work week |
| Roosevelt's advisors = "Brain Trust" | 3 goals Relief - immediate help, Recovery-long term fixes, and reform - permanent changes to prevent this from happening again |
| Emergency Banking Relief Act | Passed on March 5, 1933 after FDR got in office. Closed banks and US Treasury inspected for financial soundness. Once the bank was in good shape, it would re-open. Restored peoples confidence in the baking system (E.B.R.A) |
| Glass-Steagall Banking Act of 1933 | Established the Federal Deposit Insurance Corporation (FDIC) which provided federal insurance for bank accounts less than $5,000 which today is less than $250,000. Reassured millions their money was safe |
| Federal Securities Act- May 1993- Stock Market | Required all corporations to provide complete information on all stock offerings. Made companies liable for any misrepresentation |
| Securities and Exchange Commission (SEC 1934) | Regulate the stock market. Prevent insider trading and rigging the stock market |
| 21st Amendment | Repealed prohibition in 1933 |
| Agricultural Adjustment Act (AAA) | Payed farmers not to produce on a certain amount of very acre of land. Payed farmers to waste some of their crops (controversial because people were going hungry). Raise farm prices and give farmers more money to spend |
| Civilian Conservation Corps (CCC) | Young men age 18 to 25 were given jobs to build roads, develop parks. plant trees, and eliminate the dust bowl |
| Bonus Army | Tanks and tear gas were used against veterans who were owed bonuses from the war. Public looses faith in Hoover and votes for change (FDR) |
| Hoovervilles | Shanty towns, homes made mostly from cardboard boxes, were given the nickname in protest against Hoover |
| Federal Emergency Relief Administration (FERA) | Money to unemployed, aged, and ill to give confidence and self respect |
| Civil Works Administration (CWA) | Built schools and paid salaries of teachers. built roads. Criticized as a "make work" waste of money |
| National Industrial Recovery Act (NIRA) (1933) | Established codes for fair practices in industry that promoted industrial growth |
| National Recovery Administration (NRA) | Set prices, work hours, and ban child labor |
| Tennessee Valley Authority (TVA) 1933 | Renovated dams, provided jobs, flood control, and hydroelectric power to the impoverished Tennessee Valley |
| Home Owners Loan Corporation (HOLC) | Gave government loans to people who might lose house to foreclosure |
| Federal Housing Administration (FHA) | Loans for new houses and repairs (mortgages) |
| NIRA crackdown | Gave legislative power to executive branch |
| AAA crackdown | Agriculture is a local/state matter not a federal one |
| The Second New Deal | Gains were not as great as expected from 1st New Deal. Wanted to build on 1st New Deal. Unemployment still high, New Deal was popular and democrats gained seat in house and Senate in midterm election 1934. Start of the 2nd hundred days |
| Soil Conservation and Domestic Allotment Act | Eliminated part of a tax declared unconstitutional |
| Resettlement Administration | Helped farmers resettle on more productive farm land |
| Farm Security Administration (FSA) | Helps farmers own land |
| Works Progress Administration (WPA) | $5 billion for Public works (libraries, schools, hospitals, airports. Also employed teachers, writers, artists, actors and musicians |
| National Youth Administration (NYA) | Student financial aid and work study programs |
| Wagner Act | Federal Government once again supported the right of workers to join unions and engage in collective bargaining with their employers. Set up the NLBR to help set up unions |
| Fair Labor Standards Act | Passed after NIRA was declared unconstitutional. Set minimum wage at 25 centers per hour and a maximum of 44 hours for work week. Banned factory work for people under 16. |
| Social Security Act 1935 | Old age insurance for retirees of 65 or older and their spouses as supplement to their private retirement. Unemployment compensation system that was federal tax funded and state administered. Aid to families with dependent children and the disabled. |
| Rural Electrification Administration | Promote rural electrification and regulate utilities. Electricity moved from 30% to 90% by 1941 |
| Frances Perkins | First woman cabinet member secretary of labor |
| NRA | Set wages lower for women than for men. CCC only hired men. Women still struggled even though many were in the workforce now |
| Black Cabinet | Mary McLeod Bethune. Originated to help Roosevelt deal with racial issues |
| Roosevelt | Not committed to civil rights. New deal programs openly discriminated against black people. WPA did help black families. Black people began to organize to prevent unfair practices but did not make large gains overall |
| John Collier | Commissioner of Indian Affairs |
| Indian Reorganization Act | Prohibited government from taking unclaimed reservation lands. Important steps for those who believed in the tribal traditions |
| New Deal Coalition | Alignment of diverse groups dedicated to supporting the democratic party. Southern whites, unions, urban groups, African Americans |
| Congress of Industrial Organizations | Mostly unskilled workers. Split from AF of L |
| Deficit Spending | Spending more money than the government receives in revenue |
| John Maynard Keynes | British Economist believed in deficit spending to help get out of the depression. Roosevelt believed in Keynes even though he was reluctant to use deficit spending |
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