APUSH Great Depression – Flashcards
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Standard of living
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Improves for most us Ex plumbing, central heating common electricity
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Income
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Increases for middle and high class, but many still poor especially farmers
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Economic depressions
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Had been many throughout the years, but not for very long duration
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Business cycle
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Natural up and down of free enterprise economy
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Great depression
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Lasts 10 yrs and 2 presidencies
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Specific causes of depression 2
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1)wall street crash 2)black Thursday and Tuesday
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Wall street crash
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Stock prices had been source of wealth, causes many to loose money when it crashed
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Black Tuesday and thursday
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Stock prices plunged, investors put in lots of money to try to stabilize price, didn't work, so they sold as quickly as they could, but no buyers If the economy had been sound, this alone would not cause GD
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General causes of Depression 7
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1)Uneven distribution of wealth top 1% own 59% 2)stock market speculation-get rich by playing the maket, gamble, buy on margin, depend on stock increase to repay loans 3)excessive use of credit- belif in permanent prosperity, installment buying 4) overproduction of consumer goods 5)weak farm economy 6)government policies- did little to regulate business, high tarrif protects industry but hurt farming 7)global economic problems, us didn't recognize europes problems, insist on loan repYment, contributes to us problems
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Effects of depression 3
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1)US GNP drops steeply 2)Income declines and high unemployment 3) banks close, wipe out savings accounts
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% unemployed
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25% not including farmers
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New roles of federal government due to New Deal 3
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1)safety net: social security,unemployment insurance, min wage 2) stabilize economy: FDIC, SEC 3)semi welfare state/mixed economy, modified capitalism
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Traditional Steps for recession: local, city, state
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Local- charity and church City gov-property and sales tax State gov- sales tax and income tax
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Hoover policies: 3 wants
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1)Voluntary action and restraint 2)private charity help 3)thinks gov help would destroy self-reliance (dole)
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Hawley smoot tarrif
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One of worst decisions of Hoover presidency, set highest taxes in history on foreign imports Result: less trade for all nations, sank deeper into depression
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Hoover view on depression
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Does not see it as an act of nature for which nothing can be done, he does more than any previous president: transitional figure
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Hoover domestic programs to help economy: too little too late 2
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1)federal farm board- buys farmers surplus, doesn't stop overproduction 2)Reconstruction finance Co- props up financial institutions, loans money to banks, but just increases their debt
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Bonus march
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WW1 vets march to DC and demand payment of war bonuses, army breaks up encampment,makes Hoover seem heartless
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Both houses of congress had large democrat majority
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Hoover is lame duck president
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20th amendment
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Shortens period bw election and inauguration
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Eleanor Roosevelt most active 1 st lady
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3 Rs
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Relief for unemployed Recovery for business and economy Reform of US economic institutions
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Ist inaugural speech
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Only tying to fear is fear itself
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1st 100 days
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Roosevelt called congress into 100 day long special cession to put his ideas into law, more legislation than ever before, many new agencies and laws
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Bank holiday
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Roosevelt orders banks to close for day, gov reorganized them, restore public faith in banks, RFC buys stock in banks
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Repeal prohibition
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Brings in tax revenue
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Fireside chats
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Restores public faith in economy
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Financial recovery programs 4
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1)emergency banking relief act-examines banks during holiday to see if they are sound 2) Federal deposit insurance Corp- guaranteed bank deposits up to 5000 dollars 3)Home owners Loan Corp- refinanced homes to prevent foreclosure 4)Farm Credit Admin- low intrest farm loans to prevent farmers foreclosures
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Programs Relief for unemployed also next two slides
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FERA- gave money to soup kitchens and other forms of relief to unemployed Directed by Harry Hopkins
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public Works Admin
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Builds construction projects like roads and bridges, creates public works jobs
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Civilian conservation Camps
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Employed young members and pays their families, live in camps, semi military, work on soil erosion
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Industrial relief
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NRA- sets codes for wages, work hours, goods prices, and levels of production, declared it unconstitutional in schechter vs US
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Agriculture Adjustment Admin
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Encourages farmers to reduce production to boost prices, pay farmers not to plant, declared unconstitutional bc funding tax
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Securities and exchange commission
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Regulates stock market, and prevents speculation
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federal housing admin
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Boosts construction and home industry
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Take US off of gold standard to stop deflation, and to raise prices
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1st New deal focus on recovery, 2nd on relief and reform
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Work Progress Admin
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Much larger and more expensive than others,employs many people mostly in public works ex build public buildings and roads, NYA for younger
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resettlement Admin
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Loaned to small farmers, and sharecroppers
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Wagner Act
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GArunteed workers right to join unions Creates NLRB to protect workers rights
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Social Security Act
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Most important and lasting, automatic collection of taxes from employee then used to pay retired people over 65 and pay unemployed and pay disabled and pay dependent kids and mom
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Realigning election
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Roosevelt liked by workers and farmer, disliked by business, Roosevelt wins by landslide
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Alf landon
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Ran against Roosevelt and lost, progressive minded, disliked gov spending, accepted new deal
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Democratic support
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From solid south, white cite dwellers, MW farmers, labor unions, and African Americans
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Liberal critics
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On the left, FDR isn't going far enough for unemployed and working poor, not paying attention to women, elderly, and minorities, led by Norman Thomas
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Business leaders alarmed by: 3 in new deal
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1)more regulation 2)2nd new deals pro union stance 3)gov deficit financing
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American liberty league
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Anti new deal
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Father Charles caughlin
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Radio, catholic priest, broadcast antis emetic and fascist, anti new deal(Jew deal)
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Francis Townsend
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Wants more money for elderly, says their spending will stimulate economy, later turns into social security
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Huey long
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Greatest threat to FDR, proposed share our wealth program to give each family min yrly income by taxing wealthy, assassinated
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Court reorganization plan
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fDRs biggest mistake, aka court packing bill, get rid of old conservative judges, backing off of former resistance and many retired
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CIO
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Leader John Lewis,want to extend membership to all workers, organized unskilled workers in industry
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General motors sit-down strike
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Recognize union, but driven away by military
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Republic Steel strike
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Police shoot in crowd 4 killed
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Fair labor standards act 3 Upheldkept() by congress
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1)Min wage 2)max workweek 3)child labor restrictions
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Roosevelts recession short
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New social tax led to less spending
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Keyenesian economics
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Mistake made by balancing budget, defect spending, it initiate economic growth in hard times, priming the pump
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Coalition of republicans and conservative demos block more new deal legislation til lbj
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Depressed mentality
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Full refrigerator syndrome, people never got over feeling of economic insecurity
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Women got lower pay than men
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Francis Perkins
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Sect of labor, 1st woman cabinet
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African American descrimination
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Last hired first fired, excluded from relief programs, civil rights leaders got little support form FDR
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Marian anderson
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Refused the use of constitutional hall in dc, so eleanor gave her a concert at Lincoln memorial
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Mary bethune
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Improved education opts for women, increased black involvement in new deal
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Philip Randolph
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Threats a march on washingto for equal job opts for blacks, origin of MLKs march on Washington
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John collier
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Advocate for native American rights
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Wheeler Howard act/ Indian reorganization act
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Return land to tribes and preserves culture
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White migrant workers go west for work
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Forces Mexican Americans to return to Mexico
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New deal doubles national debt, WW2 quintuples it
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Still in effect today
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Social security , FDIC, SEC, Fair labor Standars act
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Totalitarianism
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Government controls every aspect of life
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Facism
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Extreme nationLism, racism, all power to single leader, capitalist economy, no individual freedom, anti communist
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Dictatorship
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Less controlling, authoritarian
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Factor to rise of hitler 4
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Humiliation of versallie treaty, stabbed in the back thesis, great depression, antisemetism, lack of democratic tradition
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Steps to ww2. 7
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Japan get Manchuria Germans rearm Italy gets Ethiopia Demilitarize Rhineland Sudland acquired by Munich pact Invade poland
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Why west policy of appeasement 3
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Great depression Memories of ww1 Nazism portrayed as against Bolsheviks
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Turning points Europe, n Africa, pacific
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Europe- Stalingrad N Africa- el alamein Pacific- midway
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Nazis in N Africa
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Oil of mideast Cut of Brits suez canal
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Us strategy for winning pacific war
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Island hopping
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Good neighbor policy
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Improve relations in Latin america
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Pan American conference
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Pledge not to intervene in international affairs of Latin America
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Japanese invasion of Manchuria was chief issue to US
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Nye committe" merchants of death theory"
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Think main reason for joining war was greed of bankers and manufacturers
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Charles lindenberg
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Anti ww2
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Pearl harbor
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Didn't know exact date, though it would be in phillipines
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Four freedoms
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Lend money and supplies to Brit bc they fight for the 4 freedoms
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Lend lease act
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Bits could lend and lease American arms on credit
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Atlantic charter
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Foresee going into war,agree that if they win, no territorial expansion
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Shoot on sight
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Undeclared naval war, navy ordered to attack all German ships on sight
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Europe first strategy
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Concentrate on Europe before looking at japan
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Depression ends when gov borrows money and spends it on war
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wPA
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Manage war industries
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oWM
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Set production priorities and controlled raw materials,cost plus system pay war contractors cost of production plus percentage
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Rationing, no strikes, army operate RR for short period,sell war bonds, pay for majority of war by borrowing
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Blacks left south, race riots
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Braceros
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Mexican American immigrant workers
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Zoot suit riots
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Whites vs Mex Americans
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Navajo code breakers korematsu vs US
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Upheld constitutionality of conaw tearoom camps in west
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Rosie riveter
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Stereotype of woman war worker
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Potsdam confrence
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Japan surrender or face utter destruction
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Casablanca
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Brit and us attack silly and demand unconditional surrender
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Yalata big three agreement 5
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Germany divide into occupational zones Free elections in loberated countries of E Europe Soviets enter war on Japan UN would be formed
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FDR dead, Truman takes place
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Want unconditional surrender and nazi committed to war crimes
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Many us death and money
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Cordell hull
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Sec of state, wants low tarrif, responsible for trade agreements act
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Frank kellogg
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Wants to make pact outlawing all but dfensive wars
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Greta garbo
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Actress grand hotel
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Mary Bethune
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Head of NAtional youth admin, led to mor black support for FDR
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Norman Thomas
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Socialist leader
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John l lewis
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Founder of new labor org CIO
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Philip Randolph
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Threatens march on DC
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FDR
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Only president to win 4 terms
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Marian anderson
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Black opera singer
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Fiocella la guardia
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Distinguished services in ww1, NY mayor, quelled black Harlem riot
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Harry hopkins
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Head of FERA
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Harold ickes
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Ex bull moose, heads PWA
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Joe Lewis black heavyweigh boxing champ
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