Unit 6: The Great Depression And The New Deal – Flashcards

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What year did the stock market crash?
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1929
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Time of great economic hardship that resulted from the false prosperity of the 1920s
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Great Depression
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New deal legislation permanently changed the relationship of the government and the economy
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Franklin D Roosevelt
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Longer and more entrenched recession (a period in which real GDP falls for at least 2 quarters - 6 months)
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Economic depression
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Deemed inherent to capitalist/ free market economies, it's a cycle of economic growth and contraction
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Business cycle
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Causes of the Great Depression
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Income gap, overproduction of goods, stock market speculation, stock market crash, government policy, bank failures, and a decline in worldwide trade as a result of ww1
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Easily available and financed their purchase of new household and luxury goods
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Credit
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As poverty increased
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Demand for goods decreased
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Decreased consumer purchasing led to
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A glut in business inventories
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When businesses cut jobs/ production
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There was greater unemployment and lower wages
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And unregulated stock market and seemingless endless opportunity for profit in the 1920s stock market
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Stock market speculation
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An investment option that allowed ordinary people to invest in the stock market
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Buying on margin
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Speculation and buying on margin had seriously over inflated the price of most stocks
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Stock market crash
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When the market lost confidence in the stocks
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Prices plunged well below the value
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The great crash
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Black Tuesday (October 24, 1929)
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Investors worried about their deposits and attempted to withdraw their money
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Bank runs
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Created an atmosphere of mutual distrust and antipathy and lessened Europeans ability to purchase goods
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World war 1
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Compensation in money or materials payable by a defeated nation for damages to or expenditures sustained by another nation as a result of hostilities with the defeated nation
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Reparation
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What interfered with free trade between countries?
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High tariffs
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The Great Depression led government away from what policy?
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Laissez faire
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The policy the Great Depression led the government to
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Regulated capitalism
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Intended to protect u.s businesses from foreign competition, the act raised tariffs to record levels
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Hawley smoot tariff in 1930
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Widespread hunger, poverty, and unemployment(25%) are examples of what?
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Economic effects of the great depression
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Neighbors would save each other's property by bidding low on it at auction
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Penny auction
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Veterans of ww1 that marched on Washington to request advance payment of their dues to be paid in 1945
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Bonus army
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Period of severe dust storms causing major ecological and agricultural damage to american and Canadian prairie lands from 1930 to 1936
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The dust bowl
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What caused the dust bowl?
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Severe drought, farming without crop rotation, fallow fields, cover crops or other techniques to prevent erosion
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What were some effects of the dust bowl?
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Farmers couldn't maintain their operations and were forced to leave their land, some deeded their farms to creditors, others faced foreclosure by banks and some had to leave their farm to search for work
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Last hired and first fired
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African Americans
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Artwork, music and literature during this time reflected what?
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The common man
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Who wrote The grapes of wrath
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John Steinbeck
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What were many art projects sponsored by?
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The new deal
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Famous photographer during the Great Depression
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Dorothea Lang
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Women were largely excluded from what's provisions and programs?
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The new deal
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What did FDR do before he became president?
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Governor of New York
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Who was FDRs eyes and ears?
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Eleanor Roosevelt
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What ended prohibition?
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21st amendment
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What happened to the Hawley smoot tariff?
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It backfired and led to decreasing levels of international trade
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Who believed that it wasn't the governments role to fix people's problems?
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President Herbert Hoover
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What was franklin d Roosevelt known as when he entered office?
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A reformer
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Encouraged americans to regain their confidence in government and financial institutions over radio
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Fireside chats
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Ushered in an unprecedented era of government "relief, recovery, and reform" legislation
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New Deal
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When were many of FDRs laws passed?
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First Hundred days
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Immediate action taken to halt the economy's deterioration
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Relief
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Closed insolvent banks and allowed only solvent banks to reopen (relief)
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Emergency banking act
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Insured savings of depositors up to a certain amount
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Federal deposit insurance (FDIC)
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Regulated the trade of stocks and bonds (reform)
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Securities and exchange commission (SEC)
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Provided a social safety net for the elderly and disabled (reform)
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Social security administration
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Includes the social security act and the Wagner act
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The second new deal
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Guaranteed rights of union laborer including collective bargaining
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The Wagner act
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Largely through the construction of dams, it brought electricity to many rural areas in the south
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Tennessee valley authority
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The Supreme court ruled many new laws.....
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Unconstitutional
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His supporters of government intervention participated in what societies with what goal?
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Huey long/ share our wealth societies/ goal of redistributing private property in a more equitable manner
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The Great Depression of the 1930s was truly a....
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Global economic catastrophe
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Countries were more greatly connected through....
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Economic interdependence
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What did the Great Depression encourage?
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Economic protectionism
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Political philosophy that emphasizes the importance of the nation or an ethnic grou, and the supreme authority of the leader over the individual
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Fascism
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buying stock, land, businesses, etc. in hopes of making a profit; high-risk is implied https://o.quizlet.com/6-tOFE7Y4OULMzuf9itU5w_m.png
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speculation
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only paying a small percentage of the price to purchase stocks and borrowing the rest of the money; credit was easily available (1920s) through brokerage institutions to buy stocks on margin https://o.quizlet.com/i/1vYN_8vGMbTGLTSpHaLkmA_m.jpg
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buying on margin
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period of time where stock prices are rising (the market is going up); encourages buying; most of the 1920s were a bull market
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bull market
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producing more goods than consumers are willing to purchase; results in a surplus of goods that can't be sold which drives prices down; bad for businesses
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overproduction/under-consumption
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the amount of wealth held by every American (comparatively); income distribution is the same but with income instead of wealth; both were unequal among various Americans leading to the Great Depression
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wealth distribution
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taxes on foreign imported goods; economically "protect" domestic goods (goods made in the U.S.) by making them relatively cheaper; restrict international trade
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tariffs
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October 29, 1929; the Stock Market crash of 1929; the beginning of the Great Depression https://o.quizlet.com/-fqfnZnkZnwIEa1YgQxNUA_m.jpg
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Black Tuesday
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1930; The highest U.S. tariff rates in 100 years. The high rates led to a tariff war with other nations that worsened the international depression and cut American exports and imports by more than half
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Smoot-Hawley Tariff
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federal programs like we have today that help people if they have hard economic times; did not exist before the Great Depression
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"safety net"
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Period of high unemployment and widespread business failure; started in America and spread to Europe; many went hungry and had to stand in "bread-lines"; many farmers lost their farms as well
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Great Depression
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many banks went of business during the Great Depression because they could not meet their financial obligations; bank runs (masses of bank customers attempting to withdraw their deposits) played a part in this
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bank failures
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central bank of the United States; in charge of monetary policy; made decisions that further damaged the economy (even before the Great Depression)
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Federal Reserve
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many people couldn't pay their mortgages on their homes or farms so the banks were forced to seize the property and throw the people out to sell the homes and farms at auction
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foreclosures
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slum settlements on the outskirts of cities during the Great Depression https://o.quizlet.com/NWvUGgDh4Q5iM10Fw-GxKg_m.jpg
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Shantytowns
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throughout the 1920s farmers on the Great Plains growing crops such as wheat and corn were overproducing resulting in a drop in prices for those crops; this hurt the farmers economically
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decline in agricultural prices
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dust storms on the Great Plains in the 1930s; caused by poor farming techniques and sustained drought on the Great Plains; many farmers left the Great Plains to move to the West Coast (many became migrant farmers) https://farm9.staticflickr.com/8487/8191524030_f194afe4bc_m.jpg
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Dust Bowl
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derogatory name for migrant workers on the West Coast (California) who had been driven out of California by the Dust Bowl https://farm2.staticflickr.com/1294/1054179764_855bd6aa44_m.jpg
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Okies
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U.S. President (1929-1933); did not support federal government making direct payments to the unemployed and needy; his limited efforts to repair the economy during the Great Depression failed to help https://o.quizlet.com/vQxI2IOHjZ8gcDKFN.kbrw_m.jpg
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Herbert Hoover
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President Herbert Hoover's plan for economic recovery through emergency financing for banks, railroads, and other big businesses
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Reconstruction Finance Corporation
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name for shantytowns that reflected anti-Hoover sentiments https://o.quizlet.com/i/1fnXp6yo2rYJOkZGjOIG3A_m.jpg
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Hoovervilles
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1932; Unemployed veterans from World War I marched to Washington, DC, demanding the early payment of bonuses promised to them. Congress didn't pass the Bonus Bill, and President Hoover ordered the U.S. army to break up their encampment. Tanks and tear gas were used to destroy the veterans' camps. Americans were critical of these government actions under Hoover https://o.quizlet.com/i/A-XsIfNAe4vrvx7FaFjmlg_m.jpg
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Bonus Army
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U.S. President (1933-1945 only pres. to serve more than 2 terms); man behind the New Deal https://o.quizlet.com/O5oW5LZKylcif54n7jDvkQ_m.jpg
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Franklin D. Roosevelt (FDR)
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1933; Franklin Roosevelt's plan for getting out of the Depression, involving increased federal action to provide economic "relief, recovery, and reform"; alphabet agencies; First New Deal (1933-1935) & Second New Deal (1935-1936); some critics existed, but most Americans supported these programs https://o.quizlet.com/i/0O8agxS-2G43Mp1oRNk1vg_m.jpg
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New Deal
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FDR's informal radio addresses to the public where he explained his policies in a positive, easy to understand manner https://o.quizlet.com/i/LcOJjhMFg6-YB9c9xLqk9A_m.jpg
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fireside chats
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Roosevelt's first action to help the economy; closed banks to prevent bank "runs"; Emergency Banking Act was then passed and it allowed solvent banks to operate https://o.quizlet.com/3pYYEJRxK-CDXX0SV-kjYg_m.jpg
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Bank Holiday
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1933; Government agency created by President Roosevelt that regulates banks and insures bank deposits
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Federal Deposit Insurance Corporation (FDIC)
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1934; Agency of the federal government that regulates financial markets and investment companies
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Securities and Exchange Commission (SEC)
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federal agency established in 1933 as part of the New Deal to give people meaningful work ("work relief"); employed about two million young men in outdoor jobs such as planting trees and improving the environment; the men lived in camp supervised by army officers https://o.quizlet.com/i/Rc2jWcf9X3JtMWp6eYWCFA_m.jpg
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Civilian Conservation Corps (CCC)
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laws in 1933 and 1938 created to promote the recovery of farmers by limiting farm production (crops grown) to create artificial scarcity to drive prices up; also gave emergency loans at low interest rates to help farms that were facing foreclosure
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Agriculture Adjustment Acts (AAA)
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federal agency established in 1933 as part of the New Deal to build dams, control flooding, and provide cheap electricity in the Tennessee River Valley area https://o.quizlet.com/FOP34btDaNy3NClGjHHNwg_m.jpg
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Tennessee Valley Authority (TVA)
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federal law and agency from 1933 designed to help industry recover by reducing competition, limiting production, and increasing prices; businesses were encouraged to fix prices as well as limit the work week to 40 hours and est. a minimum wage; cooperating businesses could display blue eagle posters; later ruled unconstitutional https://farm8.staticflickr.com/7217/7374908236_3b5d793242_m.jpg
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National Industrial Recovery Act (NIRA); National Recovery Administration (NRA)
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FDR switched his focus to reform after the Supreme Court struck down many of his original programs (Schechter v. the U.S. - NRA unconstitutional; AAA also ruled unconstitutional; led to "court-packing scheme")
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Second New Deal
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1935 (2nd New Deal); This law protected/guaranteed workers' rights to organize into labor unions and engage in collective bargaining. The law also created the National Labor Relations Board (NLRB), providing for government investigation of unfair labor practices. https://o.quizlet.com/xYymeCBwpgFo4yYY3PrkIA_m.jpg
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National Labor Relations Act (Wagner Act)
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federal agency created in 1935 as part of the 2nd New Deal to increase employment by creating new public works projects (two categories: construction and the arts); these included building: public schools, courthouses, roads, and bridges; unemployed artists, architects, writers, and musicians to create cultural works https://o.quizlet.com/i/8fKTy95vOg9Gt1cGrxhRTw_m.jpg
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Works Progress Administration (WPA)
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"1935 (2nd New Deal); Provided federal financial assistance to the problems of old age and unemployment. Social Security also provided benefits to widows and fatherless children."
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Social Security Act (SSA)
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Manufacturers producing more goods than they could sell
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Overproduction
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Practice of making high risk investments in hopes of getting a high return
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Stock speculation
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An option that allows investors to purchase a stock for only a fraction of its price and borrow the rest
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Buying on margin
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Used to describe the stock market rapid falling prices
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Crash
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Periods in which a nation's economy grows, then shrinks
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Business cycle
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A severe economic downturn marked by a decrease in business activity, widespread unemployment, and falling prices and wages
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Depression
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The tendency for a change in one market to cause changes in many other markets.
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Ripple Effect
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Bad bank loans drained cash out of peoples' savings accounts; depositors later demanded their cash, which banks no longer held, caused banks go bankrupt (fail)
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Bank Failure
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the percentage of the work force that is unemployed at any given date
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Unemployment
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A government tax on imports or exports
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Tariff
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A term used to describe makeshift homeless shelter during the early years of the Great Depression
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Hooverville
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Central and Southern Great Plains during the 1930s when the region experienced drought and dust storms
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Dust Bowl
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A person who goes from one place to another especially to find work
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Migrant
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President FDR's relief, recovery, and reform programs designed to combat the Great Depression
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New Deal
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Short term actions designed to tide people over until the economy recovers
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Relief
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Designed to restore the economy by increasing incentives to produce and by rebuilding people's purchasing power
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Recovery
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Aimed at remedying defects in the structure of the American economy in order to ensure that such a severe depression would never occur again
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Reform
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Government-funded projects to build public facilities
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Public works programs
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Something that happened in the past or that comes from someone in the past
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Legacy
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Put more than 2.5 mililon young men to work restoring and maintaining forests, beaches, and parks
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Civilian Conservation Corps (CCC)
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Created jobs by hiring artists, writers, and musicians to paint murals, produce plays, and create other artworks
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Works Progress Administration (WPA)
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Guaranteed workers to right to form unions. Employers could not refuse to hire labor union workers, replaced by the Wagner Act after being found unconstitutional
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National Industrial Recovery Act (NIRA)
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Established 1933 to raise farm prices through government financial assistance
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Agricultural Adjustment Act (AAA)
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Provided workers with unemployment insurance, old age pensions, and insurance if they died early. Workers and employers each paid contributions to fund these benefits
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Social Security Act
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Insures bank deposits so people will not lose money in the event of a bank failure
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Federal Deposit Insurance Corporation (FDIC)
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Created to watch over the stock market, prevent fraud, and guard against another stock market crash
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Securities and Exchange Commission (SEC)
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Built 21 government owned dams along the Tennessee River, controlling floods and producing electricity. Many feared it as a form of socialism
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Tennesse Valley Authority (TVA)
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Highest import tax in history, passed in 1930
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Hawley-Smoot Tariff
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October 24, 1929 when stock prices fell faster and faster, leading to the crash
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Black Tuesday
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Protected to rights of unions to bargain collectively with their empolyers; also known as the Wagner Act
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National Labor Relations Act
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President through much of the 1930s, he believed in relief, reform, and recovery programs as a means for economic recovery
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_President Frankliln D. Roosevelt
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President when the stock market crashed in 1929, he believed in private charity and not government interference for economic recovery
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_President Herbert Hoover
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Recorded the misery of the Great Depression through writings such as "Grapes of Wrath" and "Of Mice and Men"
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_John Steinbeck
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Documented the misery of the Great Depression through photography, she was employed by the WPA
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_Dorothea Lange
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Plan for recovery was to give all persons over the age of 65 a pension of $200 a month to be spent within the month
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_Dr. Francis Townsend
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US Senator and former governor of Louisiana, promised to give each American family $5000 a year to be paid for by taxing the rich
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_Huey Long
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Gave radio addresses to millions, calling for hte nationalization of banks and utilities, was violently anti-semetic and nativist; he was eventually silenced by the Catholic Church
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_Father Coughlin
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First Lady through much of the 1930s, she served as the President's eyes and ears by traveling throughout the country; a political activist who spoke for women's rights, peace, and the poor
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_Eleanor Roosevelt
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Radio addresses to the American people from President FDR where he explained his policies in simple conversational terms
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Fireside Chats
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A reaction to many of his policies deemed unconsitiutional, this plan from FDR would change the number of justices on the Supreme Court to allow him greater control of appointments (1937)
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Court packing scheme
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Plan to send Mexican-American immigrant workers back to Mexico to open jobs for native white workers; more than half a million workers were forcibly sent back to Mexico
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Mexican Repatriation Act
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First female cabinet member, oversaw the CCC and the PWA and played a key role in the passage of important legislation
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_Frances Perkins
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A time when FDR closed all of the nation's bank until they were determined to be financially sound
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Bank Holiday
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Funded state and local governments to provide emergency relief, and enabled millions of people to be hired on "make-work" projects
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Federal Emergency Relief Act
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Conservative group that criticized FDR's approaches to recovery; charged FDR with being a "traitor to his class" and attempting to establish a dictatorship
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Liberty League
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A group of talented advisers to FDR
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Brain Trust
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Agency that stimulated the housing industry by granting loans to home owners
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Federal Housing Administration (FHA)
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The act of making or enacting laws
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Legislation
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the excessive and risky investment in stocks, in the hopes of making money quickly. A major cause of the Great Depression.
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Overspeculation
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To make fun of, to mock
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Satirize
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Refers to the quality and quantity of goods and services available to people and the way they are distributed within a population
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Standard of living
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A market in which the public trades stock that someone already owns; the buying and selling of stock.
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Stock market
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