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32 Cards in this Set
- Front
- Back
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Rugged Individualism
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The ideal quality which every American should possess, it meant people who were self made individuals, who could handle the pressures given by a damaged society, and who would rise above them in order to succeed. These ideas were encompassed in Hoover’s book.
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Voluntarism
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Hoover believed that a socially responsible economic order could only be brought about in this manner and not through governmental persuasion. Hoover saw this as a way to accelerate the decade’s trend towards corporate consolidation and cooperation.
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BlackTuesday
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It refers to Oct 29, 1929 when the great stock market crash occurred. The crash was caused by a number of ailments: the decline of agriculture, the unregulated trade within the process of buying stocks, and the panic which led to bank foreclosures all over the United States.
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Trickle Down Theory
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Applied by Herbert Hoover, it was an economic ideal which held the belief that the government should get involved in the economy by pumping money into it on the side of business, and thus creating a surplus supply of money that would affect the rest of society.
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Reconstruction Finance Corp.
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Created under the presidency of Herbert Hoover, it was designed to give out loans to banks, railroads, and monopolistic companies in order to pump money back into the economy during the years of the Depression.
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Hawley-Smoot Tariff
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Like the Fordney-McCumber Tariff, this tariff also raised protective tariffs in the United States. It pushed rates on imported goods to the highest point they’ve ever been. The isolationist principle also reflect the isolationist move the US was moving towards in the 1920s.
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Bonus Army
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It was a group of WWI veterans who were supposed to be given economic relief from the government due to their involvement in the war. However, in 1932 the deadline for the veterans was pushed back by the government to a latter date thus causing the group to march onto Washington to demand their money. Excessive force was used to disband these protesters, and because they were veterans and heroes of this country, Hoover’s popularity plummeted because of it.
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Election of 1932
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The Republican candidate was Hoover and the Democratic one was Franklin D. Roosevelt. The issue was ending the Great Depression. Hoover’s platform was to increase the government’s role in the economy; Roosevelt’s message was "Pay attention to the forgotten man at the bottom of the economy period." Roosevelt won.
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Fireside Chats
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During the first hundred days of Franklin Roosevelt’s first term in office Roosevelt held informal radio conversations every so often. The topic discussed was the economy that had been plagued by the depression, and the means that were going to be taken in order to revive it.
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Frances Perkins
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Being the first woman to be appointed to a Cabinet position (1933-1945), She was also a social reformer. During her term, she strengthened the Department of Labor, pushed for a limit on employment age, and developed the CCC, the Social Security Act, and Fair Labor Standards Act (1938).
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Keynesian economics
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The relationship between supply and demand was critical: when the demand doesn’t meet expectations there is unemployment and depression while if demand surpasses production inflation occurs. The solution is to have the government spend while maintaining low taxes and when there is demand that a tight budget should be created.
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Pump-priming
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Supported by Roosevelt, this theory where governmental money to the poor so they could buy products. This would increase sales and cause a demand for that product. This demand in turn will produce jobs for the poor. Now that the poor have jobs they have the necessary income to buy products and this cycle occurs again.
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New Deal
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In light of the Great Depression, FDR proposed a series of relief and emergency measures. Through these measures, FDR intended to revive the lost prosperity of the economy by reforming other institutions and programs, by relieving the plight of the people, and thus recover the nation’s wealth.
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Hundred Days
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Measures taken during Roosevelt’s first days in office, from Mar 9 to Jun 16, enabled FDR to pass acts critical to stabilizing the economy. This symbolized the beginning stages of the New Deal because the measures taken focused on relief, recovery and reform: key phrases from the New Deal itself.
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Relief
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This category was defined by the acts implemented in the area of aid to the unemployment. Short term help to those who needed it.
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Recovery
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This category put forth measures that would help aid in the speedy recovery of areas hit hardest by the depression (i.e. agriculture and industry).
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Reform
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This category was one in which the government tried to alter how the economy acted and to create long lasting improvements.
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Emergency Banking Relief Act
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Implemented during the first hundred days of Franklin Roosevelt’s first term this allowed the reopening of healthy banks after he closed them with the bank holiday. The act provided healthy banks with a Treasury Department license and handled the affairs of the failed banks.
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Glass-Steagall Act
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This act provided for the FDIC which insured the bank deposits of the customers.
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National Industrial Recovery Administration (NRA)
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Promoting recovery, this was designed to administer the codes of "fair competition". Such codes established production limits, set wages and working conditions, and disallowed price cutting and unfair competitive practices. The main focus was to break wage cuts and strikes, both which stifled the economy.
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Agricultural Adjustment Act (AAA)
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It tried to help mend the ailing problems that had plagued agriculture since the ending of the First World War. In order to stop the problem of "dust bowls" created by the overuse of soil, the government granted subsidies to farms who did not continually use the same plot of soil. The government also tried to restrict the production of certain commodities.
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Civilian Conservation Corps (CCC)
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Created under Franklin Roosevelt, this was aimed at men particularly in the age group from 18-25. This program created jobs that would conserve the nation’s natural resources. Between 1933-1942 3 million men were put to; each man would work for one year and a portion of his income was sent to his family.
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Public Works Administration (PWA)
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Headed by Harold Ickes, the Secretary of Interior, this was a governmental agency which spent $4 billion on 34,000 public works project which constructed dams, bridges, and public buildings.
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Tennessee Valley Authority (TVA)
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Pushed for by Senator George Norris, this was a governmental agency which ruled several federal programs of building dams, the construction of hydroelectric dams, and controlling floods.
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Works Progress Administration (WPA)
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Directed by Harry Hopkins in 1935, the eight year program employed 8 million people and provided $11 billion dollars to the economy in which 650,000 miles of roads, 124,000 bridges, and 125,000 schools, hospitals, arts, and post offices were built. The Federal Arts Project created positions for artists by making positions for art teachers and decorated posts for offices and courthouses with murals.
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Wagner Act
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This established defined unjust labor practices, secured workers the right to bargain collectively, and established the National Labor Relations Board. As an integral part of the New Deal, it catalyzed the force of unionization. It was also known as the Magna Carta of Labor.
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Social Security Act
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Created by the U.S. Congress on August 14,1935, this act supported old-age advantages by utilizing a pay roll tax on employers and employees. This originated from the Townsend clubs which pushed for a $200 pension.
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Indian Reorganization Act
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Authorized by the U.S. Congress, it allowed the Indians a form of self-government and thus willingly shrank the authority of the U.S. government. It replaced the Dawes Act.
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Huey Long
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He was known for his Share the Wealth program that painted a picture in which "every man [was] a king." A socialistic idea that would provide home ownership to everyone and be funded though a severe tax increase on the wealthy.
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Father Coughlin
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: He used his status as a U.S. Roman Catholic "radio priest" to announce his political and economic views. He asserted reactionary views and revolved around anti-New Deal and ant-Semitic views.
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court packing proposal
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This was announced by Franklin D. Roosevelt allowing the president to appoint new Supreme Court members for each one over 70 years of age, totaling six in all. After Chief Justice Evan Hughes’ leadership in expressing their disapproval in this plan, Congress and the American people disapproved of the action as well. This resulted in some New Dealers leaving the president’s side and humiliated President Franklin D. Roosevelt.
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dust bowl
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"Okies" were poor farmers who moved west to California and Arizona during the 1930s or moved to the crowded cities. This occurred because after two generations of a melange of drought and poor farming techniques these areas that were once fertile lands, became waste areas and unusable. The Grapes of Wrath written by Steinbeck in 1939 illustrates the plight of these individuals.
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