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29 Cards in this Set
- Front
- Back
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What period did GNP increase by 40% |
1919-1929 |
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What period had the greatest industrial output? |
1900-1910 |
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What decade was the United States the leading export nation? |
1920's |
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What were the problems with the US's economic prosperity? |
Spending habits increased as the rise of leisure activity. Credit policy - "buy now, pay later" |
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What year was the first economic recession? |
1929 - stock market crash |
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What is "Boom and Burst"? |
A natural phenomenon whereby rapid economic growth is immediately followed by economic decline. Cut back on spending = economy shrank |
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What percentage of banks closed before they went completely bust? |
20% |
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What period was the farming/ecological crisis? |
Late 1920-30's |
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What was the ecological crisis? |
Decline in farming goods meant that farmers had to produce more in order to make profits. Soil had no time to rest - grass removed to plant grain - turned to drought - sandstorms. |
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The Great Depression was the overarching name of what crises? |
Factory closures Lay-offs Ecological Crisis Return to barter economy Protest Social unrest Country soon re assumed its position as a protectionist country |
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When was Roosevelt elected president? |
1932 |
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What were the unemployment rates in 1933 America? |
25% unemployed. 38 states closed their banks. |
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What was the name of the federal funds that Roosevelt allocated as an emergency measure? |
"Emergency Banking Relief Bill" |
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What is the quote by Rauchway (2007) regarding New Dealers urge to the Federal Government |
"They were not the first american law makers to use the federal government to support private interest" - "they were simply the first to propose using the government mainly to benefit groups other than the owners of major corporations! |
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The "Yardstick Concept" was a tool of..? |
Countervailing Power |
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What was Rauchway's (2007) quote about Roosevelt? "Roosevelt stepped into... |
"... the impasse between privatisation and public ownership, saying that a few government power plants were "forever a yardstick to prevent extortion by private monopolies"" |
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Name the core elements of New Deal |
Yard Stick Work Relief Programme TVA (Norris - Senator of Nebraska) Regulatory Intervention - 1935 - Social Security Acts - National Labour Relations Act |
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What was the Work Relief programme? |
Using the great scale of unemployed to build damns, reservoirs, walk ways and other forms of infrastructure. |
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What did Roosevelt develop with Norris? |
Tennessee Valley Authority (TVA) building dams along the river, supplying much of the South of the country with electricity. |
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What was the name of the organisation that Roosevelt was inspired to create following the TVA? |
Rural Electrification Administration (REA) Providing electrification on a national scale. |
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What year was the Rural Electrification Administration developed? |
1935 |
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What were the two form of regulatory intervention within the New Deal? |
1935 - Labour Relations Act - right to trade unionise in the case of conflict at work. 1935 - Social Security Act - pension / unemployment schemes |
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What year was the reocurrence of the recession? |
1937 |
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Following the Republicans growing in political presence, what year did they bring the New Deal to an end? |
1938 One year after the reocurrence of the recession |
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What did H.G. Wells - a British Utopian say about the US government? |
"The lassitudes of the government are rousing a spirit which is in essence revolutionary" |
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What did Ellwood describe Roosevelt as? |
The central nervous system of the project |
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What did Wells describe Roosevelt as? |
"entirely modern" "openness of mind and dynamic of his action" |
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What did Keynes write in his open letter to Roosevelt when praising him for his involvement in rearranging the social system? |
"If you fail, rational change will be greatly prejudiced, but if you succeed, new and bolder methods will be tried everywhere" |
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Name three key point of the New Deal's legacy |
A transformed presidency 1935 acts lay the foundation of the welfare state New Deal saw the emergence of corporate America - following allied win in WW2 - Marshall aid - implemented political stability in Europe as well as suppressing communist threat. |
