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13 Cards in this Set
- Front
- Back
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What economic factors and conditions made the American economy appear prosperous in the 1920's?
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GNP- total value of all goods and services produced in a nation during a specific time period
Welfare Capitalism- various benefits for employees used for improving worker loyalty Stock is ownership of a company which is sold in shares. |
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What were the underlying economic weaknesses in the 1920's?
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unequal distribution of wealth- wealthy class 60% income increase & working class 8% income increase
buying on margin- buying stocks with loans from stockbrokers installment credit- credit used to purchase stocks |
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What key events led to the stock market crash?
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Thursday Oct. 24, 1929- investors started selling stock with few people willing to buy. At the end of the day, bankers joined together to buy stock to prevent further collapse.
Black Tuesday- investors dumped 16 mill shares of stock |
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What were the effects of the stock market crash?
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Bank Runs- people went to withdraw their money from banks but their money wasnt there.
Foreclosures- ppl couldn't afford their lifestyles and had to give their houses over to the banks Hoboes- ppl who hopped trains to look for work Hoovervilles- settlements for the homeless or shanty towns full of shacks |
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What were the effects of the Dust Bowl?
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Drought- period of below average rain fall, lasted for several years.
Dust Bowl- topsoil stripped from the ground and carried hundreds of miles. Great Plains area hardest hit by drought. John Steinbeck- wrote grapes of wrath which talked about the lives of people who couldn't live in the great plains anymore and had to move to seek jobs on farms and orchards called Okies. |
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What was Hoover's philosophy about the role of Government in the economy?
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Rugged Individualism- small gov. big business with as little restrictions on business as possible.
Associative State- volunteer partnership between between business associations & gov. Hoover Dam- one success of the associative state that helped create jobs. |
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What actions did Hoover take in response to the great depression?
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Reconstruction Finance Corp- authorized up to 2 billion indirect gov loans to struggling banks & insurance companies
Smoot Hawley Tarrif- raised taxes on imporeted goods that hurt the economy more than it helped Bonus Army March- vets wanted to be paid their bonus and armed soliders came and fought the unarmed vets. |
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What did president Roosevelt believe was the proper role of government in the lives of American Citizens?
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New Deal- relief, recovery, reform
Public Works- one of the "reliefs" of the New Deal that provided jobs funded by the government Fireside Chats- using the radio to get his messages across John Maynard Keymes-British economist who explained how deficit spending could stimulate the economy |
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What immediate steps did FDR take in his first term to put the banking system on sounder footing?
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First Hundred Days- FDR pushed congress to put in place many parts on the New Deal
Called for a "bank holiday" and put in the Emergency Banking Act which made banks report to the government FDIC- established an insurance program for deposits in many banks. |
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What did FDR mean by relief, recovery, and reform?
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CCC- jobs on conservation projects to young men whose families needed relief
TVA- transform an entire region of the country by building dams AAA- encouraged farmers to cut production in return for a subsidy |
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What were the complaints about the New Deal from critics during Roosevelt's first term in office?
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Conservaties- attecked the New Deal because it wasnt traditional american ideas.
Huey P. Long- radical critic of FDR who wanted a "Share the Wealth" program, said his new deal was too kind to banks and businesses Father Charles Coughlin- catholic radio priest who first criticized then supported the new deal. |
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What were the Major elements of the Second Hundred Days?
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Second New Deal- courts found parts of the first deal unconstitutional so they added the second one which had more relief programs
Works Progress Administration- provided public works jobs on a wide range of projects Social Security Act- provided pensions for older, retired people |
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How did the role of women and minorities change during the New Deal?
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Frances Perkins- Sectary of labor and first woman to ever serve in the cabinet
Black Cabinet- unofficial african american cabinet who served as FDR's advisors Mary McLeod Bethume- led the black cabinet and was the director of negro affairs. |
