Chapter 12 Flashcards
political machine
Group of party loyalists organized to deliver the vote on election day. Historically they often used questionable or illegal means such as buying votes or intimidation at the polls.
muckraker
Journalists that portrayed the leaders of corporations and the actions of their companies in unfavorable circumstances, writing “yellow journalism.”
Populism
1880’s political movement favoring nationalizing banks and railroads to protect farms and rural towns from the private power and corruption of big corporations.
Federal Reserve System
A quasi-governmental organization to regulate the money supply and help keep the economy stable.
recall
Progressive reform in which citizens can call a special election by petition to recall an elected official; a majority vote removes the person from office.
monetarists
Supporters of Friedman’s economic theory that the economy be controlled by regulating the money supply.
trust
A business entity created with the intent to form a monopoly and dominate a market.
robber baron
Muckraker term used for leaders of large corporations and trusts to reflect their power and unscrupulous natures
Progressivism
Post-populist, urban-based political movement against private power and corporate corruption that looked hopefully towards the future, emphasizing the benefits of science and technology.
initiative
Progressive reform in which citizens could put propositions directly on the ballot through petition and have them become laws by garnering a majority vote.
bank run
When most depositors try to withdraw their funds simultaneously from a bank.
The New Deal
Plan by FDR involving the creation of various government agencies and programs designed to stimulate the economy and help the US overcome the Great Depression.
markets
Divisions of the economy that specialize in certain goods or services.
Social Darwinism
Belief that society, like everything else, is in a state of constant change and development, evolving into ever higher and more complex forms.
referendum
Progressive reform in which laws passed by legislatures can be directly submitted to the people for a vote; a majority vote against the law removes it from the books.
Keynesians
Economic Theory in which the economy would regulate itself, but in the case of extreme depression the government would be needed to artificially stimulate demand by increasing spending or cutting taxes.
Andrew Carnegie
Carnegie made his fortune in the steel industry. in his later years, he donated most of his money to establish schools, libraries, and universities around the world.
Herbert Hoover
The 31st President, Hoover lost the 1932 election for a second term ( to FDR) when his responses to the Stock Market Crash of 1929 failed to end the economic recession and the nation slid into the Great Depression.
Eugene Debs
Debs ran for US President five times as a socialist. The last attempt (1920) was made while he was serving time in prison for obstructing the draft of WWI.
Franklin Delano Roosevelt
The 32nd President of the US, Roosevelt served four terms, His exuberant personality helped bolster the nation’s confidence as it struggled through the Depression and then entered WWII.
Boss William Marcy Tweed
“Boss Tweed” was a leader of theTammany Hall political machine, which rigged elections and stole massive amounts of money from New York City.
