Chapter 23- Managing the Great Depression, Forging the New Deal Flashcards
A high tariff enacted in 1930 during the Great Depression. By taxing imported good, Congress hoped to stimulate American manufacturing, but the tariff triggered retaliatory tariffs in other countries, which further hindered global trade and led to greater economic contraction.
Smoot-Hawley Tariff
A group of 15,000 unemployed World War 1 veterans who set up camps near the Capitol building in 1932 to demand immediate payment of pension awards due to be paid in 1945.
Bonus Army
A series of informal radio addresses Franklin Roosevelt made to the nation in which he explained New Deal initiatives.
fireside chats
A legendary session during the first few months of Franklin Roosevelt’s administration in which Congress enacted 15 major bills that focused primarily on 4 problems: banking failures, agricultural overproduction, the business slump, and soaring unemployment.
Hundred Days
A 1933 law that created the Federal Deposit Insurance Corporation (FDIC), which insured deposits up to $2,500 (and now up to $250,000). The act also prohibited banks from making risky, unsecured investment with customers’ deposits.
Glass-Steagall Act
New Deal legislation passed in May 1933 that aimed at cutting agricultural production to raise crop prices and thus farmers’ income.
Agricultural Adjustment Act
Federal agency established in June 1933 to promote industrial recovery during the Great Depression. It encouraged industrialists to voluntarily adopt codes that defined fair working conditions, set prices, and minimized competition.
National Recovery Administration
A New Deal construction program established by Congress in 1933. Designed to put people back to work, the PWA built the Boulder Dam (renamed Hoover Dam) and Grand Coulee Dam, among other large public works projects.
Public Works Administration
Federal relief program that provided jobs to millions of unemployed young men who built thousands of bridges, roads, trails, and other structures in state and national parks, bolstering the national infrastructure.
Civilian Conservation Corps
An agency estbalished by the Federal Housing Act of 1934 that refinanced home mortgages for mortgage holders facing possible foreclosure.
Federal Housing Administration
A commission established by Congress in 1934 to regulate the stock market. The commission had broad powers to determine how stocks and bonds were sold to the public, to set rules for margin (credit) transactions, and to prevent stock sales by those with inside information about corporate plans.
Securities and Exchange Comission
A group of Republican business leaders and conservative Democrats who banded together to fight what they called the “reckless spending” and “socialist” reforms of the New Deal.
Liberty League
An association of industrialists and business leaders opposed to government regulation. In the era of the New Deal, the group promoted free enterprise and capitalism through a publicity campaign of radio programs, motion pictures, billboards, and direct mail.
National Association of Manufacturers
A plan proposed by Francis Townsend in 1933 that would give $200 a month (about $3,300 today) to citizens over the age of 60. Townsend Clubs sprang up across the country in support of the plan, mobilizing mass support for old-age pensions.
Townsend Plan
A term applied to industrial democracies that adopt various government-guaranteed social-welfare programs. The cration of Social Security and other measure of the Second New Deal fundamentally changed American society and established a national welfare state for the first time.
welfare state
A 1935 act that upheld the right of industrial workers to join unions and established the National Labor Relations Board (NLRB), a federal agency with the authority to protect workers from employer coercion and to guarantee collective bargaining.
Wagner Act
A 1935 act with 3 main provisions: old age pensions for workers; a joint federal state system of compensation for unemployed workers; and a program of payments to widowed mothers and the blind, deaf, and disabled.
Social Security Act
The political ideology of individual liberty, private property, a competitive market economy, free trade, and limited government. The idea being that the less the government does, the better, particularly in reference to economic policies such as tarriffs and incentives for industrial development. Attacking corruption and defending private property, late 19th century liberals generally called for elite governance and questioned the advisability of full Democratic participation
classical liberalism
Federal New Deal program established in 1935 that provided government funded public work jobs to millions of unemployed Americans during the Great Depression in areas ranging from construction to the arts.
Works Progress Administration
A recession from 1937 to 1938 that occurred after President Roosevelt cut the federal budget.
Roosevelt recession
The theory, developed by British economist John Maynard Keynes in the 1930s, that purposeful government intervention in the economy can affect the level of overall economic activity and thereby prevent severe depressions and runaway inflation.
Keynesian economics
A 1934 law that reversed the Dawes Act of 1887. Through the law, Indians won a greater degree of religious freedom, and tribal governments regained their status as semisovereign dependent nations.
Indian Reorganization Act
A series of dust storms from 1930 to 1941 during which a severe drought afflicted the semiarid states of Oklahoma, Texas, New Mexico, Colorado, Arkansas, and Kansas.
dust bowl
An agency founded by Congress in 1933 that integrated flood control, reforestation, electricity generation, and agricultural and industrial development in the Tenessee Valley area.
Tennessee Valley Authority
An agency estbalished in 1935 to promote nonprofit farm cooperatives that offeres loans to farmers to install power lines.
Rural Electrification Administration
