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History 12 > Depression > Flashcards

Depression Flashcards

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1
Q

Sykes-Picot Agreement 1916

A

-Britain awarded lions share of defeated Turkish lands
-Britain set up Arab gov in Iraq and Trans-Jordan
(didn’t want to spend the money on troops and officials to rule directly over new territories-except Palestine)

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2
Q

Balfour Declaration 1917

A

-Create a national homeland for Jews

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3
Q

Why concerned with Middle East?

A
  • Oil
  • Protection of trade routes
  • British determined to secure control of area: Suez canal, Red sea, Persian Gulf : vital for traffic to and from India
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4
Q

Treaty of Sevres

A
  • Anatolia (Turkish heartland) divided to french, Italian , American spheres
  • Turkish straits made an international zone under control of league
  • Changed Turkish borders , bringing its capital in range of Greek artillery
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5
Q

Mustafa Kemal (Ataturk)

A
  • Turkish leader
  • Kemal + nationalists set up breakaway gov in Ankara (heart of Anatolia)
  • Led to turkey-Greek battles until Turkey reached British garrison guarding Turkish straits
  • rather than risk battle British promised to revise Treaty of Sevres in Turkey’s favour
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6
Q

Treaty of Lausanne

A
  • Turkey free of all troops
  • straits in Turkish control but demilitarized
  • no restrictions on Turkish armed forces
  • Greeks living in turkey, Turks living in Greece sent home
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7
Q

Reza Khan

A
  • With support of army, led rebellion to overthrow Persian gov,which had accepted presence of Russian +British troops
  • Russians withdrew from North, British left Persian Gulf
  • Reza became shah (Monarch)
  • Persia-Iran
  • Industrial growth, all things to Western standards
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8
Q

Egypt

A
  • Zaghlul=leader of nationalist party (Wafd)
  • Grant Egypt semi-independence
  • form of parliamentary democracy
  • British officials reduced
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9
Q

Saudi Arabia

A
  • Exception to European dominance of Arab lands

- very rich , westernized

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10
Q

Montagu- Chelmsford reforms (India)

A

-Dyarchy formed

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11
Q

Dyarchy (India)

A
  • 2 levels of responsibility
  • Indian ministers responsible for programs of health,education,agriculture in each of 11 provinces
  • British kept control of finance and forces of law and order (army,police,courts)
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12
Q

Amritsar(India)

A
  • Troops opened fire on a mob
  • Anti-British campaign ended in disorder
  • Brits overacted killed many
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13
Q

Congress party

A
  • Leader=Mohandas Gandhi
  • Hindu-dominated nationalist organization
  • Preached non-violent resistance by disobeying British Laws ,refusing to pay taxes to occupying powers
  • Pacifism=Non-violent Resistance
  • Jawaharlal Nehru: right-hand man of Gandhi
  • Both believed Muslims +Hindus could share an Independent India
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14
Q

Untouchables

A
  • Lowest of Hindu social groups

- Gandhi called them Harijans (Children of God)

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15
Q

Muslim League

A
  • Hindu extremists not consider sharing power with Muslims in future
  • worried about threat of Hindu domination, campaigned for two independent India
  • Leader=Mohammed Ali Jinnah
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16
Q

India Act 1935

A
  • Indians full control of provisional gov : British +Indians share control of central gov
  • Pakistan= separate state based on Muslim homelands of Purijab
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17
Q

Mercantilism

A

-Britain took raw materials, manufactured it into products , sold it in those same colonies for huge profit

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18
Q

American gov system

A

-“No taxation without representation”

Checks and Balances:
Limited power of any one level of gov

Constitution

  • sets up rights of individuals and society
  • create structure of gov
  • process of rules to make rules

Legislative:
-Makes laws
House of rep,senate(elected),congress

Executive:
-Carries out laws
Pres(elected),cabinet (appointed)
-Most power

Judicial:
-Upholds law
Supreme court(appointed), cant be fired until 75 yrs

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19
Q

Democrat vs Republican

A

Democrat:

  • Liberal in thought
  • Believe in more gov
  • Rules to protect
Republican:
-Pro military
-Pro independence
       less gov
       less rules
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20
Q

Manifest Destiny (USA)

A
  • Newly formed US had God-given right to continent

- Gave her sea to sea nation

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21
Q

Moral superiority(USA)

A
  • Viewed Europeans as warmongers, not learned to solve disputes
  • Isolationist
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22
Q

Immigration Act (USA)

A
  • Literacy test for immigrants
  • barred door to newcomers form Asia
  • Stricter exclusion of undesirables
  • led by trade union movement
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23
Q

Share croppers

A

-Poor farmers,rent land

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24
Q

Calvin Coolidge

A
  • pres USA
  • “What was good for business was good for America”
  • vice president of Harding, took over when he died
  • high tariffs=protectionism
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25
Q

Herbert Hoover (usa)

A
  • Depression during his term
  • didn’t do anything to alleviate depression
  • believed direct gov action would endanger “American way of life”
  • Hoovervilles=communities of tar-paper shacks
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26
Q

Ku Klux Klan (KKK)

A
  • racial superiority of white people
  • Anti-communism
  • non-English immigrants don’t belong
  • violent , abusive
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27
Q

Prohibition

A
  • Women’s Christian Temperance Union (WCTU)
  • Bullies of KKK + other campaigners all blamed on alcohol
  • Speakeasies= Secret places that sold forbidden alcohol, also controlled gambling + prostitution
  • Increase in Gansterism- organized crime
  • enormous illegal trade of alcohol
28
Q

Mass Production Revolution

A
  • Assembly line made many products,less expensive
  • Buying on Installments=Borrowing money and repaying with monthly payments
  • Age of auto
  • Economy was dependent on petroleum
  • Growth of cities
29
Q

Buying on Margin

A
  • Buying stocks with 10% down payment
  • Purchaser hope value of stock would increase , so could sell at a profit before borrowed portion was due
  • Led to Over-speculation=buy stuff hoping value would increase
  • When people couldn’t pay back loans , created bankruptcy
30
Q

4 keys to a sound economy

A
  1. Jobs/Unemployment
  2. Circulation of money
  3. Credit buying
  4. Housing starts
  5. Confidence in system
31
Q

Tariffs

A

-Duties (money) colllected on goods coming intoa country

32
Q

Fordney-McCumber Act 1922

A
  • Raised American customs duties on imported goods

- Economic equivalent of refusing to join league

33
Q

Smoot-Hawley Bill 1930

A

-Further increasing tariffs

34
Q

Autarky

A
  • Economic self-sufficiency

- Self- sufficient in areas of food production, basic manufacturing, defense

35
Q

Laissez Faire

A
  • “leave done”

- minimum interference of gov in trade and indusrty

36
Q

Revenue

A
  • money taken in by gov

- taxes +customs duties

37
Q

Expenditures

A

-Money spent by gov

38
Q

Budget

A
  • Planning how you spend your money
  • expenses vs revenue
  • tells us where gov priorities are
39
Q

Deficit Financing

A

-Budget that shows expenditures larger than revenue
-borrow to pay bills
Deficit: difference between E and R, Represents borrowed money for that year

40
Q

Currency

A

-Actual money used in particular country
-used to be determined by gold country possessed
Now determined by:
Productivity of country
Size of national debt
Interest rates
Relative value compared to other currencies

41
Q

Supply and Demand

A
  • Determines prices
  • Available,not in high demand=cheap
  • High demand,not available=expensive
42
Q

Balanced Budget

A

-Expenditures + Revenue are equal

43
Q

Overhead

A

-Cost of running business (rent,product,employees)

44
Q

Economy of Scale

A

-Cheaper when buy in volume

45
Q

Disposable Income

A

-Extra money after expenses are paid for

46
Q

Inflation

A
  • Prices of goods go up , wages don’t

- disposable income goes down

47
Q

Deflation=depression

A
  • goods cheap
  • no circulation
  • money in hands of few
48
Q

Principle

A

-Money you owe

49
Q

Interest Rate

A

-Used by gov to control inflation

50
Q

Causes of Depression

A

Overproduction:

  • Industrial capacity expanded beyond ability of consumers to consume
    -Europe’s farms blown up, other places produce more
    -Europe’s farms start producing (less demand)
    abundance of food (prices goes down)
    -Factories close, companies sell from inventory, unemployment increases which further reduces demand

Stock Market Crash 1929

  • Black Tuesday Oct 29
  • excessive investment in stock market meant less money available for foreign loans
  • Other countries less able to borrow money from U.S
  • Crash indicated faults with current system :excessive speculation and buying on margin
  • collapse of wall street dried up flow of American money which many nations depended on

Economic Nationalism and Tariffs

  • Began in US, other countries did same hoping to protect their own industries
  • made problem worse by restricting trade further
  • short term fix
  • stops circulation of money

International Debt After WWI

  • USA lent money to foreign nations who depended on their ability to sell products to USA to repay loans
  • USA led tariff (protectionist) movement, reducing trade, lost ability to pay loans
  • Rich guy goes down-no one to help everyone else
51
Q

Consequences of Depression

A

Unemployment

  • Countries didn’t have safety nets like unemployment insurance or welfare
  • no circulation of money- businesses go down
  • standard of living decrease
  • draining from system if not contributing

Banking Failures

  • Business + farms who owed money to banks went bankrupt , so banks went bankrupt too
  • hurt depositors(savers) who lost all their money
  • confidence in system blown
  • Democrats come in and brought in rules for banks
52
Q

Political consequences

A

Germany

-Dictators like Hitler , who promised a better Germany (revolution)

Britain

  • no revolution
  • parliamentary democracy long established
  • had proved capable of ruling and expanding empire , winning war, improving general quality of life, setting up primitive ‘welfare state’ to care for needy

Japan

  • Imperial expansion (war)
  • Jobs in army
53
Q

Change in role of gov (USA)

A

-first response cut and save
-role of gov in economy +everyday lives of Americans grew
-Laissez faire dead
Managed economy through:
Tax policy-increasing/decreasing taxes
Monetary policy-raising/lowering interest rates
Fiscal policy-increasing/decreasing gov
expenditures
Control value of national currency

54
Q

Attempts at Remedy

A
  • Increasing tariffs (short term gain, long term pain)
  • general belt tightening (cut spending)
  • Britain brought pound of gold standard and let value sink which would make her good =s cheaper, others followed suit

John Meynard Keynes

  • British economist proposed radical solutions
  • gov should spend way pout of depression
  • lack of cash circulation making depression worse
  • gov should borrow money, to be repaid in future, spend it on huge employment projects of value
  • deficit financing
  • Borrow money, create jobs,circulation of money, pat debt
  • USA, Japan, Germany

Adam Smith

  • Gov should pay little to no role in economy
  • cut and save
  • slower recovery
  • unemployment (no circulation of money)
55
Q

Franklin Delano Roosevelt

A
  • USA came to power

- Introduced 100 days, New deal, alphabetical agencies etc

56
Q

100 days (USA)

A
  • Roosevelt burst of activity - making laws, voting on money for new gov programs, setting up new agencies ‘alphabetical agencies’
  • promised to implement New Deal
57
Q

New Deal (USA)

A
  • Get Americans back into workforce
  • Closed all banks for 5-6 days (Emergency Banking Act) brought in new rules
  • Extended gov aid to stronger banks and arranged re-organization of rest
  • Economy Acts-slash some gov expenditure
  • People allowed to write to Roosevelt, no calls were to be cut off in White House
  • End of prohibition (Beer Act)
58
Q

Fireside Chats

A
  • First real use of radio for mass political purposes
  • once a week Roosevelt spoke live to American people, assuring that things would get better
  • told them to trust system again (banks)
  • people +gov must work together
59
Q

Alphabetical Agencies

A
  • Agriculture, help farmers
  • Welfare state
  • Create jobs
  • Improved working conditions, eliminate child labor
60
Q

Okies

A
  • Small tenant farmers
  • fled with belongings west to California, men of suburban area band together to ‘defend’ themselves
  • thought okies were dirty , ignorant, theives
61
Q

Committee for Industrial Organisation (CIO)

A
  • Formation of single unions for each major industry

- meant to bring pressure on employers for higher

62
Q

USA foreign policy

A

Fear of Entanglement
- didn’t want to become guarantor of mess European agreements

Only participation:

  • Washington Naval Conference
  • Kellogg-Briand Pact ,denouncing war
  • Reparation relations
63
Q

Soviet Recongnition

A
  • Viewed soviet communists as godless enemies
  • Red scare spread across America, thought soviets behind every worker strike
  • Americans formally recognized USSR based on promise from Stalin that communist propaganda not aimed at USA.
64
Q

The Neutrality Acts

A

-Congress authorized president in event of war, to place an embargo on both belligerents

65
Q

Cash and Carry

A

-Britain could purchase materials from “arsenal of democracy”, but only on a cash basis

66
Q

Lend Lease Act

A
  • Authorized America President to give credit to any country whose defense is vital to defense of USA
  • Most aid meant for Britian
67
Q

Pearl Harbour

A

-Final act which brought US out of isolationism.

History 12 (6 decks)

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