Great Depression Flashcards
dust bowl
the drought-stricken Southern Plains region of the United States, which suffered severe dust storms during a dry period in the 1930s
credit
the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
debt
something, typically money, that is owed or due.
bank runs
A bank run occurs when a large number of customers of a bank or another financial institution withdraw their deposits simultaneously due to concerns about the bank’s solvency.
bennet buggy
A Bennett buggy was a term used in Canada during the Great Depression to describe a car which had its engine and windows taken out and was pulled by a horse. In the United States, such vehicles were known as Hoover carts, named after then-President Herbert Hoover.
securities and exchange commision
The U.S. Securities and Exchange Commission is a federal agency that regulates the U.S. stock market.
social security
The Social Security Act was signed into law by President Roosevelt on August 14, 1935. a federal insurance program that provides benefits to retired people and those who are unemployed or disabled.
tariffs
a tax or duty to be paid on a particular class of imports or exports.
new deal
a series of federal programs, public work projects, financial reforms, and regulations enacted in the United States during the 1930s in response to the Great Depression. Alphabet agencies. These programs included support for farmers, the unemployed, youth, and the elderly, as well as new constraints and safeguards on the banking industry and changes to the monetary system. fdr.
h. hoover
President of the United States from 1929 to 1933 during the Great Depression
hoover dam
a dam between nevada and arizona. built 1931. thousands of workers.
Franklin D Roosevelt
directed the United States government during most of the Great Depression, implementing his New Deal domestic agenda in response to the worst economic crisis in U.S. history
keynes
a British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. He built on and greatly refined earlier work on the causes of business cycles. During the Great Depression of the 1930s, Keynes spearheaded a revolution in economic thinking, challenging the ideas of the free market.
october 1929
Wall Street Crash of 1929, also known as Black Tuesday began on October 24, 1929 (“Black Thursday”), and was the most devastating stock market crash in the history of the United States (acting as the most significant predicting indicator of the Great Depression)
world war ii
The Depression was actually ended, and prosperity restored, by the sharp reductions in spending, taxes and regulation at the end of World War II
hoovervilles
a shantytown built by unemployed and destitute people during the Depression of the early 1930s. They were named after Herbert Hoover, who was President of the United States of America during the onset of the Depression and was widely blamed for it.
tennessee valley authority
With the country reeling from the Great Depression, President Roosevelt created his “New Deal” to help America recover. The Tennessee Valley Authority was founded to help the hard-hit Tennessee Valley, where it was tasked with improving the quality of life in the region.
stock market crash
A stock market crash is a sudden dramatic decline of stock prices across a significant cross-section of a stock market, resulting in a significant loss of paper wealth
federal deposit insurance commission
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in US banks. The FDIC was created by the 1933 Banking Act during the Great Depression to restore trust in the American banking system; more than one-third of banks failed in the years before the FDIC’s creation, and bank runs were common.
relief, recovery, reform
Roosevelt’s basic philosophy of Keynesian economics manifested itself in what became known as the three “R’s” of relief, recovery and reform. The programs created to meet these goals generated jobs and more importantly, hope.
canada
Canada was hit hard by the Great Depression. The worldwide depression that started in the United States in late 1929 quickly reached Canada. Between 1929 and 1939, the gross domestic product dropped 40% (compared to 37% in the US). Unemployment reached 27% at the depth of the Depression in 1933
united states
The Stock Market Crash of 1929 is often cited as the beginning of the Great Depression. It began on October 24, 1929, and was the most devastating stock market crash in the history of the United States.
clayton anti-trust act
the goal of adding further substance to the U.S. antitrust law regime; the Clayton Act sought to prevent anticompetitive practices in their incipiency. 1914, Woodrow Wilson
the roaring 20’s
the period of Western society and Western culture that occurred during and around the 1920s. It was a period of sustained economic prosperity with a distinctive cultural edge in the United States and Western Europe
inflation
a sustained increase in the general price level of goods and services in an economy over a period of time.[1] When the price level rises, each unit of currency buys fewer goods and services
unemployment
(of a person) without a paid job but available to work.
soup kitchen
a place where free food is served to those who are homeless or destitute. Soup kitchens in America started around 1929 when the effects of a growing depression began to be felt. worsened in 1932, and 12 million Americans — about 25 percent of the normal labor force — were out of work.
riding the rails
Many people forced off the farm heard about work hundreds of miles away … or even half a continent away. Often the only way they could get there was by hopping on freight trains, illegally
alphabet agencies
The alphabet agencies (also New Deal agencies) were the U.S. federal government agencies created as part of the New Deal of President Franklin D. Roosevelt. The earliest agencies were created to combat the Great Depression in the United States and were established during Roosevelt’s first 100 days in office in 1933.
consumerism
Consumerism is an economic theory which states that a progressively greater level of consumption is beneficial to the consumers.
classical liberalism
Classical liberalism is a political ideology and a branch of liberalism which advocates civil liberties under the rule of law with an emphasis on economic freedom.
modern liberalism
is characterized by social liberalism, and combines ideas of civil liberty and equality with support for social justice and a mixed economy.
