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History > Great Depression and Dust Bowl > Flashcards

Great Depression and Dust Bowl Flashcards

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1
Q

What were the 3 main causes of the Great Depression and the Stock Market Crash

A
  1. Overproduction
  2. Uneven Distribution of Wealth
  3. Easy Access to Credit
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2
Q

what is overproduction and how did it lead to the GD

A

when you produce too many goods (surplus in farms and factories

  • farmers increased production during WW1 but then demand decreased after war
  • factory workers got laid off, workers couldn’t buy goods, and prices dropped
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3
Q

what is uneven distribution of wealth and how did it lead to the GD

A

the rich became richer, while industrial workers simply stayed poor (the poor got poorer)
-created economic problems; wealthy didn’t buy even goods for money to trickle down to those who needed it most and to keep the economy booming

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4
Q

what is easy access to credit and how did it lead to the GD

A

people bought on credit and but couldn’t pay back later

  • installment plans: take home today pay later
  • buying on margin: buy stock by just paying a small portion of what it is worth
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5
Q

when did the Stock Market crash

A

Black Tuesday October 29, 1929

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6
Q

what were the effects of the GD and the stock market crash

A
  • banks collapsed
  • businesses closed
  • unemployment rose
  • Hawley-Smoot Tariff (June 1930)
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7
Q

what was the Hawley-Smoot Tariff

A

a “protective tariff” to protect American products from american competition

  • raised prices on foreign imports
  • the tariff destroyed international trade because countries put tariffs on our products as well
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8
Q

what were Hoover’s responses to the GD

A
  • volunteerism
  • localism
  • reconstruction finance corporation (RFC)
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9
Q

what is volunteerism

A

calls on business leaders to maintain employment, wages, and prices

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10
Q

what is localism

A

problems could best be solved at local and state levels

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11
Q

what was the reconstruction finance corporation

A

more than 1 billion dollars was given to railroads and large businesses

  • “trickle down economics”
  • unfortunately the money did not trickle down to the people who needed it most
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12
Q

what was the bonus army

A
  • WW1 veterans seeking bonus promised to receive (but not until 1945)
  • 1931 they called for early payment
  • marched on Washington
  • Hoover would not meet them -instead he sent General Douglas MacArthur and federal troops
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13
Q

what is GDP

A

gross domestic product

-value of all goods produced within a nation during a year

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14
Q

what is a business cycle

A

a pattern of up-and-down movements that occur in economic activity
-occurs in every economy

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15
Q

what are the four parts of the business cycle

A
  • expansion/recovery
  • peak
  • recession/depression
  • trough
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16
Q

what is expansion/recovery

A

the period in which GDP increases

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17
Q

what is the peak

A

the highest point before GDP decreases

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18
Q

what is a recession

A

a short downturn

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19
Q

what is a depression

A

a longer downturn

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20
Q

what is the trough

A

the economy’s lowest point

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21
Q

what led to dust storms in the South that destroyed crops

A

a drought

22
Q

what was a result of dust storms in the south

A
  • crops turned into dust = no food to be sent out
  • homes buried
  • fields blown away
  • south was in state of emergency
  • Dust Bowl was the #1 weather crisis of the 20th century
23
Q

what was black sunday

A

the worst storm of the decade

24
Q

what were some man made factors of dust storms

A
  • over-farmed land
  • grew crops on unsuitable land
  • bad farming techniques
25
Q

who did the GD affect

A

it affected everyone (including pablo)

26
Q

what were the effects for the workers in the cities

A
  • worker’s wages and hours got cut

- many lost jobs and all their savings

27
Q

what were the effects for those in rural america

A
  • farmers suffered even before depression hit
  • crop prices fell and debts added up
  • unable to pay mortgages
28
Q

what types of people migrated during the GD

A
  • hoboes rode the rails
  • “okies” migrants who went west to find work (some jobs available in CA)
  • push factors: weather
  • pull factors: jobs
29
Q

how did people react during the GD

A
  • some people searched for new jobs
  • some left their families
  • some committed suicide
30
Q

what happened to women and children during the GD

A
  • family distress (abandonment)
  • women lost their jobs to men with families
  • starvation; malnutrition
31
Q

what happened to minorities during the GD

A
  • suffered the worst
  • denied jobs
  • lost jobs first
  • denied aid
32
Q

when was president Roosevelt elected

A

election of 1932

33
Q

what were brain trusts

A

FDR used professors and experts to develop programs to fight the depression

34
Q

what did FDR promise

A

a “new deal”

35
Q

what was the “New Deal”

A

a bunch of programs to help get out of the GD

36
Q

what was “hundred days”

A

a period of intense activity in which Congress passed a lot of New Deal legislation

37
Q

what did FDR do as soon as he came into office

A
  • declared a banking crisis

- closed ALL banks/4 day bank holiday

38
Q

what was the Emergency Banking Relief Act

A

passed by congress, allowed only sound banks to reopen, the rest remained closed

39
Q

what were fireside chats

A
  • FDR told americans by radio that banks were safer than “money in a mattress”
  • 30 more chats americans listened to during FDR’s presidency
40
Q

what was the purpose of New Deal Agencies

A
  • RELIEF for the unemployed
  • plans for RECOVERY
  • REFORMS to prevent more depressions
41
Q

what agencies provided relief for the unemployed

A
  • Civilian Conservation Corp. (CCC)
  • Public Works Administration (PWA)
  • Tennessee Valley Authority (TVA)
  • Social Security Administration (SSA)
42
Q

what agencies were recovery plans

A
  • National Recovery Administration (NRA)

- Agricultural Adjustment Act (AAA)

43
Q

what agencies were for prevention reforms

A
  • Federal Deposit Insurance Corp. (FDIC)

- Securities and Exchange Commissions (SEC)

44
Q

did the New Deal end the GD

A

no

45
Q

what ended the GD

A

WW2

46
Q

what did the New Deal do

A
  • gave country confidence
  • ended banking crisis
  • helped with some jobs
  • built the infrastructure (buildings, schools, bridges, electricity, art work)
47
Q

what safeguards were set in place for future economic cycles

A

FDIC
SEC
NLRB (National Labor Relations Board set minimum wages)

48
Q

How do these agencies protect America from another great depression

A
  • FDIC insures your money so if the bank closes the government will give you your money back
  • the SEC made buying on margin illegal which was one of the reasons of the GD
  • the NLRB protects worker’s rights
49
Q

What establishments were set up to provide for a welfare state and how

A

SSA (Social Securities Act) provides income for elderly, disabled, and unemployed
-supplied through the taxes paid by the working class

50
Q

what is a welfare state

A

a welfare state is a government that provides for the total well-being of its citizens
-makes an effort to provide for persons in need through numerous social service programs known as welfare

History (3 decks)

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