history Flashcards
What were the terms of Treaty of Serves?
They lost most of their land to France Britain and Greece, they had to pay reparations for the damages they caused in WW1, their territory in the Middle East was also confiscated. The Treaty abolished the Ottoman Empire
Why did most farmers not benefit from the economic boom
Farmers did not benefit from the economic boom because of over production. American farming, with its new machinery such as the combine harvester and new fertilisers, was the most efficient in the world. More land was being farmed. However this ended up with more food produced than America needed. Huge amounts of grain were being produced that nobody wanted. Prices dropped, especially of grain, leaving the farmers with less income. Soon, many of them could not keep up with their mortgage payments.
was investment in the stock market popular in the boom
Yes, it was an easy way to make money
how many people owned shares in 1920 and 1929
1920: 4 million
1929: 20 million
Why did many Americans buy into the stock market in the 1920s economic boom?
they thought it was easy money
how many investors were speculators (a form of gambling)
600,000
what is a stock market speculator
Someone who doesn’t intend to keep their shares long, they borrow money to buy shares, then sell them as soon as the price has risen
What gender became heavily involved in stock marked speculation
Women
what year did speciation really take hold
1928, this is because demand for shares was at an all time high, and prices were rising.
Two examples which show how speculation worked
They gambled stocks in the stock market basicaly
When did the construction industry in USA started its downturn
1926
When was farming in decline in USA
1920
What year did other sectors of the economy were showing signs of strain
1929
What was the economic boom based on
the increased sale of consumer goods such as cars and electrical appliances
Why did the stock market crash
America was overproducing
the rich already had everything and the poor couldn’t afford anything
How much money had American industry spent on magazine advertising in 1929
3 billion
when was the Wall Street crash
October 1929
Describe the Wall Street crash
the car sales were slowing, and in June 1929 the official figures for industrial output showed a fall for the first item in 4 years.
Share values started to slide and throughout September and October.
The Wall Street Crash was the collapse of the Stock Market in the U.S. after panic selling of stocks and shares by both professional and small investors. On October 29, 1929, also known as Black Tuesday, over $10 to $15 billion was lost when stocks completely collapsed.
why did the Wall Street crash?
By then, production had already declined and unemployment had risen, leaving stocks in great excess of their real value. Among the other causes of the stock market crash of 1929 were low wages, the proliferation of debt, a struggling agricultural sector
Lots of people selling stocks
why speculation was attractive to Americans
because it looked like easy money
Why it was risky for economy
Because everyone pulling out could lead to a crash
What were Roosevelts advisers known as?
the Brains Trust
What was one of the problems affecting the USA revolving banks
the loss in confidence of banks
What did Roosevelt order all banks to do the day after his inauguration
The day after his inauguration Roosevelt order all banks to close and wait until government officials checked them until they could open
A few days later 5000 trustworthy banks reopened and were even supported by government money
how many proposals to congress did Roosevelt send to congress
He sent 15 and they were all adopted
what did Roosevelt do every Sunday
He would broadcast on radio to the nation. Estimated 60 million Americans would tune into these ‘fireside chats.’
List what the FERA (Federal emergency relief administration did)
they tackled the needs of the poor
500 million was spent on soup kitchens, blankets, employment schemes
What did the CCC (Civilian conservation corps) do
they aimed at unemployed young men, the men signed up for six months and earned money to their families
What did the AAA (Agricultural adjustment administration) do
they tried to take a long term view of the problems facing farmers
It set quotas to reduce farms production in order to force prices gradually upwards
at the same time it helped farmers to modernise and to use farming methods that would conserve and protect soil
In cases of extreme hardship, farmers could also receive help with their mortgages
What was the final measure of the hundred days
it was NIRA (National industrial recovery act). It set up two important organisations: The NRA (National recovery administration) and the PWA (The public works administration). The PWA used government money to build schools, roads, dams, bridges, and airports.
what is the Tennessee Valley
The Tennessee valley was a huge area that cut across seven states
In the were season the river would flood
in the dry season it would reduce to a trickle
The farming land around the river was a dust bowl bowl
What is the TVA
the Tennessee valley authority (TVA) Their main focus was to build a series of dams on the river.
The impact of the hundred days
Restored confidence in the government
reporters who travelled the country brought back reports of the new spirit to be seen around the USA
Historians, too, agree that Roosevelts bold and decisive action did have an effect on the American people
What were the short term consequences of the crash
the large spectators were ruined and the rich lost the most as they had invested the most
How much money did Winston Churchill lose during the crash
500,000 dollars
Who were the main buyers of American goods?
the rich
What would happen to some banks if they lent out too much money
they would go bankrupt
What did president hoover tell the people during the crash and what did he do
he told them that prosperity was ‘just around the corner’
He also cut taxes to encourage more spending, by mid 1931 production was rising again
what was the worst thing that the crash destroyed
Confidence
how many banks failed in 1929
659
What did people do when banks started failing
They withdrew their money
how many more banks became bankrupt in 1930
1352
What was the biggest bank that went bankrupt in 1930
the bank of the United States in New York
It was the worst failure in American history
How many depositors did the bank of the United States have
400,000 depositors, many being immigrants
how much money was withdrawn from banks in the USA
Billion of dollars
they were stored in safe deposit boxes or at home
How many more banks went bankrupt in 1931
2294
Describe the downwards spiral during the crash
Americans were not buying as much
This means banks had less money to give out in loans
banks started demanding business repay loans and then the businesses that couldn’t afford this went bankrupt. Thus lead to more unemployment
Between 1928 and 1933 how far did industrial, farm and wages fall
industrial and farm production fell by 40%
Average wages fell by 60%
What did the American economy been geared up for
mass consumption and high spending. This is why the crash was so devastating, because less people were spending. This caused the spiral
How many people were unemployed in 1933 USA and how many banks went bankrupt
14 million unemployed
5000 banks went bankrupt
what did the total income of farms fall too in the USA 1930s crash
Just 5 billion
did other countries suffer from the depression
Yes
what was the USA’s international trade reduced from in 1929-1932
From 10 billion to 3 billion
The human cost of the depression
as farm income fell, many farmers could not pay their mortgages
Some farmers organised themselves to resist banks taking their homes
The farmers would defend themselves with pitchforks and barricading roads
What happened to most farmers
They had to pack up their belongings into trucks and live on the road. They lost their farms and land. They were starving and farmers had to kill the animals they couldn’t transport
What was the dustbowl
caused by over-farming and drought, the dustbowl was a bunch of topsoil that turned into dust. It was whipped up by wind to create the dustbowl
what was the dust from the dust bowl like
the dust covered everything, it got into every crack and crevice. Many packed up all their belongings and headed for California
The human cost of the depression
Unemployment rose rapidly, city workers were forced to sell their homes or kicked out as they couldn’t pay the rent. Or they would join the army out of unemployment looking for work.
What happened in the parks at night
it was full of homeless and unemployed.
What was a Hooverville
A shanty town of ramshackle huts where migrants lived while they reached for work
how many people suffered from starvation in 1931
238 people were admitted to hospital in New York suffering from starvation, 45 of whom died
What left President Hoover open to criticisms
he promised prosperity was just around the corner, that was a lie
What was hoover regarded as
a do nothing president
This was not fair because he tried hard to restart the economy in 1930 and 1931 with tax cuts. He tried to persuade business leaders not to cut wages. He put money into public work programmes. Most of these measures did not match up to the scales of the problems happening in the country
who were reluctant to change their basic policies
Hoover and most republican. They said that business should be left alone to bring back prosperity
Hundred days timeline
4 March – Roosevelt inaugurated.
5 March – Closed banks.
9 March – Selected banks reopened.
12 March – Roosevelt’s first radio ‘fireside chat’. Encouraged Americans to put their money back into the banks. Many did so.
What happened to Roosevelt by may 1935
he was facing a barrage of criticism
He had hoped to transform the USA, but it didn’t seem to be working as he hoped
What happened on Tuesday, 14 may 1935
Roosevelt met with senators and close advisors who shared his views. They persuaded him to take big steps to achieve his vision to make USA better
The Wagner Act
Forced employers to allow trade unions in their companies and to let them negotiate pay and conditions.
It made it illegal to sack (fire) workers for being in a union
The social security act
Provided state pensions for the elderly and for widows.
Allowed state governments to work with the federal government to provide help for the sick and disabled.
Most importantly, the Act set up a scheme for unemployment insurance.
Employers and workers made a small contribution to a special fund each week.
If workers became unemployed, they would receive a small amount to help them out until they could find work.
The works progress administration (WPA)
Later renamed the ‘Works Project Administration’.
Brought together all the organisations whose aim was to create jobs.
It also extended this work beyond building projects to create jobs for office workers and even unemployed actors, artists an photographers.
The Resettlement administration
Helped smallholders and tenant farmers who had not been helped by the AAA.
This organisation moved over 500 000 families to better-quality land and housing.
The farm security administration (FSA)
It gave special loans to small farmers to help them buy their land.
It also built camps to provide decent living conditions and work for migrant workers
what was a complaint that a number of high profile figures raised about the new deal
the New Deal was not doing enough to help the poor.
who were hit the hardest with poverty
African Americans and the poor in farming areas
Who was Huey long
he became Governor of Louisiana in 1928 and a senator in 1932
What did Huey Long do to rise to power
His methods of gaining power were unusual and sometimes illegal (including intimidation and bribery).
However, once he had power he used it to help the poor.
Who did Huey Long tax and why
He taxed big corporations and businesses in Louisiana and used the money to build roads, schools and hospitals.
was Huey Long against racism
yes, he employed African Americans on the same terms as whites and therefore clashed with the KKK.
What did Huey think about the new deal
At first he supported the New Deal, but by 1934 he was criticising it for being too complicated and not doing enough.
What scheme did Huey long create
He put forward a scheme called Share Our Wealth.
All personal fortunes would be reduced to $3 million maximum
Maximum income would be $1 million a year
Government taxes would be shared between all Americans
Proposed pension for everyone over 60, and free washing machines and radios
was Huey long supported by Roosevelt
No, Roosevelt regarded him as one of two of the most dangerous men in the USA.
he was then assassinated in 1935
What did Dr Francis Townsend found
founded a number of Townsend Clubs to campaign for a pension of $200 a month for people of over 60.
Providing that they spent it that month, which would stimulate the economy in the process.
what were the criticisms from the Republicans to the new deal
It was complicated and there were too many codes and regulations
Government should not support trade unions and it should not support calls for higher wages – the market should deal with these issues
Schemes such as TVA created unfair competition with private companies
What is the TVA
Tennessee Valley Authority
What was Roosevelt behaving like in the new deal
A dictator, this is because high taxes discouraged people from working hard and gave money to people for doing nothing or doing unnecessary jobs
was Roosevelt upset by the criticisms
Yes, but also the tactics used against him by big business and the republicans
what did people say Roosevelt was disabled from
A STD
What messages did employers put into their workers pay packets
saying that the new deal schemes would never happen
How many votes did Roosevelt get in the 1936 election
27 million votes
What did Roosevelt face after the 1936 elections
The Supreme Court
What was Roosevelt trying to do to fight the Supreme Court
He was trying to change the setup of the Supreme Court
The end of the new deal
The events of 1936 took their toll on Roosevelt and he became more cautious after that.
Early in 1937 prosperity seemed to be returning and Roosevelt did what all of the conservatives had wanted:
He cut the New Deal budget
He laid off many workers who had been employed by the New Deal’s own organisations and the cut in spending triggered other cuts throughout the economy.
This meant that unemployment spiralled upwards once more.
What damaged Roosevelt
the 1937 recession
The public opinion of Roosevelt in 1937-1940
The 1937 recession damaged Roosevelt badly.
Middle-class voters lost confidence in him.
As a result, in 1938 the Republicans once again did well in the congressional elections.
Now it was much harder for Roosevelt to push his reforms through Congress.
Yet, he was still enormously popular with most ordinary Americans (elected again by large majority in 1940).
The problem was the USA was no longer united behind his New Deal as they had in 1933.
By 1940 Roosevelt and most Americans were focusing more on the outbreak of war in Europe and on Japan’s exploits in the Far East.
What restored the faith of the American people in their government
the new deal. It was a huge social and economic program.
Who was the secretary of the interior
Harold Ickes, he tapped the phones of his employees too make sure there was no corruption
Who was accused of being communist
Roosevelt and his officials
What did the New Deal do to the local government
it undermined it, this is because it made the government less powerful
The new deal’s impact on industrial workers
they strengthens the position of labour unions
Roosevelt’s government generally tried to support unions and make large corporations negotiate with them
Some unions combined as the committee for industrial organisation (CIO) in 1935 - large enough to bargain with big corporations
why were unions treated with suspicion by employers
This is because there have been many strikes
Impact on the economy that the New Deal had
created millions of jobs
It stabilised the American banking system
it cut the number of business failures
They never solved any underlying economic problems
8========D
Why did the US economy take longer to recover than that of most European countries
Confidence was low
6 million unemployed in 1941
Impact of the new deal on African Americans
200,000 of them gained benefits from the CCC and other new deal slum agencies and relief programmes
How many black workers were unemployed
35 percent in 1935
Also, domestic workers were not included in the social security act
Impact of the new deal on women
the new deal saw some women achieve prominent positions, such as Eleanor Roosevelt, Mary Macleod Bethune, and Frances Perkins.
Local governments tried to avoid paying out social security payments to women by introducing special qualifications and conditions
Impact of the new deal on native americans
The IRA (Indian reservation act) 1934 provided money to help Native Americans to buy and improve land and control their own tribal areas. They also helped Native Americans preserve their culture. They remained an excluded part of society
Was the new deal a success?
In 1940, unemployment was still high and the economy was not booming
What did Roosevelt implement in the second new deal
the works progress administration
Wagner act
Social security act
