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HISTORY: America 1920-73 > New Deal + Great Depression > Flashcards

New Deal + Great Depression Flashcards

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1
Q

Long term causes of crash

A

Overproduction + underconsumption of agriculture
“ “ of consumer goods
Protectionism (tariffs)
Debt increasing
Laissez faire

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2
Q

Wall Street Crash

A

Period in October 1929 when shares + other investments in the US fell in value by large amounts, followed by the depression

Greatest stock market crash in US history

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3
Q

Short term causes of crash (2)

A

Word spread about falling profits of overproducing big companies so people sold their shares
They dropped their share price to try to attract a buyer - lost a lot of money

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4
Q

Black Thursday date + shares (2)

A

24th October 1929

13 million shares sold

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5
Q

How many shares were sold on 29 October?

A

16 million shares sold

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6
Q

How much did shareholders lose on 29th October 1929?

A

Shareholders lost a total of $8000 million

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7
Q

How many banks had closed by 1933?

A

5000 banks had gone bankrupt

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8
Q

Suicides in the Great Depression

A

Suicides up 50%

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9
Q

Unemployment in Great Depression (2)

A

By 1933 unemployment had risen to 25% of national workforce (14 million people)
Compared to 3% in 1929

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10
Q

How many farmers became hobos in the depression?

A

2 million

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11
Q

How many businesses went bankrupt as a result of the crash + depression?

A

8500

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12
Q

How did production + wages change between 1928 and 1933?

A

Industrial + farm production fell by 40%

Wages fell by 60%

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13
Q

Hoover’s responses to Great Depression (3)

A

Hawley-Smoot Act 1930 - increased tariffs by 50%
- foreign countries retaliated, trade fell further
Reconstruction Finance Corporation - loans totalling $1500 million to rescue businesses, banks etc.
- didn’t help enough
Made $300 million available to states to help unemployed but only $30 million given out

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14
Q

Roosevelt’s election campaign (3)

A

Grand train tour - 20800km
Vague plans but recognised everyone wanted change
Promised a New Deal

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15
Q

Hoover’s views about the depression

A

Just a cycle of boom and bust

- ‘prosperity is just around the corner’

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16
Q

Roosevelt’s 3 aims

A

Relief - help for victims of depression
Recovery - encourage economic recovery + employment
Reform - improve economic system to prevent another depression

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17
Q

Roosevelt’s first 100 days

A

Emergency banking act

Alphabet Agencies

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18
Q

Second New Deal

A

Social Security Act
Wagner Act
WPA
RA

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19
Q

CCC

A

Helped 2.5 million young men

  • they could sign up for periods of 6 months (could be renewed if work was not found)
  • mainly environmental projects
  • paid basic wage + provided with accommodation + food
20
Q

WPA

A

Created jobs for office workers, artists, actors + photographers
(Second new deal)

21
Q

PWA

A

Created millions of short-term jobs by paying the unemployed to build schools, bridges, dams etc
(Replaced WPA in 1935)

22
Q

Emergency Banking Act (4)

A

Roosevelt immediately tackled banking crisis:
Ordered all banks to close for 4 day bank holiday + remain closed until gov officials had checked them over
5000 trustworthy banks were allowed to reopen
- these were supported by gov money if necessary

23
Q

NRA (4)

A

Aim = to stimulate economy by giving workers money to spend with overproducing
Voluntary scheme that allowed firms to use the blue eagle as a symbol of presidential approval
Over 2 million employers joined
Set fair wages, improved hours + conditions

24
Q

Wagner Act

A

Made it illegal to sack workers for being in a union

2nd new deal

25
Q

SSA (4)

A

National System of pensions + welfare payments
Scheme for unemployment insurance:
- Employers + employees made small contribution to special fund each week
— if workers became unemployed, they could receive a small amount of benefit until they found work

26
Q

AAA (3)

A

Set quotas to reduce farm production - force prices gradually upwards
Helped farmers to use sustainable farming methods
In cases of extreme hardship, farmers could receive help with mortgage payments

27
Q

TVA

A

Built series of dams to improve farming in Tennessee

28
Q

RA (2)

A

Helped smallholders + tenant farmers not helped by AAA
Organisation moved over 500,000 families to better quality land + housing
(2nd new deal)

29
Q

FSA (2)

A

Gave special loans to small farmers to help them buy land
Built camps for migrant workers
(Replace RA in 1937)

30
Q

FCA

A

Loaned $100 million in 18 months to farmers unable to meet mortgage payments

31
Q

FERA (2)

A

Met urgent needs of the poor

- sum of $500 million spent on soup kitchens, blankets, employment schemes + nursery schools

32
Q

Successes of New Deal (3)

A

Created millions of jobs
Less bank failures
Farmers helped significantly

33
Q

Failures of New Deal (5)

A

Strikes = dissatisfied workers
- in 1934, 20 million days lost to strikes
Did not solve unemployment
- stayed at 10% throughout 1930s
Women discrimination - average yearly wage was half a man’s
Alphabet Agencies only gave basic wage
Alphabet Agencies discriminated against African Americans

34
Q

Why and when did the New Deal come to an end?

A

By 1938, unemployment sliding back toward depression again (had risen to 10.5 million), which FDR acknowledged:
Ended January 1939

35
Q

Opposition to the New Deal

A

Supreme Court viewed Alphabet Agencies as unconstitutional
- imposed power of federal gov onto state gov
Republicans - believed in self help, FDR doing too much
Radical Democrats - FDR wasn’t doing enough

36
Q

How many homes had a radio in 1939?

A

28 million

37
Q

Music in 1930s (3)

A

Swing emerged + was popular with Americans
Popularity of jazz continued
Gramophones + vinyl became popular way to listen to music

38
Q

How many people went to the cinema every week in the 1930s?

A

60 million people (most likely to escape trouble of depression)

39
Q

Films/cinema in 1930s (2)

A

60 million went every week

Films reflected hard times that millions were suffering in the 30s even though tone was upbeat

40
Q

Comics 1930s

A

1930s witnessed development of comics

Batman + superman introduced at end of decade

41
Q

Art 1930s

A

WPA meant new works were created:

- actors were hired to put on new shows, artists to paint displays for schools etc.

42
Q

Literature 1930s

A

Great Depression produced some of the greatest works in American Literature

43
Q

US policy of isolationism

A

Didn’t want to get involved in other countries affairs after WW1 + stayed isolated for many years
Only became fully involved in WW2 in retaliation to bombing of Pearl Harbour

44
Q

Lend Lease (3)

A

Began March 1941 with support to Britain but by end of war, US were helping USSR, France + other allies
USA loaned war materials to its allies on understanding it would be returned by end of war by not charged for if it was destroyed
Majority of contracts placed with US firms - stimulated economy

45
Q

Worth of materials shipped as part of lend lease?

A

Total of $50.1 billion worth of materials shipped

HISTORY: America 1920-73 (6 decks)

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