The Depression Era and WWII Flashcards
What were the major causes of the economic collapse?
- Decaying industrial equipment
- crisis in the farm sector
- easy credit –> leading to consumer debt (working class Americans wanted a piece of prosperity, bought on the “installment plan.”)
- Unequal distribution of income
- unregulated stock market (rampant speculation, buying on the margin, and insider trading.)
How was America during the depression years?
- farm foreclosures
- bank failures
- business failures
- 12 million unemployed
- communist/socialist parties gained support
- dust bowl
- rise of racism
What did or didn’t Hoover do to bring the country out of the depression?
Too little, too late:
- Asked business leaders not to cut wages or fire employees (they ignored him)
- Encouraged private charities to help people (too little)
- Raised taxes by 33% to fight deficit (worsened situation)
- Passed Hawley Smoot Tariff Act (Europeans retaliated which spread the depression in Europe, world trade dropped 40% deepening the economy
- Created reconstruction finance corporation (gave govt credit to banks to halt bank/business failures….bank failures decreased but didnt help anyone)
- Began public work programs (created some jobs, some economic stimulation)
Describe Roosevelt’s efforts to rescue the country
He implemented the New Deal which was a plan to introduce new agencies to provide jobs, stimulate the economy, and bring the US back on its feet.
How did the New Deal effect specific groups within the US?
- Women were appointed to important government roles (Frances Perkins)
- Pres. Roos. appointed more than 100 AA to key positions in the gov.
- Mexican- Americans also supported the New Deal even though they did not receive as much benefits as others
- Native Americans received full citizenship by law under the New Deal
Failings of the Treaty of Versailles (that directly led to WWII)
- severe punishment of Germany led to resentment
- USSR lost territory which built resentment
- European economy was terrible. No assistance was given to rebuild after the First World War
- New nations were created with no support for democracy so dictators seized control
Early Acts of Aggression (prior to WWII)
Italy - conquers Ethiopia in 1936 Japan - invades Manchuria in 1931 (Chinese province) Germany - remilitarizes (violates ToV) - forms alliance with Italy - takes back the Rhineland
What is appeasement and how did it contribute to WWII’s severity?
In WWII terms, the policy was the efforts by France and Britain in the 1930’s to allow Nazi Germany to have pretty much anything it wanted in the hopes that eventually hitler would be appeased and stop. It affected the outcome because if it had been stopped many lives could have potentially been saved.
Explain the isolationist viewpoints of many Americans and contrast them with Roosevelts.
- US neutral because of books written about WWI and how we couldn’t fight due to Merchants of Death
- Congress passed many acts on neutrality
- Lend-lease act which was a loophole for US to give arms to Britain
- Iso angry because of that
- Japan was taking coastal Asia
- US pissed at Japan, put an embargo on them
- Pearl Harbor
- Everyone in US supports for war
- US prepped for war
Impact of WWII
- White men took back all jobs (AA and women were no longer needed)
- some progress was made which they held onto
- Labor unions have a right to organize; collectively bargain
- Great Depression caused more Gov. interaction with the National Economy (still involved to do this)
Relief Agency
Public works Admin
Reform agency
Social security agency
Recovery
National recovery admin
Unconstitutional
Social security act
FDIC
Two agency still around
Ag adjustment act
Nat recovery admin
