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AS American History > The Great Depression and the New Deal, 1929-1941 > Flashcards

The Great Depression and the New Deal, 1929-1941 Flashcards

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0
Q

Who didn’t share in the economic boom?

A

Farmers
African Americans
Some women
Immigrants

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1
Q

Name 3 ways in which the U.S. Economy had signs of declining in 1927

A

Decline in agriculture
Unregulated credit and banking
Overproduction

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2
Q

How many people lost their jobs during the Great Depression daily?

A

12000 people

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3
Q

How many banks collapsed during the Great Depression?

A

5500 banks

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4
Q

Why did Hoover’s policy of Volumbrism fail?

A

Because businesses failed to comply

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5
Q

What was Hoover known as to the American people during the Great Depression as?

A

The “do nothing” president

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6
Q

What was the Hawley-Smoot Tariff Act?

A

It raised import tariffs higher than ever before

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7
Q

What was the CCC?

A

An agency which provided public work schemes for single men under 25

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8
Q

What was the WPA?

A

Provided work for unemployed building hospitals, roads, schools and airports

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9
Q

When did the Wall Street Crash occur?

A

24th and 29th of October 1929

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10
Q

How much was lost in paper values during the Wall Street Crash?

A

$4 Billion

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11
Q

What was the 24th October 1929 called?

A

“Black Thursday”

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12
Q

How much was lost on “Black Thursday”?

A

$9 Billion

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13
Q

What was the 29th October called?

A

“Black Tuesday”

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14
Q

What happened on Black Tuesday?

A

Panic selling with 16.4 million transactions

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15
Q

What was the main cause of the Wall Street Crash?

A

The buying of stock and shares went out of control. The value of shares ran higher than the actual worth of the economy. This was because many of the shares were bought on the margin.

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16
Q

What does “on the margin” mean?

A

Loans for shares covering up to 75% of the purchase price

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17
Q

What allowed the little regulation of the stock market?

A

The pro-business and laissez faire policies of Harding, Coolidge and Andrew Mellon

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18
Q

Name 3 reasons for the stock market crash?

A

Massive losses
Collapse of credit
Crisis of confidence

19
Q

Why were massive losses responsible for the Great Depression?

A

There was little money for investment
There was a collapse in demand for goods
Bankruptcies
Rising unemployment

20
Q

Why was the collapse of credit responsible for the Great Depression?

A

There was little money for investment

Severe credit squeeze

21
Q

Why was a crisis of confidence responsible for the Great Depression?

A

People felt shocked and betrayed
There was a loss in confidence in government and “big business”
Loss of confidence in themselves

22
Q

What are three causes of the Wall Street Crash?

A

The nature of the bull market
Banking system
Loss of confidence

23
Q

What were the two policies of disarmament in the 1920s?

A

Washington Conference 1921

Kellogg-Briand Pact 1928

24
Q

What was the Kellogg-Briand Pact?

A

Renounced war as a way of settling grievances and was passed 85:1 in the senate

25
Q

What was the weakness of the Kellogg-Brian Pact?

A

There were no sanctions for those who broke it

26
Q

Who did President Harding let deal with foreign affairs?

A

His Secretary Of State, Charles Evans Hughes

27
Q

What was decided at the Washington conference?

A

That each country would reduce its tonnage of battleships

The four power treaty, which said if any other country behaved aggressively in the Pacific they would reconvene

28
Q

What was the key intention of the Washington Conference?

A

To maintain the balance of power, in response to the aggression of Japan

29
Q

What was the weakness of the Washington Conference?

A

Was binding and Harding said “no commitment to armed force”

30
Q

Why was the First New Deal introduced?

A

To combat the effects of the Great Depression

31
Q

What dos many historians suggest about the First New Deal?

A

That it was not this that led to America’s economic recovery but rather the stimulus of WW2

32
Q

What are the three categories of measures of the First New Deal?

A

Reform
Relief
Recovery

33
Q

What were reform measures?

A

Legislation brought in to prevent a repeat of the Great Depression by reforming the banking system

34
Q

Name three reform measures

A

Securities Exchange Commission 1934
Emergency Banking Act 1933
Glass-Steagall Act 1933

35
Q

What was the Securities Exchange Commission?

A

Regulated the stock market to stop embezzlement and restrict speculation, one of the contributing factors of the Crash

36
Q

What was the Emergency Banking Act 1933?

A

Gave the treasury power to investigate all banks threatened with collapse

37
Q

What is evidence that the Emergency Banking Act worked?

A

In 1933 4000 banks collapsed while in 1934 only 61 banks collapsed

38
Q

What was the Glass-Steagall Act?

A

Separated investment banking from commercial banking and created the FDIC which insured bank deposits up to $2500

39
Q

What were relief measures?

A

Measures introduced to alleviate the worst effects of the Great Depression in the short term

40
Q

Name 3 relief measures

A

Civilian Conservation Corps
Federal Emergency Relief Act
Civil Works Administration

41
Q

What was the Civilian Conservation Corps?

A

March 1933: Men 17-24 worked on public lands for $30/month, employed 2.75 million men for over 10 years

42
Q

What was the limitations of the Civilian Conservation Corps?

A

Restricted to white men and $25 had to be sent home

43
Q

What was the Federal Emergency Relief Act?

A

May 1933: $500 million provided to states for unemployment of which 1/2 was for outright relief

44
Q

What was the limitations of the Federal Emergency Relief Act?

A

Provided a quarter of what families really needed to live on

AS American History (4 decks)

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