The Great Depression and the New Deal (1929-1939) Flashcards
Hooverville
settlements of shacks found on the outskirts of many American cities beginning in the early 1930s
Dust Bowl
name given in the 1930s to regions of the midwest where severe droughts and poor farming practices caused massive dust storms. By the end of the decade, nearly 60% of all farms were either ruined or abandoned. Many farmers moved westward during this time in search of better jobs
Hawley-Smoot Tariff (1930)
tariff act that imposed severe tariffs on all incoming goods. European countries responded with their own high tariffs. Historians say this tariff did little to help the American economy and ended up contributing to the depression.
Federal Deposit Insurance Corporation
federal agency established during the “First Hundred Days” of the New Deal in 1933 in an effort to halt panic over bank closings. The FDIC insures the bank deposits of individual citizens.
Civilian Conservation Corps
established in 1933, the CCC provided jobs for 2.5 million young Americans in forest and conservation programs
National Industry Recovery Act
New Deal legislation requiring owners and labor unions in various industries to agree upon hours, wages, and prices; as a result, wages went up but so did prices.
Tennessee Valley Authority
agency created in the New Deal to oversee the construction of dams, providing electricity and flood control for many in the region.
Works Progress Administration
New Deal program that employed nearly 8 million Americans as well as constructed schools and roads. The WPA also employed artists and musicians.
Wagner Act
critical piece of New Deal legislation that protected the right of workers to form unions and utilize collective bargaining.
Social Security Act (1935)
New Deal legislation providing pensions for workers reaching retirement age. Both workers and employers pay into the fund that provides this benefit. Initially, farm/domestic workers were not covered by Social Security
New Deal Coalition
political coalition created by FDR that kept the Democratic Party in power from the 1930s through the 1960s. This coalition consisted of workers in American cities, voters in the South, labor unions, and blacks.
Scottsboro Boys
nine black defendants in a famous 1931 case who were accused of raping two white women on a train. Despite the lack of evidence, they were sentenced to death and their defense was organized by the American Communist Party.
speculation
the practice of purchasing land/stocks with the intent of selling for a higher price later. After the Homestead Act and others opened up the western U.S., speculators purchased land with no intention of settlement, but for selling for a profit.
on the margin
the practice in the late 1920s of buying stock and only paying in cash 10% of the value of that stock; the buyer could borrow the rest from a stockbroker or investment banker. This worked when investors could sell their stocks at a profit and repay the loans. After the 1929 crash, investors had to pay the loans in cash.
voluntarism
the concept that Americans should sacrifice time/money for the well-being of the country. This concept has been popular during the Progressive Era, during the John Kennedy Administration, and during the George Bush Administration