The Great Depression & FDR Flashcards
Who is Herbert Hoover?
The president at the start of the great depression
What are some causes of the Great Depression?
stock market crash of 1928, decline in farm prosperity, overproduction & excessive use of credit, overproduction and underconsumption, uneven distribution of income between rich and poor, wages too low, & countries are over dependent on one another
Hoover’s policies favored _______ businesses.
big
Trickle down economics
Believed that economic growth depends on making increased amounts of capital availible to big businesses
Why was Hoover’s response to the Great Depression criticized?
It failed to provide direct relief to the neediest people, thought people would be less motivated if the government helped them & he believed the economy would recover on its own
Hoovervilles
Name given to poor communities because of Hoover’s refusal to provide aid
Bonus Army
WWI veterans march in Washington, demanding they be paid what they were promised
What is the biggest difference between Hoover and FDR?
FDR is more willing to use government intervention to solve problems
FDR was elected for ___ terms.
3
Good Neighbor Policy
Reduced US military intervention in Latin America, designed to improve relations
What was the purpose of the New Deal?
To provide jobs to the unemployed by creating public work jobs
Agricultural Adjustment Act
Designed to increase prices of farm products by reducing farm output
Tenessee Valley Authorities
Created to improve economic conditions in a poor rural region
Social Security Act 1935
Extended support to elderly/ retired citizens
Federal Deposit Insurance Corporation
Tries to restore public confidence in banks by safeguarding savings
