The Great Depression - P7 Flashcards
Hoover
republican; attempted to deal with the Depression by trying to restore public faith in the community
Smoot-Hawley Tariff
protected American business; hinders trade; limits $$$ in system
Reconstruction Finance Corp (RFC)
lends $$$ to banks, railroads, and other businesses
FDR
believes in “some” government intervention; is willing to experiment and try new things
“New Deal”
Relief (for the unemployed), Recovery (of the economy), Reform (of capitalism); direct government intervention to help the economy
Glass Steagall Act (recovery & reform)
established the FDIC (federal deposit insurance corporation): including banking reforms
Agricultural Adjustment Act (AAA) (relief & recovery)
regulations on farm production; Fed Govt. pays people NOT to plant and purchase livestock at high prices
National Recovery Administration (NRA) (relief/recovery)
regulated production, prices, and wages
Federal Emergency Relief Agency (FERA)
Federal $$$ for state relief programs; creates jobs for millions
Public Works Admin. (PWA) / Civil Works Admin. (CWA)
helped construction workers get jobs through projects
Works Progress Admin. (WPA)
employment, roads, bridges, buildings, parks, airports
Federal Housing Admin. (FHA)
reformed mortgages & housing ownership; tried to encourage home ownership/stimulate the economy (housing boom)
Huey Long
“share our wealth” programs; giving eery American family a comfortable income
Social Security Act
old age pensions, compensations for unemployed, no national health insurance
Wagner Act
creates a national board to review labor practices
Fair Labor Standards Act
outlawed child labor, 40hr work week mandated overtime pay, federal minimum wage
Judicial Procedures Reform Bill
Plan to add 1 new justice for every member over 70
Roosevelt Recession - 1937
Roosevelt slashed the federal budget & but for funding to many programs & Federal Reserve raised interest rates (cutting government spending = recession)
Indian Reorganization Act (1934)
reversed Dawes Act, returned semi-sovereignty to tribes; promoted Indian self-government & elected tribal councils
Tydings-McDuffie Act
gave freedom for Philippines; limits Filipino immigration to 50 people per year
Dust Bowl
severe drought + farming practices + wind = ecological disaster; left workers without work or substantial wages
Tennessee Valley Authority (TVA)
helped “modernize” the South: flood control, reforestation, electricity, agricultural & industrial development
Grand Coulee
Hoover Dam; Grand Coulee leads to hue agricultural industry
Securities and Exchange Commission (SEC)
monitors the stock market and enforces laws regulating the sale of stocks and bonds
welfare state
a government that undertakes responsibility for the welfare of its citizens through programs in public health and housing
Classical Liberalism
advocates of the protection of individual rights and liberties by limiting government power
New Deal Liberalism
a belief in government that regulates the economy and society to achieve what it perceives as fairness
