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AS Level Am History > Topic 3 > Flashcards

Topic 3 Flashcards

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1
Q

what was the Well street Crash

A

a dramatic fall in stock prices over a 5 day period starting 24th October 1929

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2
Q

Long term causes of the Wall Street crash

A

> Speculation- Am. encouraged to buy stock to make quick profit. creating investment culture
President Policies- Laissez-faire meant no regulation
Buying on credit- ‘buying on the margin’ meant Am. took loans out and had to repay them -80% Am. didnt have sayings
interest rates- low interest meant more money was borrowed

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3
Q

short term reasons for Wall St.Crash

A

> Tariffs- Hoover promised increased tariffs so speculation caused pushed up share prices -> senate announed to stop increased tarriffs so people sold stock
Loss of confidence- experienced investors sold stock causing everyone to sell stock
panic selling- Oct 24th 12 million shares solf- loosing $4bn. stockbrokens called back loans ‘margin call’, people sold shared to repay loans. bankers put $40bn into eco. by 29th 16m. shares had been sold and $30bn. lost from eco.

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4
Q

consequences of Wall St. Crash

A

> destroyed confidence

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5
Q

underlying causes of Depression

A

> farming
staple ind.
easy credit

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6
Q

how was farming an underlying cause of the Depression

A

> prospered during war
as war ended other countries produced themselves
Fordney-McCumber Tariff Act meant other countries increase imports from Sm = harder to export
prohibition damaged grain ind.
US farm income 1919- $22bn. 1928 $13bn
Average farmer produced enough for 15 families
prices fell 50%
Agricultural Credits Act 1923 and Capper-Volstead Act 1923 not enough
by 1924 600,000 lost land, 16m. on income less than $2,00pa
value of farmland fell 30%

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7
Q

how was staple ind. an underlying cause of the Depression

A

> coalmining, shipbuilding, railroads, textiles
mechanisation increased unemployment
boom only benefitted consumer markets

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8
Q

how was easy credit an underlying cause of the Depression

A

> things could be paid for on monthly or weekly basis
discouraged saving (80% didnt save)
buy-now-pay-later mentality
people put into debt

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9
Q

short term causes of depression

A

> over production
Wall St. Crash
Banking crisis

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10
Q

how was overproduction a short-term cause of the Depression

A

> those who had items (car, fridge, washing machines) didn’t need another
but same rate of production continued
created a surplus
people fired

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11
Q

how was the Wall St. Crash a short-term cause of the Depression

A

beginning/trigger

> psychological blow

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12
Q

how was The banking crisis a short-term cause of the Depression

A

> banks had insufficient funds with which to repay customers as word spread people rushed to withdraw money.
10m. saving accounts lost

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13
Q

Impact of Depression

A 
> GDP $104 1929 to $56bn 1932
> Workers
> Farmers
> Foreign policy
> business failures
> unemployment
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14
Q

what was the impact on workers in the Depression

A 
> 25% unemployed -> 1929 2m 1933 15m
> Chicago 40% unemp.
>hoovervilles
> Full time steel workers -> 1929 225,000 1932- 0
> 12 eggs 28c
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15
Q

what was the impact on farmers in the depression

A

> worsened state
dust bowls
Hawley-Smoot Tariff act
1/4 farmers lost land
price of wheat 1919 $2.16 1932 38c
Agricultural Farming Act 1929- loans to farmers
Grain Stabalisation Corperation 1930- good prices to farmers
sold land and left to pay off mortgages

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16
Q

what was the impact on foreign policy in the depression

A

> isolationism
no action e.g. Manchuria
Neutrality Acts

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17
Q

what was the impact on business in the Depression

A

1929 23 thou failed
1932- 32 thou
1936 10 thou

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18
Q

what was the impact of mass employment from the Depression

A

> lower consumer demand
run on the banks
school drop outs- non-attendance 300,000
suicide increased by 25%

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19
Q

hoovers election

A

won by 444 electoral votes to 87

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20
Q

Bonus marches

A

1932
> 20,000 veterans demanded early bonuses.
> Hoover sent 10,000 men with tanks, and tear gas and burnt camp.
> killed 2 and injured 1000

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21
Q

Federal Farm Boards

A

1930
> loans to farmers and stabilise prices
> however Am. Canada, Argentina overprduce so doesn’t work

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22
Q

Hawley Smoot Tariff Act

A

June 1930
> raised import duties
> other countries rose in response
> Hoovers biggest mistake

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23
Q

Voluntarism

A

Hoovers policy on charitable and voluntary aid instead of gov. intervention
> rugged individualism
> relied too much on it

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24
Q

PWA

A

1933 Public Works Admin
> large scale public work programmes created employment
> on building projects such as bridges, roads and houses
> $4bn spent by 1934 when it ended

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25
Q

National Credit Corperation

A

1931

encourage banks to loan to smaller banks

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26
Q

Reconstruction Finance Corporation

A

1932
> provide aid to railroads, business and financial instituions to stabalise ind.
> unsuccessful

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27
Q

Bonus marches

A

1932
> 20,000 veterans demanded early bonuses.
> Hoover sent 10,000 men with tanks, and tear gas and burnt camp.
> killed 2 and injured 1000

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28
Q

1st New Deal

A 
TVA
AAA
NIRA
NRA
EBA
FERA
PWA
CCC
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29
Q

SSA

A

1935 Social Security Act
> created federal retirement pensions by doubling income tax on workers wages
> created unemplyment insurance plan for those out of work.

30
Q

CCC

A

1933 Civillian Conservation Corps
> provided employment for young unmarried men aged 18-25 in conservation work
> employed 2m.
> no women and pay only $30pm

31
Q

FERA

A

1933 Federal Emergency Relief Act

> provided $500 million in federal funds to state agencies to make relief payments to unemployed

32
Q

NIRA

A

> 1933 National Industrial Recovery Act

> created public work programmes (PWA)

33
Q

PWA

A

1933 Public Works Admin
> large scale public work programmes created employment
> on building projects such as bridges, roads and houses
> $4bn spent by 1934 when it ended

34
Q

TVA

A 
1934 Tennessee Valley Authority
> federal programme spanning 7 states
> where the Tennessee river flowed
> creating 20 dams
> for cheap hydro-electric power, irrigation and jobs
> preventing flooding
35
Q

NRA

A

1933 National Recovery Admin
> provided codes setting up a system of self- government
> ensured fair pay, conditions and right to collective bargaining
> est. working hours and child labour under 16 illegal

36
Q

EBA

A

1933 Emergancy Banking Act
> banks could only reopen if they had sufficient cash reserves
> announced in Fireside speech to 60m.
> diposits exceed withdrawals

37
Q

Glass Steagall Act

A

1933
> separated investment and commercial banking
> investment banks were allowed to speculate the Stock market
> provided insurace deposits up to $5000 under FDIC

38
Q

2nd New Deal Acts

A 
WPA
SSA
NLRB
NYA
REA
FSA
FLSA
NHA
39
Q

WPA

A

1935 Works programme admin
> replace PWA
> employed 8m.
> building roads, buildings, parks, hospitals, schools

40
Q

reasons for 2nd ND

A

> radical forces
voter turning to radical forces
Supreme Court
BB and wealthy -> 1935 publically opposed FDR policies

41
Q

NLRB

A

1935 Wagner Act

> allowed collective bargaining

42
Q

NYA

A

1935 National Youth Admin
> set up by WPA
> provide education and training to young people

43
Q

REA

A 
1935 rural electrification Admin 
> provide cheap elec. to farmers 
> 773 systems spanning 348,000 miles
> 1935- 10%farmers had elec
    1940- 50%
    1950 - 90%
44
Q

FSA

A

1937 Farm Security Admin.

> guarenteed loans to farmers to buy or rehabilitate farmland

45
Q

FLSA

A

1938 Fair Labour Standards Act
> set min wage to 40c
> min working week to 40hrs
> raised wages for 12. people

46
Q

NHA

A

1938 National Housing Act

> housing projects for poor

47
Q

successes of 1st ND

A

> stabilised banking
protected farmers and home owners making loans easier
employment
created infrastructure> positive psy impact

48
Q

How did Huey Long oppose the New Deals

A

> Share our Wealth
$5000 homestead allowance and min wage of $2500
increase income and inheritance tax -> 1% over 1m increasing 1% per million up to 8m.
over 8m =100% tax
27.5 thou clubs set up with 4.6m members
could threaten FDR as 3rd party opposition
assasinated 1935

49
Q

successes of 2nd ND

A

> Gov. intervention improved labour rights and union membership doubled
30% more farms had electricity

50
Q

Impact of opposition to Supreme Court

A

> court packing-> FDR proposed to appoint 1 new judge for every judge over 70 = (9->15 judges) -> failed and damaged reputation
ruled NIRA unconstitutional -> Schechter Poultry
ruled AAA unconstitutional -> Butler taken to court for not paying taxes SC defend him.

51
Q

reasons for 2nd ND

A

> radical forces
voter turning to radical forces
Senate
BB and wealthy -> 1935 publically opped FDR policies

52
Q

how did a shift in pubic opinion help end prohibition

A

> morality of increasing productivity, reducing crime and health not happened
noble experiment had failed
Organised Crime

53
Q

opposition to New Deals

A 
> left
> communists
> Supreme court
> Liberty League
> EPIC
> Townsend
> Coughlin
> Huey Long
54
Q

how did Communist oppose the New Deals

A

> wanted to end capatalist economic system

> looked to USSR for insperation

55
Q

how did economic consideratiions help end prohibition

A

> NY got 75% of revenue for alcohol tax
cost Gov. $11bn lost in tax
cost $300m to enforce

56
Q

How did Liberty Leaguers oppose the New Deals

A

> 1934

> rich, pro-private property, Democrats

57
Q

How did Townsend oppose the New Deals

A 
>Old Age Revolving Pensions Inc.
> proposed veryone over 60 should get $200 pm that they had to spend within 28 days
>1/2m supporters
> would have cost 50% of NAtional income
> SSA small version??
58
Q

How did Coughlin oppose the New Deals

A

Father Charles Coughlin
> weekly radio programme ‘Golden hour of the little flower’
> 35m listeners
> accused FDR of being socialist and became anti-semetic
> nationalistaion of industry and use of silver coinage
> National Union for Social Justice 1934 set up
> church told him to stop or face being defrocked

59
Q

Impact of oppositon from the right

A

> Rep. stated gov. intervention too far = un-american and socialist-> Alfred Langdon
South as helped Af-Ams when Elenor Roosevelt spoke out against racial discrimination
ND allowed unions = BB angry
Liberty League -> Al Smith -> failed when Smith was defeated in election

60
Q

Reasons for ending prohibition

A 
> shift in public opinion
> pressure groups
> Bussiness elites
> economic considerations
> political factors
61
Q

how did a shift in pubic opinion help end prohibition

A

> morality of increasing productivity, reducing crime and health not happened
noble experiment had failed
Organised Crime

62
Q

how did a shift in pressure groups help end prohibition

A

> Womens Organisation for National Prohibition Reform -> led by Pauline Sabin -> 1.5m members
crusaders
association against the prohibition ammendment -> Pierre Du Pont (general motors) leader
Republican Citizens Committee Against National Prohibition

63
Q

how did Business Elites help end prohibition

A

> J.D.Rockerfella
given $500,000 for Anti Sloon League
NOW expressed disappoinment in groeth of speakeasies and grime and disregard for law
Pierre Du Pont for AAPA

64
Q

how did economic consideratiions help end prohibition

A

> NY got 75% of revenue for alcohol tax
cost Gov. $11bn lost in tax
cost $300m to enforce

65
Q

how did political factors help end prohibition

A

> washington post -> ‘man with the green hat’
George Cassidy
supplying senators and congressmen, the ones making prohibition laws, with illegal alcohol for 10 years

66
Q

Responce of Gov. to organised crime

A

Homer Cummings, Atorney General, declared war on crime 1933

67
Q

FBI

A

J.Edgar Hoover
1935 named FBI
> forensic lab 1932
>’G-Men’ -> hollywood idolised them

> Machine Gun Kelly- arrested 1933
John Dillinger -> shot 1934 outside cinema after escaping prison x2
Alvin Karpis from Barker Karpis Gang arrested 1936

68
Q

myths of organised crime

A

> defeated by Eliot Ness and his Untouchables

> Dillinger, Kelly and Karpis were landmark events

69
Q

reality of organised crime

A

> no clear victory
end of prohibiton = gangs harder to catch
Al Capone arrested for tax evasion not charged for murder by Inland Revenue Service not FBI
organised crime was still very powerful

70
Q

why was the fight organised crime so difficult

A

> restricted money to FBI compared to gang money
bribery and corruption
Murder, robbery and host came under state law not FBI = corruption and could cross state borders

AS Level Am History (4 decks)

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