us history: ww2 Flashcards
deflation
decrease in general price of goods and services
price support
gov would buy surplus crops at guaranteed prices and sell them on world market
credit
borrow money now and repay it later
Alfred E. Smith
career politician, governor of NY, opponent for president
Dow Jones Industrial Average
measure based on prices of stocks of 30 largest companies, stock market health
buying on margin
pay small % of stock price as down payment, borrowing the rest
black tuesday
October 29th, stock prices fell sharply
great depression
1929-1940, economy in severe decline, millions of people unemployed
hawley-smoot tariff act
highest protective tariff, protection from foreign competition, had the opposite effect
shantytown
a neighborhood in which people live in makeshift shacks, “hoovervilles”
dust bowl
Kansas, Colorado, NM, Nebraska, Dakotas, Oklahoma, TX, drought hit great plains, more than 7 yrs
direct relief
giving money/food by government directly to people, NYC=2.39 weekly per family
Herbert Hoover
president during the great depression
boulder dam
-construction of a dam on Colorado river
-finance it by using profits from sales of electric power that dam generated
-agreement on water rights, river basin
-made jobs “American pyramid”
federal home loan act
-1931
-lower home mortgage rates and allowed farmers to refinance loans
reconstruction finance corporation
-1932
-provide emergency finance to banks
-life insurance
-companies, railroads, large business
-trickle down to average citizen
-business failures continued
bonus army
-ww1 vets and families in DC=bonus expeditionary force
-supported patman Bill=bonus to vets who hadn’t been compensated
-hoover disbanded them
-he thought they were communists
what action did Hoover take to remedy the depression?
-gov agencies
-indirect relief through states
-no federal money for direct help, believed it would damage public morale
why was Hoover reluctant to help?
-believed that aid would cause people to lose their incentive to work
Franklin Delano Roosevelt
-2 term governor of NY
-cousin of former president Theodore roosevelt
-“can do” attitude=victory
New Deal
-program to alleviate problems from depression, financial reform
Glass-Steagall
-1933 law
-established fed deposit Insurance corp to protect bank accounts
Federal Securities Act
-may 1933
-corporations must provide complete info on all stock, liable for misrepresentations
-no “rigging”
Agricultural Adjustment Act (AAA)
-raise crop prices by paying farmers to leave a certain amount of lands unplanted, lowering production
Civilian Conservation Corps (CCC)
-part of new deal
-put young unemployed men to work building roads, parks, trees, flood control
National Industrial Recovery Act (NIRA)
-provided money to states
-jobs to create schools and community buildings
-NRA=set prices of products and standards, right to unionize
deficit spending
spending more money than it receives in revenue
-stimulated economic recovery
Huey Long
-senator CA
-share-our-wealth
-something for everyone
Hundred Days
-needed to establish american’s confidence
-expanded fed gov role in lives
-change relationship between fed and state gov
Which New deal programs provided relief for farmers and workers?
Agricultural Adjustment Act
Why was the FERA a dramatic departure from the Hoover administration policies?
-help needy, provide direct relief rather than being cautious like Hoover
Dorthea Lange
-photographer
-documented American life during depression and new deal
-spent time getting to know migrant workers
-polio as a child, helped her connect
Eleanor Roosevelt
-used her influence in democratic national committee
-universal declaration of human rights
Works Progress Administration (WPA)
-agency in 2nd new deal
-provided jobs, construction, garment making, teaching, arts
-henry Hopkins, former FERA
National Youth Administration (NYA)
-2nd new deal
-provided young with aid and employment
-in exchange students worked part time at school
Wagner Act
-protect workers right to unionize
-collective bargaining with employers
-no unfair labor practices
Social Security
-1935
-provide aid to retirees, unemployed, disabilities, families with dependent children
What was the second new deal, why did FDR launch second hundred days?
-unemployment remained
-provided more extensive relief
Federal Deposit Insurance Corporation
-insure and protect bank depositors’ funds against loss in the event of a bank failure
National Labor Relations Board
-protects the rights of private sector employees to join together, with or without union
-collective bargaining
Securities and Exchange Commission
-restore investor confidence in capital markets by providing investors and the markets with more reliable information
Joseph Stalin
-communist state for agricultural and industrial growth
-no private, large gov owned farms
-all econ activity=placed under state management
-eliminate anyone who threatened power, 8-13 mil deaths, famines
-russia
Totalitarian
-gov has complete control over citizens