Glossary of Terms for Prosperity and Decline

A collection of vocabulary terms and their definitions relevant to the concepts of prosperity and decline.

assembly plant

A factory in which cars, machines, or other products are put together.

bank run

An event in which many customers take their money out of banks for fear that the banks will fail.

bootlegger

Someone who supplies illegal alcoholic beverages.

celluloid film

Flexible, transparent plastic film on which images are recorded.

clear-cut

To cut down all the trees in an area.

company town

A town that is completely dependent on a single firm for employment, housing, stores, and other necessities.

confiscate

To seize for the public treasury.

corporate bond

A certificate from a business that promises interest paid on a loan.

environmental footprint

The effect that an activity, person, or company has on the environment.

Federal Reserve

The central bank of the United States.

foreclose

To seize, or take, a property because of failure to pay a loan.

gangster

A member of a criminal organization.

gate

A moveable barrier to control the flow of water through a channel.

gross domestic product (GDP)

The value of all goods and services produced in one country during a specific period, usually a year or part of a year.

impeach

To charge an officeholder with misconduct.

levee

A wall or barrier built to prevent flooding.

modernity

The state of being modern or up-to-date.

moving assembly line

A mechanical system in which a product moves through stages and workers each add a different part to it.

political machine

An elite group that controls the actions of a political party.

populist

Supporting the rights and power of the people.

prime interest rate

The base rate of money charged by a bank for a loan.

prohibition

The prevention of something, such as the sale of alcoholic beverages.

renaissance

A time of intense cultural and artistic rebirth.

salon

A fashionable gathering of creative people held at the home of a prominent person.

sector

A part or division.

social welfare

A nation’s system for providing assistance to those in need.

speakeasy

A nightclub where illegal beverages are sold.

spillway

A channel to direct an overflow of water.

stock market crash

A rapid and severe drop in stock prices.

subsidy

Financial assistance given by a government to a person, group, or company.

suffrage

The right to vote.

switchboard

A panel on which switches or other connectors are used to complete electrical circuits.

tariff

A system of fees placed on imported goods.

tax exemption

Immunity from paying tax on certain income.

ticker-tape parade

A parade held in a city in which decorative shredded paper is thrown onto the parade route.

tributary

A stream that flows into larger streams, rivers, or bodies of water.

virgin forest

An old-growth forest in its natural state.