Chapter 23: The Great Depression

A set of flashcards covering key terms and concepts related to Chapter 23: The Great Depression.

Black Tuesday

October 29, 1929, the day stock market prices collapsed, leading to widespread economic impact.

Great Depression

A decade-long economic downturn from 1929 to 1939 caused by systemic flaws in the U.S. economy.

Hawley-Smoot Tariff

The highest tariff in American history enacted in 1930, aimed to protect domestic industries but worsened the economic depression.

Reconstruction Finance Corporation

A government agency that provided financial support to banks and businesses during the Great Depression.

Hoovervilles

Makeshift shantytowns established by homeless individuals during the Great Depression, named derogatorily after President Hoover.

The Dust Bowl

A severe drought and ecological disaster in the 1930s that caused widespread agricultural damage and displacement.

Keynesian Economics

Economic theory advocating for government intervention to stabilize the economy, particularly during downturns.

Rugged Individualism

Hoover's belief that individuals should rely on their own efforts rather than on government assistance to recover from economic hardship.

The Bonus Army

A group of WWI veterans who protested in 1932 for early payment of their bonuses, ultimately met with federal force.

Voluntarism

Hoover's approach emphasizing voluntary action by charities and local communities rather than direct government intervention.