The Great Depression and Its Impact

A collection of flashcards for reviewing key concepts related to the Great Depression and its socio-economic impacts, including events, statistics, and notable terminology.

What year did the stock market crash that initiated the Great Depression occur?

1929

What was President Hoover's belief about government intervention in the economy?

He believed in "Rugged Individualism" and that people should take care of themselves without depending on government handouts.

What was the main cause of the Great Depression according to the notes?

The stock market crash of 1929 led to a lack of investor confidence, resulting in a drastic drop in stock prices.

What were "Hoovervilles"?

Shantytowns built by the homeless during the Great Depression, named to express disdain for President Hoover.

What legislation did President Hoover request to help provide funding for borrowers?

The Reconstruction Finance Corporation.

What was one condition that exacerbated the Dust Bowl during the Great Depression?

Drought combined with high winds and overproduction of crops.

What term refers to people who traveled around the country looking for work during the Great Depression?

Hobos.

How did the unemployment rate change from 1929 to 1933?

It rose from 3% to 25%.

What was the purpose of soup kitchens that emerged during the Great Depression?

To provide free meals, primarily soup and bread, to the needy.

What were some consequences of the bank runs following the stock market crash?

Many banks collapsed, resulting in lost savings for depositors.

What did the Bonus Army want during their march in 1932?

They wanted the early payment of a $1000 bonus promised to WWI veterans.

How many banks failed in the United States by 1933?

11,000 out of 25,000 banks.

What was the economic impact of the stock market crash on the Gross National Product (GNP) between 1928 and 1932?

It fell nearly 50%.

What was the 'Black Tuesday'?

October 29, 1929, the day when stock prices fell drastically leading to massive financial loss.

What effect did the Great Depression have on consumer spending?

Consumer spending plummeted, contributing to the economic downturn.

What animal was often depicted as a symbol of the hardship of the Great Depression in shantytowns?

Hoover Hound.