final The Great Depression and the New Deal (1929-1939)

These flashcards cover key concepts, facts, and figures related to the Great Depression and the New Deal from 1929 to 1939, facilitating better understanding and retention of the material.

What was one major cause of the Great Depression according to economists?

The unequal distribution of income, where the top 5% earned over 33% of all income.

What event is referred to as Black Tuesday?

The stock market crash on October 29, 1929.

What was the outcome of the Hawley-Smoot Tariff of 1930?

It raised tariffs on imports, leading to retaliatory tariffs from other countries and further weakening international trade.

Which agency was created by the Reconstruction Finance Corporation (RFC) in 1932?

A federally funded corporation to provide emergency loans to banks, railroads, and other financial institutions.

What did the Emergency Banking Relief Act do in 1933?

It allowed the government to examine the finances of closed banks and reopen those deemed sound.

What was one of the most notable programs initiated during the New Deal to provide jobs?

The Works Progress Administration (WPA), which employed millions on public works projects.

What was the significance of the Social Security Act of 1935?

It established a federal insurance program based on the collection of payments from employees and employers.

What was the primary goal of the National Recovery Administration (NRA)?

To set fair prices and standards for industries, as well as protect workers' rights to organize.

How did the Great Depression affect the American population's psyche according to the notes?

It led to a pervasive 'depression mentality' characterized by insecurity and economic concern.