Great Depression, 1929-1932 Lecture Study Guide

A set of vocabulary flashcards covering key terms and concepts related to the Great Depression.

Great Depression

A severe worldwide economic downturn that lasted from 1929 to 1932.

Black Tuesday

The stock market crash on October 29, 1929, marking the beginning of the Great Depression.

Underconsumption

A situation where consumer demand is insufficient to purchase the goods and services produced.

Hoovervilles

Makeshift shantytowns inhabited by the homeless during the Great Depression.

Associationalism

Hoover’s belief that the government should advise businesses rather than directly intervene in the economy.

President's Organization on Unemployment Relief (POUR)

An initiative to coordinate relief efforts for the unemployed during the Great Depression.

Reconstruction Finance Corporation

A government agency created in 1932 to provide loans to corporations and banks to stimulate the economy.

Economic collapse

A major downturn in economic activity leading to widespread unemployment and hardship.

Discriminatory hiring practices

Workplace policies that favor certain races or genders over others in employment.

Deteriorating job conditions

The worsening of work environments, including shorter hours, lower pay, and increased workloads.

Four pillars of Hoover’s philosophy

1) No direct federal relief, 2) No government regulation of business, 3) Not a laissez-faire advocate, 4) Advocacy for associationalism.

Soup kitchens

Charitable organizations that provided free meals to those in need during the Great Depression.

Economic recession of 1929

Part of the business cycle where a significant decline in economic activity occurs, marked by the stock market decline.

Farm strikes

Actions taken by agricultural workers to protest against poor working conditions and low wages.

Unemployed Councils

Organizations formed to advocate for the rights and needs of unemployed individuals during the Great Depression.

Incomes decline

The significant reduction in earnings experienced by workers, dropping by as much as 50% by 1932.

Government construction projects

Public works initiatives launched to create jobs and stimulate economic activity during the Depression.

Increased taxes

Measures taken by the government to balance budgets, which were a part of Hoover's policies during the Depression.

Radical responses

Extreme measures taken by farmers and workers, such as protests and strikes, in response to their economic challenges.

Fear by 1932 election

Many Americans feared instability and worsening economic conditions as they approached the presidential election.

Weak industries

Sectors of the economy that were already struggling prior to the Depression, such as agriculture, textiles, and mining.