The Great Depression

These flashcards cover key terms and concepts related to the causes and responses to the Great Depression.

Unequal Distribution of Wealth

The wealth in America was not evenly distributed, with 200 companies controlling 49% of American industry and 80% of Americans having no savings.

Postwar Adjustments

European nations owed massive debts to the US, impacting the financial crisis when they could not purchase US goods.

Overproduction in Industry

The production of new items in the 1920s increased alongside stagnant wages, leaving workers unable to afford these goods.

Dust Bowl

A period of severe dust storms in the 1930s caused by drought and agricultural overworking, affecting farming and causing hardship.

Buying on Margin

A practice in which investors buy stocks by borrowing money, increasing risk and debt amongst common Americans.

FDR's New Deal

A series of programs designed to provide relief, recovery, and reform in response to the Great Depression.

Civilian Conservation Corps (CCC)

A New Deal program that provided jobs for young men in conservation projects.

Securities and Exchange Commission (SEC)

A government agency created to regulate the stock market and protect investors.

Social Security Act (SSA)

Legislation that provided various forms of insurance for the elderly, unemployed, and vulnerable populations.

Huey Long's 'Share-Our-Wealth'

A proposed plan to limit individual wealth and distribute funds to provide all families with a home and annual income.

Who was Franklin D. Roosevelt (FDR)?

Franklin D. Roosevelt served as the 32nd President of the United States from 1933 to 1945 and was pivotal in creating the New Deal in response to the Great Depression.

What was Herbert Hoover's approach to the Great Depression?

Herbert Hoover, the 31st President, favored limited government intervention and relied on voluntary measures, which many viewed as ineffective during the Great Depression.

What were the primary objectives of the New Deal?

The New Deal aimed to provide immediate relief for the unemployed, facilitate economic recovery, and implement reforms in the financial system to avert future economic crises.

What is the purpose of the Civilian Conservation Corps (CCC)?

The CCC was a New Deal program designed to employ young men in environmental initiatives, including reforestation and infrastructure development, providing job training and wages.

What did the Social Security Act of 1935 establish?

The Social Security Act created a federal program to offer old-age benefits and unemployment insurance, marking a significant expansion of government involvement in social welfare.

What was the function of the Tennessee Valley Authority (TVA)?

The TVA was established to provide navigation, flood control, and electricity generation, as well as spur economic development in the Tennessee Valley region.

What were some criticisms leveled against the New Deal?

Critics argued that the New Deal expanded federal power too much, fostered dependency on government assistance, and initially failed to effectively address the economic downturn.

How did FDR's Fireside Chats impact American citizens?

FDR's Fireside Chats were radio addresses that helped him communicate directly with the populace, instilling a sense of hope and confidence amid the economic challenges.

What was the purpose of the Public Works Administration (PWA)?

The PWA was a New Deal program aimed at reducing unemployment and stimulating the economy through large-scale public works projects, such as the construction of bridges and schools.

What was the role of the Works Progress Administration (WPA)?

The WPA was a New Deal agency that provided millions of jobs to the unemployed, focusing on public projects including roads, buildings, and arts initiatives.

What was the Federal Deposit Insurance Corporation (FDIC)?

The FDIC was established to provide deposit insurance to protect bank depositors, restoring trust in the banking system after widespread failures.

What did the Securities and Exchange Commission (SEC) do?

The SEC was created to regulate the stock market and protect investors, aiming to prevent the kind of speculation that contributed to the 1929 market crash.

What is the purpose of the National Recovery Administration (NRA)?

The NRA was designed to stimulate industry and labor by establishing fair practices, setting prices, and promoting collective bargaining.