The 1929 Crisis and Its Global Impacts

Vocabulary flashcards covering key concepts, events, and economic policies related to the Great Depression of 1929 and its aftermath.

Black Thursday

October 24, 1929, the day the Wall Street Stock Exchange crashed as over 10 million shares were put up for sale without finding buyers, triggering a global depression.

Roaring Twenties

The decade of the 1920s in the United States, marked by high economic prosperity, widespread credit-based consumption, and heavy stock market speculation.

Speculation

The practice of purchasing stock shares with the intention of making quick financial profits upon their resale.

Capitalism

An economic system based on the accumulation of capital (such as factories, land, and real estate) to generate profit and continually increase capital.

Communism

An economic and political system that advocates for the abolition of private property and the collective ownership of the means of production.

Globalization

The complex interconnection of territories, which facilitated the global spread of the 1929 US financial crisis when American capital was repatriated.

Protectionism

A state commercial policy aimed at limiting imports to safeguard national industries from foreign competition during economic downturns.

New Deal

The policy launched by US President Franklin D. Roosevelt to relaunch the American economy through public works, agricultural price supports, and social protection.

Keynesianism

An economic policy advocated by John Maynard Keynes that promotes active and strong state intervention in the economy.

Welfare State

A state system that intervenes to protect its citizens against life risks, providing measures like unemployment insurance and retirement pensions.

Liberal Policy

An economic approach characterized by minimal state intervention in the economy, as exemplified by the United Kingdom during the 1930s.

Popular Front

An alliance of French left-wing parties and the Radical Party that won the May 1936 legislative elections and pushed back against far-right threats.

Matignon Accords

Agreements signed on June 7, 1936, between worker unions, employer unions, and Léon Blum's government, securing wage increases of 7% to 15% and worker representation.

Social Reforms of June 1936

French legislation passed on June 20, 1936, introducing two weeks of paid annual leave and establishing a 40-hour maximum workweek.