Mass Culture and the Great Depression

These flashcards cover key concepts related to mass culture and events leading to the Great Depression, including significant figures and economic factors.

What was mass culture in the early 20th century characterized by?

Mass culture was characterized by shared clothing, music, literature, and the popularity of radio broadcasting.

What was the significance of NBC in American mass culture?

NBC was the nation's first network, playing a crucial role in broadcasting music, news, and sporting events.

What was the impact of sports broadcasting on society?

Sports broadcasting led to the emergence of sports stans and allowed people to widely follow their favorite teams.

What type of advertisements emerged on radio during this period?

Soap opera ads, promoting cleaning products, emerged on radio.

What was Charles Ponzi known for?

Charles Ponzi was known for his investment scheme promising high returns, which ultimately led to his arrest and business downfall.

What was the Great Bull Market?

The Great Bull Market was a period when the stock market boomed and the Dow Jones doubled in value every year.

What happened to the stock market on 10/28/1929?

The stock market crashed as numerous people wanted to sell their stocks but there were no buyers.

What was one consequence of the Great Crash of 1929?

The Great Crash of 1929 resulted in a loss of 89% of the stock market's value by 1932.

What characterized the banking crisis during the Great Depression?

Banks had made loans that could not be repaid, leading to numerous bank failures except in Delaware.

What was the unemployment rate during the Great Depression?

Unemployment rose to 25%, significantly affecting half of African-Americans.

What is underconsumption?

Underconsumption occurs when factories produce more goods than consumers are able or willing to buy.

Define monetary crisis in the context of the Great Depression.

A monetary crisis involved issues such as the discount rate, open market operations, and changes in the bank/reserve ratio that contributed to economic trouble.