USH: Unit 5 Vocabulary/People

Business Cycle

The natural rise and fall of the economy between growth and recession.

Black Tuesday

October 29, 1929, when the stock market crashed, starting the Great Depression.

Margin buying

Buying stocks with borrowed money, risky because losses could be huge.

Speculation

Investing in stocks hoping to get quick profits, often ignoring risks.

Bank run

When many people withdraw money at once, causing banks to fail.

Hawley-Smoot Tariff

1930 law raising tariffs, worsening the Great Depression by reducing trade.

Great Depression

Severe worldwide economic downturn in the 1930s.

Dust Bowl

1930s drought in the Midwest causing massive dust storms and crop failure.

Okies

Farmers and families from Oklahoma who moved west during the Dust Bowl.

Grapes of Wrath

Novel by John Steinbeck about Okies fleeing the Dust Bowl.

Hoovervilles

Shantytowns built by homeless people, named to criticize Hoover.

Bread Line

Place where people lined up for free food during the Depression.

Migrant Mother (photo)

Famous photo by Dorothea Lange showing Depression-era poverty.

Deserving poor

People seen as needing help through no fault of their own.

Rugged Individualism

Hoover’s idea that people should succeed through hard work, not government aid.

Public works project

Government-funded construction to create jobs and improve infrastructure.

Reconstruction Finance Corp.

Hoover program lending money to banks/businesses to fight Depression.

Trickle-down economics

Idea that giving money to businesses/wealthy benefits everyone.

Hoover Dam

Massive dam project providing jobs and electricity during Hoover’s presidency.

Bonus Army

WWI veterans who marched for early bonus payments; violently removed.

First New Deal

FDR’s early programs (1933

The 3 R’s

Relief (help poor), Recovery (revive economy), Reform (prevent future crises).

Fireside Chats

FDR’s radio talks reassuring the public about government actions.

Glass-Steagall Banking Act

1933 law separating commercial and investment banking.

Emergency Banking Act

1933 law restoring confidence in banks after closures.

Federal Deposit Insurance Corp. (FDIC)

Agency insuring bank deposits to prevent runs.

Civilian Conservation Corps (CCC)

Jobs program for young men in conservation work.

Securities & Exchange Commission (SEC)

Regulates stock market to prevent fraud.

Tennessee Valley Authority (TVA)

Program building dams and electricity in Tennessee Valley.

Agricultural Adjustment Act (AAA)

Paid farmers to reduce crops to raise prices.

National Industrial Recovery Act (NIRA)

Encouraged businesses to set fair wages/prices.

Federal Housing Act (FHA)

Encouraged home loans and affordable housing.

Deficit spending

Government spending more than it collects in taxes to boost economy.

Keynesian economics (“pump-priming”)

Idea that government spending helps revive economy.

Second New Deal

FDR’s 1935 programs focusing on long-term reforms and social welfare.

Works Progress Administration (WPA)

Created millions of jobs in construction, arts, and education.

Social Security Act

1935 law giving retirement, disability, and unemployment benefits.

Rural Electrification Act

Brought electricity to rural areas in the 1930s.

National Labor Relations Act (“Wagner Act”)

Protected workers’ right to unionize and bargain.

National Labor Relations Board

Enforces labor laws and mediates disputes between workers and employers.

Fair Labor Standards Act

Set minimum wage, maximum hours, and child labor limits.

Court packing

FDR’s failed plan to add Supreme Court justices to support New Deal laws.

John Steinbeck

Author of Grapes of Wrath, wrote about Depression struggles.

Woody Guthrie

Folk singer writing songs about Dust Bowl and poor Americans.

Yip Harburg

Lyricist writing songs highlighting social issues during Depression.

Herbert Hoover

President at start of Depression; favored limited government aid.

Franklin D. Roosevelt

President who created the New Deal to fight the Depression.

Francis Townsend

Proposed pension plan for elderly, inspiring Social Security.

Charles Coughlin

Radio priest criticizing banks and FDR’s policies.

Huey Long

Senator who proposed “Share Our Wealth” to redistribute wealth.

Frances Perkins

First female Cabinet member; Secretary of Labor under FDR.

Dorothea Lange

Photographer documenting Depression, including Migrant Mothe