unit 5 history

great depression

Sick Economy

Economic downturn marked by industry struggles.

Agricultural Decline

Farmers lost land post-WWI due to price drops.

Consumer Spending

Decreased due to stagnant wages and rising prices.

Uneven Wealth Distribution

Most Americans couldn't afford new economy participation.

Herbert Hoover

Republican president during the onset of the Depression.

Alfred Smith

First Roman Catholic presidential nominee in 1928.

Speculation

Investors bought stocks hoping for quick profits.

Buying on Margin

Purchasing stocks with borrowed funds.

Black Tuesday

October 29, 1929, stock market crash event.

Great Depression

Severe worldwide economic downturn starting in 1929.

Hawley Smoot Tariff

Highest US tariff, reduced world trade by 40%.

Bank Failures

Many banks closed after massive withdrawals.

Unemployment Rate

25% of Americans unemployed by 1933.

Overproduction

Excessive production leading to job losses.

Federal Reserve Mistakes

Failed to raise interest rates during economic boom.

Hoover Dam

Major project providing electricity and water supply.

Hoovervilles

Shantytowns named after President Hoover.

Federal Home Loan Bank Act

Lowered mortgages to help struggling homeowners.

RFC

Reconstruction Finance Corporation provided $2 billion loans.

Bonus Army

WWI veterans marched for promised bonuses.

FDR

Franklin Delano Roosevelt, president during the Depression.

New Deal

FDR's programs aimed at economic recovery.

Fireside Chats

Radio broadcasts to communicate directly with Americans.

Wagner Act

Protected workers' rights to unionize.

Social Security Act

Established social welfare programs for citizens.

Cultural Impact of the 1930s

Films and literature reflected struggles of the era.

WPA

Works Progress Administration funded public art projects.

New Deal Legacy

Established government responsibility for social welfare.