7.4 - Economy of the Interwar Period

Great Depression

Worldwide economic collapse of the 1930s marked by unemployment, falling production, and financial crisis

Inflation

A general rise in prices

John Maynard Keynes

A British economist who rejected laissez-faire and created Keynesian Economics

Keynesian Economics

Theory that governments should increase spending and demand during economic downturns

Deficit spending

Spending more than a government takes in

Franklin D. Roosevelt

The president of the United States that attempted to address the Great Depression through the New Deal

New Deal

Roosevelt's program of relief, recovery, and reform through federal intervention in the economy

New Economic Plan (NEP)

An attempt to remedy the Russian economy by instituting a temporary retreat from communist economic policies, by Lenin

Five-Year Plan

Stalin's state-directed economic programs for rapid industrialization through production quotas and centralized planning

Collectivized agriculture

A process in which farmland was taken from private owners and given to collectives to manage

Kolkhoz

A collective, or a group of peasants who freely joined together to farm a certain portion of land

Gulags

A Soviet labor camp where prisoners were sent for punishment and forced work

Holodomor

A devastating famine in Soviet Ukraine caused by Stalin's agricultural policies

Institutional Revolutionary Party (PRI)

Mexican political party that dominated government and promoted state-led economic reform in the twentieth century

Lázaro Cárdenas

Mexican president who expanded land reform and nationalized the oil industry in 1938

Fascism

A far-right, authoritarian, and ultranationalist political ideology characterized by dictatorial power, forcible suppression of opposition, and extreme regimentation of society and the economy

Corporatism

A theory based on the notion that the sectors of the economy are seen as separate organs of the same body

Totalitarian state

A state in which the government controls all aspects of society

Spanish Civil War

A civil war in Spain between the forces of democracy and fascism

Popular Front

A coalition of left-wing parties that were elected to lead the Spanish government

Francisco Franco

The leader of the Nationalist during the Spanish Civil War

Nationalists

The insurgents of the Spanish Civil War, led by Francisco Franco

Republicans//Loyalists

The defenders of the newly elected Spanish republic in the Spanish Civil War