Roaring 20s + Great Depression

12.4, 13.1, 13.2 & 13.3

Inflation

Rising prices

Creditor nation

Country which is owed more money by other countries than it owes other countries

Henry ford

1863-1947. American businessman, founder of Ford Motor Company, father of modern assembly lines.

Mass production

Production of goods in large numbers through the use of machinery and assembly lines

Model T

Automobile manufactured by Henry Ford to be affordable on the mass market

Scientific Management

Approach to improving efficiency. Trying to find ways to reduce time, effort, and expense.

Assembly line

Arrangement of equipment and workers in which work passes from operation to operation in direct line until the product is assembled

Consumer Revolution

A flood of new affordable goods became available to the public

Installment buying

method of purchase in which buyer makes a small down payment and then pays off the rest of the debt in regular monthly payments

Bull market

a period of rising stock prices

Buying on margin

the purchasing of stocks by paying only a small percentage of the price and borrowing the rest

Bussiness cycle

periodic growth and contraction of the economy

Gross National Product

the total value of goods and services produced by a country during a year

Herbet Hoover

Widley was criticized for ineffectiveness during great depression

Speculation

Practice of making high-risk investments in hopes of obtaining large profits

Black Tuesday

October 29, 1929; the day the stock market crashed

Great Depression

A period, lasting from 1929 to 1940, in which the U.S. economy was in decline, and millions of Americans were unemployed

Hawley-Smoot Tariff

Protective tax on imports enacted by Congress in 1930.

Bread lines (Great Depression)

Line of people waiting for food handouts from charities or public agencies

Hooverville

Term used to describe makeshift shantytowns set up by homeless people during the Great Depression

Tenet Farmers

A person who farms rented land.

Dust Bowl

Term used for the central and southern Great Plains during the 1930s

Okies

general term used to describe Dust Bowl refugees

Repatriation

process by which government officials return persons to their country of origin

localism

Policy relied on by President Hoover in the early years of the Great Depression whereby local and state governments act as primary agents of economic relief

Reconstruction Finance Corporation

Federal agency set up by Congress in 1932 to provide emergency government credit to banks, railroads, and other large businesses

Trickle Down Economics

economic theory that holds that financial benefits given to banks and large businesses will trickle down to smaller businesses and consumers

Hoover Dam

Dam on the Colorado River that was built during the Great Depression

Franklin Rosevelt

Elected president in 1932. He led the nation through the great depression and world war 11 before dying in office 1945

Fireside Chats

The informal radio conversations Roosevelt had with the people to keep spirits up. It was a means of communicating with the people on how he would take on the depression.

New deal

Program of President Franklin D. Roosevelt and legislation during the great deppression to promote ecnomic recovery and social reform

Emergency Banking Act

A law passed by legislation that gave the President power over the banking system and set up a system by which banks would be reorganized or reopened

Glass-Steagall Banking Act

this gave the President the power to regulate banking transactions and foreign exchange

Federal Deposit Insurance Corporation

government agency created during the New Deal that insures bank deposits, guaranteeing that depositors' money will be safe

Securities and Exchange Commission

an independent agency of the government that regulates financial markets and investment companies

Banking Act of 1935

The New Deal law passed in 1935 strengthened the Federal Reserve's control over the banking system and made federal deposit insurance permanent.

Agricultural Adjustment Act

Gave farmers money to reduce crop size to reduce production and bring up the value of crops

Rural Electrification Administration

An agency established in 1935 to promote nonprofit farm cooperatives that offered loans to farmers to install power lines.

Civilian Conservation Corps (CCC)

New deal program that provided young men with relief jobs on environmental conservation projects. including reforestation and flood control

Tennessee Valley Authority

government agency created during the New Deal to build dams in the Tennessee River valley to control flooding and generate electric power

Federal Emergency Relief Administration

A new ideal agency in 1933 that provided federal money to states to help the unemployed and struggling americans during the great depression

Publics Works Administration

New Deal agency provided millions of jobs constructing public buildings as well as airports, dams, and bridges.

Federal Housing Administration

1934, a new deal agency that insured home loans to make it easier for Americans to buy or repair homes and helped revive the housing industry

Wagner act

New Deal law that abolished unfair labor practices, recognized the right of employees to organize labor unions, and gave workers the right to collective bargaining

Social Security Act

1935 law that set up a pension system for retirees, established unemployment insurance, and created insurance for victims of work-related accidents. It also provided aid for poverty-stricken mothers and children, the blind, and the disabled

Works Progress Administration

Key New Deal agency that provided work relief through various public-works projects