Great Depression/New Deal Study Guide

A set of vocabulary flashcards covering key concepts and terms related to the Great Depression and the New Deal.

Capitalism

An economic system where a country's trade and industry are controlled by private owners for profit.

Herbert Hoover

Was blamed for the depression and was highly optimistic.

Black Thursday

October 24, 1929; massive panic, 'bubble burst'.

Margin buying

Put down 10%, borrow the remaining 90%.

Black Tuesday

December 29, 1929; the day that the market collapsed.

Communism

A political theory leading to a society where all property is publicly owned and each person works and is paid according to their abilities.

Gross national product

Overall production of economy.

Great Depression

Severe economic crisis marked by massive unemployment, bank failures, falling wages, and a decline in trade.

Business cycle

Pattern of economic expansion that an economy goes through over time; periods of growth, peak, decline, and recovery.

Smoot-Hawley Tariff

A 1930 U.S. tariff that raised tariffs on thousands of imported goods to protect American industries.

Breadlines

Lines of people waiting to receive free food, especially bread; reflected widespread unemployment and poverty.

Shantytowns

Makeshift communities of crudely built shelters made from scrap materials, where homeless and unemployed people lived.

Rugged Individualism

Belief that people should rely on their own hard work and self-sufficiency rather than depending on government assistance.

Volunteerism

The practice of people freely offering their time and services to help others support community needs.

Franklin D. Roosevelt

The 32nd president of the US who led the country through the Great Depression and WWI; creator of the New Deal.

Reconstruction Finance Corporation

Provided financial support to banks, industries, and local governments.

Bonus Army

In 1932, WWI veterans took over federal buildings demanding money promised from wartime service.

Bank Holiday

A temporary nationwide closure of banks ordered by FDR.

Home Owners Loan Corporation (HOLC)

Loaned money to homeowners to refinance mortgages.

Agricultural Adjustment Association (AAA)

Paid farmers to reduce crop production.

New Deal

A series of programs and reforms aimed at providing relief, recovery, and reform.

Tennessee Valley Authority (TVA)

Provided cheap power to impoverished regions through hydropower.

Federal Deposit Insurance Corporation (FDIC)

Insurance for deposits in banks.

Civilian Conservation Corps (CCC)

Provided jobs to young men and allowed them to send money home to families.

Securities and Exchange Commission (SEC)

Regulated the securities market.

John Maynard Keynes

British economist known for his ideas on government stimulus to recover economies.

Polio

A disease that Franklin Roosevelt suffered from, leading to paralysis and confinement to a wheelchair.

National Industrial Recovery Act (NIRA)

Established the National Recovery Administration (NRA) and Public Works Administration (PWA).

National Youth Association (NYA)

Provided job training and opportunities for young men.

Social Security Act

Taxed working individuals to provide payments to the elderly.

Wagner-Connery Act

Gave people the right to form labor unions.

Works Progress Administration (WPA)

Employed people to carry out public works projects.

Dust Bowl

The worst drought in American history caused by overfarming.

Dorothea Lange

An American photographer known for powerful images during the Great Depression, including 'Migrant Mother.'