Economic Developments and Social Changes during the Great Depression and the 1920s

These flashcards outline the key vocabulary terms and definitions from the lecture on economic developments and social changes during the Great Depression and the 1920s.

Inflation

The rise in prices of goods and services.

Creditor Nation

A country that is owed more money by other countries than it owes.

Ford, Henry

Founder of the Ford Motor Company and pioneer of assembly line production.

Mass Production

The production of goods in large quantities through machinery and assembly lines.

Model T

An affordable automobile manufactured by Henry Ford.

Scientific Management

An approach to improving efficiency by optimizing manufacturing processes.

Assembly Lines

An arrangement of equipment and workers for the sequential assembly of a product.

Consumer Revolution

A period of increasing availability of affordable goods after World War I.

Installment Buying

A purchasing method involving small down payments and regular monthly payments.

Bull Market

A period marked by rising stock prices.

Buying on Margin

Buying stocks by paying a small percentage and borrowing the rest.

Business Cycle

The periodic expansion and contraction of economic activity.

Hoover, Herbert

The 31st President of the United States during the onset of the Great Depression.

Speculation

High-risk investment practice aiming for substantial profits.

Great Depression

A severe worldwide economic downturn that lasted from 1929 to 1941.

Hawley-Smoot Tariff

A protective tax on imports enacted in 1930 to protect domestic industry.

Bread Line

A line of people waiting for food assistance during economic hardship.

Hooverville

Makeshift shantytowns built by homeless during the Great Depression.

Tenant Farmer

A farmer who rents land from a landowner.

Dust Bowl

A period of severe drought in the 1930s affecting the Great Plains.

Okies

Refugees from the Dust Bowl seeking better opportunities.

Repatriation

The process of returning people to their country of origin.

Localism

Hoover's policy advocating for local and state governments to manage relief efforts.

Trickle-down Economics

An economic theory suggesting benefits for big businesses will ultimately benefit society.

Hoover Dam

A major dam built during the Great Depression to create jobs and provide hydroelectric power.

Fireside Chats

Informal radio broadcasts by FDR explaining his policies to Americans.

Black Tuesday

The stock market crash on October 29, 1929 that marked the beginning of the Great Depression.

New Deal

FDR's series of programs and reforms to combat the Great Depression.

Reconstruction Finance Corporation (RFC)

A federal agency established to provide emergency credit to struggling banks and businesses.

Federal Deposit Insurance Corporation (FDIC)

A New Deal agency that insures bank deposits to protect depositors.

Civilian Conservation Corps (CCC)

A New Deal program providing work relief through conservation projects.

Tennessee Valley Authority (TVA)

A New Deal agency aimed at restoring the Tennessee Valley through infrastructure projects.

Public Works Administration (PWA)

A New Deal agency that constructed public buildings to create jobs.

Wagner Act

Legislation that recognized labor rights and abolished unfair labor practices.

Social Security Act

A 1935 law establishing a pension system and providing assistance to those in need.

Emergency Banking Act

Legislation allowing government inspection of banks to restore public confidence in the banking system.

Rural Electrification Administration (REA)

Agency established to provide electricity to rural areas.

Federal Emergency Relief Administration (FERA)

New Deal program providing direct relief and work relief during the Great Depression.

Glass-Steagall Act

Legislation separating commercial and investment banks to stabilize the financial system.

Securities and Exchange Commission (SEC)

Agency regulating the securities industry and protecting investors.

Banking Act of 1935

Law reforming the Federal Reserve System to centralize monetary control.

National Industrial Recovery Act (NIRA)

A New Deal law aimed at industrial recovery through fair competition codes.

Agricultural Adjustment Act (AAA)

A 1933 law aimed at raising crop prices by controlling production.

Federal Housing Administration (FHA)

Agency to stabilize the housing market by insuring bank mortgages.

Work Progress Administration (WPA)

A program providing jobs through public works during the Great Depression.

Credit

The ability to buy goods and services with borrowed money.

Stock market speculation

Investing in stocks with the hope of high returns, contributing to economic instability.

Overproduction

Producing more goods than consumers can purchase, leading to economic downturn.