20s Politics and the Great Depression

These flashcards cover key concepts from the lecture on 20s politics, the Great Depression, and economic policies of the time.

What economic policy is characterized by government support for large businesses with the expectation that benefits will 'trickle down' to the masses?

Trickle-down economics.

Who were the three Presidents of the 1920s?

Harding, Coolidge, and Hoover.

What was the main effect of the Fordney-McCumber Tariff (1922)?

It imposed high tariffs that slowed down global trade.

What was a major consequence of the Hawley-Smoot Tariff of 1930?

Stimulated a 'trade war,' leading to a 66% decline in global trade.

What was Calvin Coolidge's famous quote regarding business?

'The business of America is business.'

What significant scandal involved bribery and leases of government land during the 1920s?

Teapot Dome Scandal.

What economic challenges did farmers face in the 1920s?

Declining demand post-WWI and oversupply due to technology.

How did America demonstrate isolationist policies in the 1920s?

By rejecting the League of Nations and restricting immigration.

What was the purpose of the Kellogg-Briand Pact (1928)?

To outlaw war, although it failed due to enforceability issues.

What was the Dawes Plan of 1924?

A plan to resolve WWI reparations by facilitating loans to Germany.

What caused the stock market crash known as 'Black Tuesday'?

Speculation and panic selling of overvalued stocks.

List two characteristics of the Great Depression.

Massive unemployment and bank failures.

What were some causes of the Great Depression?

Over-reliance on credit, overproduction, and uneven wealth distribution.

What was Hoover's economic response to the Depression?

He supported high tariffs and federal loans to banks.

Who was the Bonus Army?

WWI veterans demanding their promised bonuses in Washington D.C.

Who won the election of 1932 and what was he known for?

Franklin D. Roosevelt, known for the New Deal.