history ch 22-23 test

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33 Terms

1
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Economic Prosperity

The state of thriving economically, characterized by increased real wages, low unemployment, and high stock market prices.

2
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Underlying Weaknesses

Problems within the economy that, while not immediately apparent, could lead to economic failure.

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Overuse of Credit

The practice of buying goods on credit, resulting in high personal debts for many Americans.

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Speculation

Risky financial behavior where investors buy stocks with borrowed money, inflating their value.

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Overproduction

The condition where factories produce more goods than consumers can purchase, leading to job cuts.

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Weak Farming Economy

The economic difficulties faced by farmers, including debt and low prices, which contributed to bank failures.

7
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Wealth Distribution

The unequal accumulation of wealth, primarily within the upper classes during the 1920s.

8
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Stock Market Crash

A sudden decline in stock prices, leading to massive financial losses for investors.

9
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Black Tuesday

October 29, 1929, when panic selling caused stock prices to plummet, marking the start of the Great Depression.

10
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Cycle of Failure

A sequence of negative economic events where reduced spending leads to further job losses and reduced consumer confidence.

11
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Hawley-Smoot Tariff

A 1930 tariff that aimed to protect U.S. industries but led to reduced international trade.

12
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Great Depression

A prolonged period of economic downturn during the 1930s characterized by high unemployment and widespread poverty.

13
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Hoovervilles

Makeshift shantytowns built by homeless people during the Great Depression.

14
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Bonus Army

A group of WWI veterans who protested in Washington D.C. demanding immediate payment of their bonuses.

15
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New Deal

A series of programs and reforms instituted by Franklin Roosevelt during the Great Depression aimed at recovery.

16
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Fireside Chats

Radio broadcasts by Franklin Roosevelt to communicate directly with the American public.

17
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Brain Trust

A group of advisors to Franklin Roosevelt, composed of economists and experts to address the Great Depression.

18
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Emergency Banking Act

A law that allowed government assistance to banks during the banking crisis.

19
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Federal Emergency Relief Administration (FERA)

A New Deal agency that provided direct relief to the unemployed.

20
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Civil Works Administration (CWA)

A New Deal program that provided temporary jobs in public works during the winter of 1933.

21
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Tennessee Valley Authority (TVA)

A regional development program aimed at providing electricity and economic development in the Tennessee Valley.

22
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National Industrial Recovery Act (NIRA)

Legislation that allowed industries to cooperate in setting prices and working conditions.

23
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National Recovery Administration (NRA)

An agency created to oversee compliance with NIRA and promote fair competition.

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Agricultural Adjustment Act (AAA)

A program designed to reduce crop production and raise farm prices.

25
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Glass-Steagall Banking Reform Act

Legislation that established the Federal Deposit Insurance Corporation (FDIC) and regulated banking practices.

26
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Securities and Exchange Commission (SEC)

A government agency created to regulate the stock market and protect investors.

27
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Works Progress Administration (WPA)

A New Deal agency that employed millions of Americans through public works projects.

28
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Wagner Act

Legislation that strengthened the rights of workers to organize unions and bargain collectively.

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Social Security Act

A law that established a social welfare system providing financial assistance to the elderly and unemployed.

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Criticism of the New Deal

Opposition claiming that Roosevelt's policies increased government control and deficit spending.

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Supreme Court Challenges

Judicial reviews that invalidated aspects of the New Deal legislation, citing unconstitutional powers.

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Adjustment Act of 1938

Legislation that continued conservation payments to farmers under strict crop production guidelines.

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Roosevelt Recession

An economic downturn in 1937 as a result of scaling back New Deal programs.