History Test Chp 21-23
Order by
34 terms
Terms | Definitions |
|---|---|
 Black Tuesday | Oct. 29, 1929: 16.4 million shares were sold, "wonderful prosperity" of 1920s was over, no one saw this coming because the Dow Jones Industrial Average was at its highest ever |
| Black Thursday | Oct. 24, 1929: stock falls dramatically, net worth had dropped by $3 billion, indicator of Great Depression |
| Installment Plans | buying on credit, consumer image becomes more important than actual quality, advertising contributed to this, consumer spending grows |
| Vertical Integration | Andrew Carnegie and Ford used this method, process of gaining control of many different businesses that make up all phases of a product's development |
| Filling stations | first one created in St. Louis, MO. created to pump gas into automobiles, check the oil, even wash the car as a service |
| Buying On Margin | primarily for buying stocks, buy a stock for only a fraction of its price and borrow rest, if stock price went up, the borrowers could sell the stock at a price high enough to pay loan and interest charges and STILL make $ |
| Speculating | practice of making high-risk investments in hopes of getting a huge return, "get-rich-quick" encouraged lots of middle class people to speculate |
| Herbert Hoover | elected Nov. 1928, people expected prosperity to continue with him since stock prices were increasing and he had complete confidence in business world, his lack of reacting led to him being blamed for depression |
| Red Scare | early 1920s, result of Russian Revolution, fear of communism and other radical ideas |
| Palmer Raids | raids on people who were feared to be communists |
| Economic Contraction | a period of time in the business cycle where the economy keeps dropping, if this contraction went on for more than a year it was called a Depression |
| Great Depression | lasted from 1929-1941, an economic contraction |
| Hoovervilles | cardboard box cities that grew outside of big towns, negative name based on Pres. Hoover, who the people blamed for the plight |
| Dust Bowl | Oklahoma, Kansas, Missouri, etc are affected by horrible weather, drought and windstorms, dried up soil being blown away |
| Dorthea Lange | a photographer who helped educate people on the need for aid to workers, was ordered by the gov. to take pictures of people during the Great Depression |
| penny auctions | farmers resort to this because they were losing their farms, they would agree to keep the bids low and for only a few cents then return the farm back |
| Socialist party | many turn to this party which provided more gov. control, radical and reform workers banded together to seek social justice |
| Empire State Building | biggest building in world, built in early 1930s, symbol of hope during Depression |
| 21st Amendment | repeals Prohibition, brings about a curb in gangsters, provides new revenue, cuts crime rate |
| Hawley Smoot Tariff | the highest tariff in history, people thought that this would get more people to buy U.S. goods |
| Reconstruction Finance Corporation | aimed to provide gov. credit to banks, gave credit to a number of institutions, reflected theory that prosperity at top would help economy as a whole |
| Wagner Act | improves and strengthens right of labor unions, legalized collective bargaining and closed shops, later banned child labor and established minimum wage |
| New Deal | relief, recovery, and reform programs to combat Great Depression, some liked it, some hated it |
| Social Security Act | passed in 1935: provides financial help to those who can't support themselves, the elderly and the disabled |
| Public Works Programs | provide federal $ to build public facilities, libraries, roads, dams, city halls, etc. the CWA was set up in order to put unemployed people to work |
| demagogue | leaders who manipulate people with half-truths, deceptive promises, and scare tactics. ex: Father Coughlin and Huey Long |
| nationalization | gov. takeover and ownership, of banks and redistribution of their wealth |
| Huey Long | man from Louisiana who supported redistribution of wealth, wanted to improve education, medical care, and public services |
| National Debt | amount of money owned to those it was borrowed from, FDR tries to focus on this to keep revenue and expenses equal |
| revenue | income, money brought in by taxes |
| sit-down strike | strike in which laborers stop working but refuse to leave building, no allow replacements to come in and take over their jobs, worked very well until Supreme Court finally said no |
| recession | period of slow business activity, happened because consumer spending went down, labor unions got stronger |
| WPA | aimed at providing jobs to people in the fine arts, gov. hired them to travel around country writing, performing, etc to document Great Depression |
| Civilian Conservation Corp | this does not exist anymore, but it put young unmarried men to work maintaining forests, beaches, and parks. they also received food and medical care |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.