69 terms

Amsco Chapter 24 Terms

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Stock Market Crash
(1929) investors invested more money than in the stock market, leading to billions of dollars being lost.
Black Tuesday
A name given to October 29, 1929, when the American stock market crashed.
Dow Jones Index
Price-weighted average of 30 significant stocks traded on the New York Stock Exchange and Nasdaq.
Buying On Margin
Borrowing money from a broker to purchase stock(s).
Uneven Income Distribution
Uneven distribution of wages vs large increases in productivity and corporate profits (a leading cause of the Great Depression.)
Excessive Debt
Debt increased in the 30's because of consumer credit, so the US government was forced to take action to decrease national debt.
Overproduction
The overproduction of products mixed with lack of spending meant factory owners lost money and were forced to lay off workers.
Federal Reserve
United States central bank; founded by the U.S. Congress in 1913 to provide the nation with a safe, flexible and stable monetary and financial system.
Postwar Europe
Struggling due of lack of money, home to cultural movements, focused on recovery (US reached out to help.)
Debts & High Tariffs
High tariffs internationally meant foreign countries couldn't trade, harmed international economy.
Gross National Product
The total value of all goods and services produced by a country (decreased during the Great Depression.)
Unemployment
National unemployment levels reached all time low in the '30's; fed racism & sexism (minorities especially struggled to get jobs.)
Bank Failures
Banks failed in mass numbers in the '30's due to a lack of funds to support loans; not enough $ in the banks.
Poverty & Homeless
Poverty and homelessness increased during the Great Depression because people were unemployed and had no source of income.
Herbert Hoover
Republican president known for his integrity; belief in "rugged individualism" (not giving direct relief during the Great Depression.)
Self-Reliance
Importance of individual, reliance on self to succeed (Hoover supported this.)
Hawley-Smoot Tariff
1930 - A tariff on international trade that ended up decreasing trade and harming the international economy.
Debt Moratorium
Delaying payment of debt or reparations.
Farm Board
Offered farmers insurance against loss of crops due to drought, flood, or freeze.
Reconstruction Finance Corporation
Provide relief to insurance companies, banks, agricultural organizations, and railroads.
Bonus March
1932 - Soldiers who fought in WWI marched because wanted bonus early to help their families.
Twentieth Amendment
Changed day of Presidential and Vice Presidential inauguration to January instead of March.
Franklin D. Roosevelt
(Liberal) 32nd president of the United States; elected president four times; led the US during the major crises of the Great Depression (with New Deal) and WWII.
Eleanor Roosevelt
First Lady of US (married to FDR); American diplomat, politician, activist; worked for birth control and better conditions for working women.
New Deal
FDR's group of policies to help the nation out of the Great Depression.
Relief, Recovery, Reform
The "Three R's" of the New Deal, the main goals of the New Deal policies.
Brain Trust
Group of expert policy advisers who worked with FDR in the 1930's to end the great depression.
Frances Perkins
Secretary of Labor and 1st woman appointed to the US Cabinet; loyal supporter of FDR; helped pull the labor movement into the New Deal coalition.
Hundred Days
FDR's First 100 Days in office when Congress passed bills on banking, restoring faith in the economy, government works projects, subsidies for farmers, devising a plan to aid in the recovery of the nation's industrial sector.
Bank Holiday
FDR closed the banks to keep depositors from bankrupting the banking system by withdrawing all their money.
Repeal Of Prohibition
FDR repealed prohibition (of alcohol) to stimulate the economy and to please the people.
Fireside Chats
FDR's attempt to connect with the American people by broadcasting on public radio.
Federal Deposit Insurance Corporation
Provide insurance to banking accounts up to $5,000; assured people that their money was safe and secure.
Public Works Administration
Funding for projects that created many jobs while improving the nation's infrastructure.
Harold Ickes
Progressive who spent billions of federal dollars on public building projects.
Civilian Conservation Corps
Public works program that provided employment to people building national park infrastructure.
Tennessee Valley Authority
Agency to seven states around Tennessee Valley that provided low-cost electrical power.
National Recovery Administration
Goal to eliminate competition among businesses by setting prices on goods (declared unconstitutional.)
Schechter v. United States
Supreme Court case that declared the NRA unconstitutional.
Securities & Exchange Commission
Agency to monitor stock trading to avoid deception and fraud.
Federal Housing Administration
Insured loans made by banks and other private lenders for home building and home buying.
Works Progress Administration
Federal employment program that provided jobs in areas from road building to art (part of Second New Deal.)
Harry Hopkins
FDR's closest adviser; led the WPA.
National Labor Relations (Wagner) Act
1935 - Law that guarantees workers the right of collective bargaining sets down rules to protect unions and organizers, and created the National Labor Relations Board to regulate labor-management relations.
Social Security Act
1935 - Financed old-age pensions, unemployment insurance, and other forms of income assistance.
Election Of 1936
FDR vs Landon in which FDR won by a landslide; campaign that saw struggling economic groups lined up in a kind of "class warfare" against those better off.
New Deal Coalition
Group of New Deal/FDR supporters included minorities, women, industry ppl, politicians, and others.
John Maynard Keynes
Economist who believed that economic output is directly related to economic spending (his theories helped justify New Deal deficit spending.)
Recession Of 1937
Economic downturn as a result of the Great Depression; FDR tried to resolve by cutting government spending, but instead created even more unemployment.
Father Charles Coughlin
A Catholic priest who was critical of FDR on his radio show; severely against Jews during WWII and was eventually kicked off the air, however before WWII he was wildly popular among New Deal opponents.
Francis Townsend
Critic of the New Deal; developed the Townsend Plan as a way for the elderly to gain a monthly pension of $200 that must be spent within 30 days.
Huey Long
Senator; pushed "Share Our Wealth" program and make "Every Man a King" at the expense of the wealthy; assassinated.
Supreme Court
Supreme Court was originally opposed to New Deal Programs, but later passed programs through courts.
Reorganization Plan
When Supreme Court deemed NRA unconstitutional, FDR tried to add justices to tip the court in his favor (passed.)
Conservative Coalition
Conservative Democrats and Republicans united to stop New Deal legislators; motivated by fears of excessive federal spending and the expansion of federal power.
Congress Of Industrial Organizations
Organized workers in industrial unions.
John L. Lewis
Leader of the United Mine Workers Union; formed the Committee for Industrial Organization.
Sit-Down Strike
Form of protest in which workers remain in the workplace, but refuse to work until a settlements is reached.
Fair Labor Standards
Established hours could work in day, overtime, dictated minimum and overtime wage. Children under eighteen cannot do certain dangerous jobs, and children under the age of sixteen cannot work during school hours.
Minimum Wage
Created under the Fair Labor Standards Act; standardize pay in industries.
Depression Mentality
Attitude of insecurity and economic concern that would always remain, even in times of prosperity.
Drought; Dust Bowl; Okies
Severe drought (the Dust Bowl) that caused agricultural failure leading poor farmers to often migrate to urban areas for employment (Okies)
John Steinbeck, The Grapes Of Wrath
American novelist; chronicled story of Dust Bowl victims who travel to California to look for a better life.
Marian Anderson
Concert singer; First African-American to perform at the White House (thanks to Eleanor Roosevelt.)
Mary McLeod Bethune
A member of the Black Cabinet and was appointed director of the Division of Negro Affairs in the NYA (National Youth Administration.)
Fair Employment Practices Committee
Enacted by executive order to prohibit discrimination in the armed forces.
A. Philip Randolph
Black leader who wanted to end discrimination in the workplace; threatened FDR with a march.
Indian Reorganization, (Wheeler-Howard Act)
1934 - Returned some land to the control of tribes & supported preservation of culture.
Mexican Deportation
Mexican "repatriation" where Mexican immigrants were pressured to leave country during the Great Depression.