Economic vocabulary for studying the crisis of 1929
Terms in this set (23)
Term for which is known to the decade of the 20 of the TWENTIETH century. This is characterized by spectacular economic growth, especially in the US. This increase is due to the policies of reconstruction after the First World War, to the application of the new production techniques generated during the II Industrial Revolution and to the generalization of the consumption. The 1929 crisis showed that this growth was only apparent and the economic system after the First World War suffered from structural problems.
System of scientific organization of the work, created by Frederick W. Taylor. It is based on the delimitation of the tasks that must be carried out in every productive process, the specialisation in it and its control by means of the chronometer. Its application provokes a notable increase in production and workers ' protests
System of organisation of production based on the chain work. Created by Henry Ford for the manufacture of the model Ford T from 1908. Fordism complements the work in the chain with a salary increase that allows the access to the consumption of the workers.
Term describing the generalised rise in the price level. High inflation has negative effects on the economy, especially for workers who see how their purchasing level is declining by increasing the price of goods and remaining stable their wages.
Dramatic increase in prices in a short period of time. It Is A dangerous economic situation as money loses value. Germany experienced a hyperinflation process between 1921 and 1923.
Generalised price level fall in an economy. It'S The counter-inflation movement. Deflation arises in processes of economic crisis after a significant drop in demand.
Political Regime (and by extension historical period) established in Germany after the First World War and based on the Constitution of the year 1919 which gives the system its name. It Replaces the German imperial system and involves a process of democratisation that ends with the ascent of Nazism with the capacity in 1933.
Monetary system in which the value of the currency is determined by a quantity of gold. The coin is convertible into the amount of gold it is worth. This pattern characterizes the NINETEENTH and TWENTIETH centuries until the depression of 1929 where it is abandoned as a monetary system.
It is the amount of a certain good or service that buyers are willing to buy at a certain price. Aggregate demand would be the total of goods and services that consumers, companies and the State are willing to buy at certain prices.
British economist. He was very critical of the Treaty of Versailles for the economic consequences it was going to generate. He outlined a new economic theory that reviewed economic liberalism and gave the State a fundamental role in the revitalisation of the economy.
Economic theory created by J.M. Keynes based on the intervention of the State as an economic agent to achieve full employment and control the economy
Classical Economic Theory
Economic doctrine created by Adam Smith and David Ricardo in the EIGHTEENTH century, gives total importance to the free market as the regulatory element of the economy. It rejects any interventionism of the state
Economic theory exposed by J.B. Say in the EIGHTEENTH century which establishes that the supply creates the demand.
An economic model that seeks to achieve the self-sufficiency of a state without the need for economic relations with the outside.
President of the UNITED STATES between 1933 and 1945. He Was the creator of the New Deal policy to get AMERICA out of the Great Depression of the 29th.
Crash of 29
Spectacular fall of the New York Stock Exchange that originates the Great Depression.
Commercial or financial operations aimed at artificially altering the price of things.
New York Street where the main North American financial companies are concentrated, especially the New York Stock Exchange.
National Industry Recovery Act. Law established by Roosevelt with the intention of stimulating the American industry. One of its main aspects is to improve the protection of workers.
Agricultural Adjustement Act AAA
The federal Law of the New Deal aimed at stimulating agriculture by establishing both agricultural subsidies and fixed prices for agricultural products.
It Is the loss of value of a country's currency against other currencies. This measure is Usually adopted to stimulate exports and make the country more competitive in international trade.
Tax or rate applied to foreign products entering a country. It Is intended to protect national production.
Economic policy aimed at protecting the national industry through the establishment of measures to hinder the importation of foreign products.
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