Chapter 15: Crash and Depression (1929-1933)
Terms in this set (20)
Dow Jones Industrial Average
Measure of average of stock prices of major industries
October 29,1929, the day on which the Great Crash of the stock market began
The collapse of the American stock market in 1929
Periods in which a nation's economy grows, then contracts
The most severe economic downturn in the nation's history, which lasted from 1929 to 1941
Term used to describe a makeshift homeless shelter during the early years of the Great Depression
Term used to describe the central and southern Great Plains in the 1930s, when the region sustained a period of drought and dust storms
Farm auctions during the Great Depression at which the neighbors saved each other's property from foreclosure by bidding low
Constitutional amendment ratified in 1933 to repeal Prohibition
The highest import tax in history, passed by Congress in 1930
Reconstruction Finance Cooperation (RFC)
Corporation set up by President Hoover in 1932 to give government credit to a number of institutions, such as large industries and insurance companies
A group of World War I veterans and their families who protested in Washington, D.C., in 1932, demanding immediate payment of a pension bonus that had been promised for 1945
How did overspeculation in the stock market endanger the economy?
It endangered the economy because the stock market boom was based on borrowed money and optimism instead of real value.
Why did the Great Depression in the United States affect countries worldwide?
Started in the US, the depression spread to most of the world's industrial countries that had become dependent on one another.
How did the depression affect those at the bottom of the economic scale?
During The Great Depression,large numbers of people lived in poverty, desperately in need of more food, clothing, and shelter. The poor just got poorer.
Why were farm families hit particularly hard by the Depression?
During World War I, farmers worked hard to produce record crops and livestock. When prices fell they tried to produce even more to pay their debts, taxes and living expenses. Prices dropped so low later that they couldn't pay off debts.
Give specific examples of Americans helping one another to survive the Depression.
1. Minimize expenses.
2. Buy American. As much as possible, avoid purchasing imported goods and look for American-made products to help our country pull itself out of the recession.
3. Seek multiple income opportunities, rather than relying on one sector or one company for the family's support.
4. Produce and preserve food.
5. Stay hopeful, pray for guidance and do not lose the joy of life.
6. Penny auctions
In what ways did the end of Prohibition mark the end of an era?
The end of prohibition marked the end of the era of criminals smuggling in alcohol. People no longer needed to sneak around to get their alcohol.
Why was President Hoover criticized for his handling of the Great Depression?
He argued that direct federal relief would destroy people's self - respect. His refusal to help brought bitter public reaction and negative publicity. It made him seem cold and unwilling to help the poor.
Compare and contrast Hoover's strategy for ending the Great Depression with Roosevelt's.
Hoover · encouraging volunteerism · Pushed tariff and farm subsidy bills through congress · However, he believed that federal bureaucracy should have lmtd. regulation over a countries economic system. · Believed that public-private cooperation was the way to achieve long term growth · feared too much intervention or coercion by the government would destroy individuality and self-reliance · raised tariffs (Smoot-Hawley Tariff Act): didn't work as planned Roosevelt · Went into action with immediate relief · Sent many bills to congress in first 100 days. · Proposed many programs · Relief- gave jobs to those were unemployed · Recovery- got the economy back to normal · Reform- long-term programs that improved the economy · Economic activist · Got nation out of depression
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THIS SET IS OFTEN IN FOLDERS WITH...
Chapter 14: Politics and Prosperity (1920-1929)
Chapter 13: Postwar Social Change (1920-1929)
Chapter 18: World War II: Americans at War (1941-1945)
Chapter 16: The New Deal