Great Depression and New Deal Vocabulary

Business cycle
recurring fluctuations in economic activity consisting of recession and recovery and growth and decline, a movement of the economy from one condition to another and back again. it has four cycles including prosperity, recession, depression, and recovery

Volunteerism
the practice of offering your time and services to others without payment

Reconstruction Finance Corporation
RFC was an independant agency of the United States government. It granted over 2 billion dollars to the local and state governments. It was charted under the Herbert Hoover administration.It made loans to major economic institutions such as banks, insurance companies and railroads.

“trickle down” economics
Hoover’s strategy battling the Great Depression in which the money is given to the big corporations and eventually they will pay their workers more, and then the workers will spend their money and save the economy.

Election of 1932
Democrat Franklin D. Roosevelt, beat the Republican, Herbert Hoover, who was running for reelection. FDR promised relief for the unemployed, help for farmers, and a balanced budget.

Bonus Army
Group of WWI vets. that marched to D.C. in 1932 to demand the immediate payment of their goverment war bonuses in cash

Securities Exchange Commission
regulated the stock market, Regulated the stock market to avoid dishonest practices SEC

Emergency Banking Act, 1933
March 6, 1933 – FDR ordered a bank holiday. Many banks were failing because they had too little capital, made too many planning errors, and had poor management. The Emergency Banking Relief Act provided for government inspection, which restored public confidence in the banks.

bank holiday
closed all banks until gov. examiners could investigate their financial condition; only sound/solvent banks were allowed to reopen

American Liberty League
a conservative anti-New Deal organization; members included Alfred Smith, John W. Davis, and the Du Pont family. It criticized the “dictatorial” policies of Roosevelt and what it perceived to be his attacks on the free enterprise system.

Agricultural Adjustment Agency
Prices are too low because oversupply, Paid famers not to plant, to destroy crops, not to sell them AAA

Social Security Act
guaranteed retirement payments for enrolled workers beginning at age 65; set up federal-state system of unemployment insurance and care for dependent mothers and children, the handicapped, and public health

Rural Electrification Administration
former agency of the U.S. Dept. of Agriculture charged with administering loan programs for electrification and telephone service in rural areas. REA

Subsidies
a grant or contribution of money, especially one made by a government in support of an undertaking or the upkeep of a thing

collective bargaining
Process by which a union representing a group of workers negotiates with management for a contract

Wagner Act
1935; established National Labor Relations Board; protected the rights of most workers in the private sector to organize labor unions, to engage in collective bargaining, and to take part in strikes and other forms of concerted activity in support of their demands.

Huey Long/Share Our Wealth
south take money from rich in senate – in early 30s -not run share our wealth would solve poverty -increased tax on wealthy say too few control too much – more than 100 mill if more than gov’t gets the rest – prove yearly income for everyone & free edu, Free meds, etc. – called self biblical people argue socialism – widespread success but still a socialist didn’t call self socialist – 1934 – 1935 will run against FDR – Long was local & had many rivalries with other Louisianan was assassinated in 1935

Tennessee Valley Authority
A relief, recovery, and reform effort that gave 2.5 million poor citizens jobs and land. It brought cheap electric power, low-cost housing, cheap nitrates, and the restoration of eroded soil.

Frances Perkins
was the U.S. Secretary of Labor from 1933 to 1945, and the first woman ever appointed to the cabinet. As a loyal supporter of her friend Franklin D. Roosevelt, she helped pull the labor movement into the New Deal coalition

Works Progress Administration
May 6, 1935- Began under Hoover and continued under Roosevelt but was headed by Harry L. Hopkins. Provided jobs and income to the unemplyed but couldn’t work more than 30 hours a week. It built many public buildings and roads, and as well operated a large arts project.

National Recovery Administration
Government agency that was part of the New Deal and dealt with the industrial sector of the economy. It allowed industries to create fair competition which were intended to reduce destructive competition and to help workers by setting minimum wages and maximum weekly hours.

Civilian Conservation Corp
Put 250,000 men ages 18-25 to work; helped conserve natural resources; national parks and forests., Provided employment to young men by sending them to camps in national parks and forests – plant trees, build reservoirs, etc., New Deal program, civilian, non-military conservation, employed unmarried men, they lived in camps, $30 a month, they were supposed to send money to family to spend to get the economy going

Charles Coughlin
Catholic priest who used his popular radio program to criticize the New Deal; he grew increasingly anti-Roosevelt and anti-Semitic until the Catholic Church pulled him off the air.

Demagogue
(n.) a leader who exploits popular prejudices and false claims and promises in order to gain power

National Labor Relations Board
Created by the National Labor Relations Act, also known as the Wagner Act it was created in the 1930’s by congressman Wagner who was sympathetic to labor unions. The National Labor Relation Board was an administrative board that gave laborers the rights of self-organization and collective bargaining.

Dust Bowl
Region of the Great Plains that experienced a drought in 1930 lasting for a decade, leaving many farmers without work or substantial wages.

Federal Deposit Insurance Corporation
An independent federal agency created by Glass-Steagall Reform Act. It insures up to $100,000 for bank deposits, thus helping put faith back into the banks.

FDR’s court packing plan
Franklin Roosevelt asked Congress to permit the President to increase the number of judges from 9-15 if the judges refused to retire after the age of 70, it never became a law because it was a threat to the separation of powers

McNary-Haugen Bill a bill passed by Congress that called for federal price-supports for key products such as wheat and corn in which the government would buy surplus crops at guaranteed prices and sell them on the world market. However, this …

Gross National Product the total value of goods and services produced in percent Herbert Hoover an candidate leader that had build an outstanding reputation as a businesslike administrator that guide the prosperous nation, supervise America’s food production during WWI and …

Election of 1928 Al Smith – Dem Herbert Hoover – Rep Hoover victorious because he was Rep (2 previous Pres. were Rep) Maintain prosperity Farming Crisis Over production Shows hard times on horizon WE WILL WRITE A CUSTOM ESSAY SAMPLE …

Works Progress Administration (WPA) Hires jobless people to build public buildings and parks. New Deal program of President Franklin D. Roosevelt to end the Great Depression WE WILL WRITE A CUSTOM ESSAY SAMPLE ON ANY TOPIC SPECIFICALLY FOR YOU FOR …

Works Progress Administration (WPA) Hires jobless people to build public buildings and parks. New Deal program of President Franklin D. Roosevelt to end the Great Depression WE WILL WRITE A CUSTOM ESSAY SAMPLE ON ANY TOPIC SPECIFICALLY FOR YOU FOR …

Causes of the Great Depression ♦Uneven distribution of wealth ♦Stock market speculation “buying on the margin” ♦Excessive use of credit ♦Overproduction on consumer goods ♦Weak farm economy ♦Government policies ♦Global economic policies Black Tuesday ♦Stock market crash (Oct. 29, 1929) …

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