Study Guide: The Great Depression, New Deal & WWII

What industrial weakness signaled a declining economy in the 1920s?
Key basic industries: railroads, textiles, and steel barely made a profit. Railroads lost business due to new transportation – trucks, buses, automobiles

Credit
An arrangement in which consumers agreed to buy now and pay later for purchases

Herbert Hoover
Major advantage: He could point to years of prosperity under Republican administrations since 1920.Americans were happy with a Republican leadership

“We in America are nearer to the final triumph over poverty than ever before”

Dow Jones Industrial Average
The most widely used barometer of the stock market’s health. It is a measure based on the stock prices of 30 representative large firms trading on the NY stock exchange

Stock
A share of ownership in a company

Speculation
Bought stocks and bonds on the chance of a quick profit, while ignoring the risks

Margin
Paying a small percentage of a stock’s price as a down payment and borrowing the rest.

How did speculation and margin buying cause stock prices to rise?
Since everyone was buying and selling recklessly using speculation and margin, it fueled the market’s upward spiral. Government didn’t discourage and if the values of stocks declined, people who bought margin had no way to pay off loans

Black Tuesday
The stock market crashed and the nation’s confidence.
October 29th, 1929. The stock market crash signaled the beginning of the Great Depression

Great Depression
The period from 1929-1940 in which the economy plummeted and unemployment skyrocketed

Causes of Great Depression
1. Tariffs & war debts policies cut down the foreign market for American goods
2. A crisis in the farm sector
3. The availability of easy credit
4. An unequal distribution of income

What happened to ordinary workers during the Great Depression?
They lost their jobs. Unemployment leaped from 3 percent to 25 percent from 1929-1933. One out of every four workers was out of a job. Those who kept their jobs face pay cuts and reduced hours

Hawley-Smoot Tariff Act
It was designed to protect American farmers and manufacturers from foreign competition. However, it had the opposite effect. The tariff prevented other countries from earning American currency to buy American goods

Shantytowns
Little towns consisting of shacks – sprang up

Soup Kitchen & Bread Lines
-Offered free or low-cost food
-Lines of people waiting to receive food provided by charitable organizations or public agencies

How did the Great Depression affect minorities?
Africans Americans: Higher unemployment rates, lowest paid. Dealt with racial violence from white competing for the same jobs
Latinos: Whites wanted them to be deported, expelled from the country. Some left voluntarily, others were deported by federal government

Direct Relief
Cash payments or food provided by the government to the poor

How did the Great Depression affect women and children?
Women: Helped maintain household (budgets, food, etc.). Tried to work but received resentment. They were starving to death – ashamed
Children: Poor diets + lack of money = health problems. Labored in sweatshops

New Deal
FDR’s programs to alleviate the problems of the Great Depression. It focused on relief, economic recovery, and financial reform. It offered many programs ranging from regulating banking to helping provide food, clothing, and shelter. The gains weren’t that great – high unemployment & production lagged. FDR called on Congress to provide more relief for workers and farmers

Why did the new democracies set up after WWI fail?
A lack of democratic tradition, failure of the Treaty of Versailles, and economic devastation

Joesph Stalin
“Man of Steel”
Took control of the country. He made both agricultural and industrial growth the prime economic goal in SU. Transformed SU to 2nd largest industrial power. This transformation cost 8-13 million people. Established totalitarian government that controlled citizens

Totalitarian
Individuals have no rights, and the government suppresses all opposition

Benito Mussolini
Appealed to everyone, low-middle-high class. He played on the fears of economic collapse and communism which won the support of many discontented Italians. He established Fascism in 1921 which stressed nationalism and placed interest in state, not individuals. Gradually extended Fascism – crushed all opposition, made Italy totalitarian

Adolf Hitler
Powerful public speaker and organizer. He set basic beliefs of Nazism (German version of Fascism). He wanted extreme nationalism, racial purification, and national expansion. The Great Depression helped the Nazis come to power – Germans were desperate and turned to him for last hope

Similarities & Differences of Adolf & Benito
Similarities: Extreme nationalism, militaristic expansionism, private property with strong government control, anticommunist
Differences: Hitler was a forceful leader and Mussolini was a charismatic leader

Why did Japan invade Manchuria?
These leaders wanted more living space for a growing population

Francisco Franco
Rebelled against the Spanish republic. Revolts broke out all over Spanish, and the Spanish Civil War began

Neutrality Acts
The first two acts outlawed arms sales or loans to nations at war. The third act was passed in response to fighting in Spain

FDR’s speech
Quarantine Speech

Neville Chamberlain
British prime minister that signed the Munich Agreement, which turned the Sudetenland over to Germany without a single shot being fired

Winston Churchill
Chamberlain’s political rival in Great Britain. He felt that Chamberlain and Daladier adopted a shameful policy of appeasement. “They chose dishonor. They will have war”

Appeasement
Policy to pacify an aggressor even if giving up principles

Nonaggression Pact
On August 23, 1939 fascist Germany and communist Russia now committed to never attack each other. It also agreed to divide Poland between them

Blitzkrieg
Lightning War. Made use of military technology – fast tanks and powerful aircraft – to take the enemy by surprise and quickly crush all opposition with overwhelming force

Charles de Gaulle
A french general who fled to England, where he set up a government-in-exile

Lend-Lease Act
Roosevelt would lend or lease arms and other supplies to “any country whose defense was vital to the US”

Holocaust
The systematic murder of 11 million people across Europe, more than half of whom were Jews

Kristallnacht
“Night of Broken Glass”
Nazi storm troopers attacked Jewish homes, businesses, and synagogues across Germany

Nuremberg Laws
Stripped Jews of their German citizenship, jobs, and property. Nazis made Jews wear a bright yellow star on their clothing to identify them

Selective Service System
Expanded the draft and eventually provided another 10 million soldiers to meet the armed forces’ needs

George Marshall & WAAC
Marshall pushed for the formation of a Women’s Auxiliary Army Corps. Under this bill, women volunteers would serve in noncombat positions.They were given an official status and salary except for some benefits

A. Phillip Randolph
Created a march for the right to work and fight for our country. Roosevelt backed down and gave participation in defense industries to color

Office of Price Administration (OPA)
Fought inflation by freezing prices on most goods. Congress also raised income tax rates and extended the tax to millions of people. The higher taxes reduced consumer demand on scarce goods by leaving workers with less to spend. The government encouraged Americans to use their extra cash to buy war bonds.

War Production Board (WPB)
Decided which companies would convert from peacetime to wartime production and allocated raw material to key industries

Rationing
Establishing fixed allotments of goods deemed essential for the military

D-Day
June 6, 1994 – The first day of the invasion

V-E Day
Victory in Europe Day. The war in Europe was finally over on May 8, 1945

Harry S. Truman
The 33rd president

Battle of Midway
The turning point in the Pacific War. The Allies won this territory back from the Japanese

Pearl Harbor
December 7, 1941

Kamikaze
Suicide-plane attack in which Japanese pilots crashed their bomb-laden planes into Allied ships.

The Manhattan Project
J. Robert Oppenheimer developed the atomic bomb which was later used on Hiroshima and Nagasaki.Truman did not hesitate to use the bomb even though it was the developer voted against it

Enola Gay
Enola Gay released an atomic bomb (Little Boy) over Hiroshima and then released another over Nagasaki (Fat Man)

Atomic Bomb: YES!
1. The large effect caused Japan to surrender.
2. Hiroshima and Nagasaki were military headquarters and target: needed to be destroyed quickly
3. Revenge on Japan for Pearl Harbor
4. Bombings made people aware of the effect of atomic bombs
5. The Japanese had loyalty toward the Emperor that made dying in order to save him justifiable and expeted. After the bombings, he surrendered and finally released his people from obligation.

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Herbert Hoover President when the stock market crashed – Believed in little government interference – he was unpopular with the public and some blamed him for the Depression Franklin Roosevelt Became President in 1933 – Developed the New Deal – …

Great Depression the economic crisis and period of low business activity in the U.S. and other countries, roughly beginning with the stock-market crash in October, 1929, and continuing through most of the 1930s. Stock Market Crash Spark of the Great …

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