Chapter 22-Great Depression
Terms
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- Herbert Hoover
- President during the great Depression
- Speculation
- undertaking risk on stocks or real estate for the chance of profit
- Welfare Capitalism
- industrial policy of meeting workers' needs with increased pay and benefits for the purpose of preventing labor union organization
- Gross National Product (GNP)
- Total Amount of goods and services a nation produces: used to gauge economic strength
- Father Devine
- a Harlem Evangelist
- Hooverville
- Towns of makeshift houses built by homeless people during the Great Depression
- Elanor Roosevelt
- FDR's wife
- real wages
- value of income adjusted to account for inflation: used to compare wages in different time periods
- Installment Buying
- A method of paying for an expensive item over many months in installments and including interest
- Dow Jones Industrial Average
- An average of the prices of the stock of the leading industries that gauges the health of the Stock Market
- Buy On Margin
- practice of buying stocks by paying 10 to 50 percent of the full price and borrowing the rest: common in the 1920s before the Stock Market Crash of 1929
- Collateral
- Something pledged as security for a loan that can be claimed by the lender if the loan is not repaid
- Scottsboro Boys
- Nine African Americans accused and unfairly tried and convicted of raping two white women in Alabama in 1931;gained national support and recieved new trials by order of the Supreme Court
- Socialist
-
-Socialism
- the economic and political philosophy that advocates collective ownership of factories and property
-Definition
- A person who advocates the principles of Socialism - Norman Thomas
- Socialist Presidential candidate in the 1932 election
- 21st Ammendment
- constitutional ammendment of 1933 repealing the 18th ammendment, thus ending prohibition
- Empire State Building
-
-a dramtic symbol of hope
-skyscraper
-won the world's tallest building race - Hawley-Smoot Tariff
- import tax levied in 1930, the highest in United States history; produced the opposite of its intended effect when international trade slowed
- Reconstruction Finance Corporation
- Gov't organization set up by Hoover in 1932 that gave gov't loans to banks
- John Maynard Keyes
- British economist
- Bonus Army
- group of WW1 vets who marched to Washington in 1932 asking to recieved their pension bonus early
- Franklin Delano Roosevelt
- Democrat nominee in the Election of 1932