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Flashcards by Holly Bamford, updated more than 1 year ago
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Created by Holly Bamford
almost 8 years ago
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| Question | Answer |
| How was there a boom in the 1920s? | GNP rose from $73.3 billion to $104.4 billion Unemployment remained relatively low;3.7% Inflation never rose above 1% Profits increased by 62% America became the World's largest economy |
| Why was there a boom? | The governments 'Laissez-faire' policy Hire purchase Mass production Technological advances |
| For what people was he boom limited? | Farmers Black Americans |
| How did the uneven distribution of wealth cause the wall street crash? | Income was distributed unevenly across the country Huge corporations were more successful than smaller business. |
| How did the cycle of international debt cause the wall street crash? | High tariff on imported goods reduced foreign investment in US markets. |
| How did the instability of 'get rich quick' schemes cause the wall street crash? | People invested in speculative, often fraudulent, ventures and lost their money as a result. This led to a loss in confidence and a slowdown in investment |
| How did the weakness of the banks cause the wall street crash? | There was no centralised banking system so if banks collapsed then they could not be bailed out. Many banks took risks on the stock exchanged and lost investors money. |
| How did overproduction and loss in the market cause the wall street crash? | Mass production enabled many people to buy what they wanted but companies did not slow down production to reflect the loss in demand. By the late 1920s the domestic market was flooded with goods they could not sell. |
| What was the scale of the crash? | The Wall Street crash led to a loss in confidence in American business. 659 banks failed and $200m of deposits were lost. Factories closed, due to failing business; unemployment rose |
| What contributed to American isolation in the inter-war years? | Rejected ToV USA did not join LoN Fordney-McCumber tariff Kellogg-Briand Pact |
| Why did America not recover from the crash? | Overproduction in industry Overproduction in agriculture Fordney-McCumber Tariff Property price Falling demand for goods Too many small banks |
| What were the economic impacts of the depression? | Unemployment rose to 4 million By 1932 25% of the workforce was unemployed Wages dropped 16% GNP fell from $103 billion to $55 billion |
| What were the social impacts of the depression? | Increased poverty Ethnic minorities suffered more Increase in crime and organised crime |
| What was Hoover’s response to the depression? | Voluntarism Agricultural Marketing Act Home Loan Bank Act Reconstruction Finance Corporation Smoot-Hawley Tarriff |
| How did Hoover’s response help? | Voluntarism helped short term Did secure $500 million for unemployment aid RFC created temporary employment |
| How did Hoover’s response hinder? | Too little too late Hoover needed to invest in the economy to enable confidence to grow |
| Name the alphabet agencies | AAA, TVA, NIRA, CCC, WPA |
| What were the New Deal measures that dealt with agriculture? | AAA-gave farmers subsidiaries to reduce production. TVA-improve quality of land |
| What were the New Deal measures that dealt with manufacturing? | TVA-constructions of dams CCC-Work schemes WPA-work schemes |
| What were the New Deal measures that dealt with finance? | Emergency Banking act-closed banks for 4 days |
| What were the New Deal measures that dealt with employment? | NIRA-set up PWA CCC-created jobs for unemployed WPA-created public works jobs TVA-Employed workers for building dams |
| Where did opposition to the New Deal come from? | Ordinary people American Liberty League Supreme Court Huey Long Dr Francis Townsend Father Charles E Coughlin |
| What was the impact of opposition to the New Deal? | The ideas were very popular, Roosevelt changed policies to please the left The second new deal had more ‘socialist’ policies |
| For whom was the New Deal a ‘raw deal’? | The long term unemployed Mexican migrants Afro-American Migrants Women Dust Bowl Migrants |
| How was the Second New Deal different to the first? | The first New Deal was an attempt to reduce business competition in favour of greater co-operation. The second new deal was a reintroduction of competition but with regulations about fair play. |
| What was the main legislation introduced by the second New Deal? | Emergency Relief Appropriation Act The Resettlement Administration The Revenue (Wealth Tax) Act The Wagner Act The public Utility Holding Company Act The Banking Act |
| What was the importance of the Social Security Act? | Major break in government tradition Showed that the government cared about the people |
| What was the importance of the 'Wagner' Act? | It was a milestone in American Labour relations The Act guaranteed workers the right to collective bargaining Gave unions rights in law |
| What was the importance of the Revenue (Wealth Tax) Act? | To pay for new deal reforms Thought as an attack on fundamental rights of Americans Caused debate Acted as a precedent for higher taxes during WWII |
| Where did opposition to the second new deal come from? | The supreme court Big business Republican and conservative democrats alliance |
| What was the Roosevelt Recession? | Federal expenditure was cut in June 1937 to ensure a balance budget. Business had not recovered enough to fill the gaps and unemployment rose |
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