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USA 20's and 30's
| Glossary Term | Definition |
|---|---|
| Boom | During this time, there is a high level of aggregate demand, inflation increases, unemployment falls, and growth in national income accelerates. “ Bubble of prosperity” |
| Henry Ford | The founder of the an American motor company and father of modern assembly lines used in mass production. His introduction of the Model T automobile revolutionized transportation and American industry. |
| Consumer Society | During the 1920s when everyone was buying products with money earned from the stock market. People want to own the newest thing available. Was one of the main reasons for the "boom" of the 1920's. |
| Assembly Line | A manufacturing process in which interchangeable parts are added in a sequential manner to create a finished product. In 1913 the engineers of Henry Ford applied the concept to automobile assembly, revolutionizing industry and sparking mass production. |
| Buying On Margin | Common during the 1920s. People bought stocks with a very small down payment and hoped that it would increase enough for them to pay off their debt and make some money in the process. This situation led to people losing all of their money in the Crash. |
| Agricultural Recession | The rapidly increasing agricultural production lead to a glut and prices stagnated. The one area of the US economy that did not prosper during the boom times of the 1920's. |
| Black Tuesday | October 29, 1929, when general panic set in that everyone with investments in the market tried to pull out of the market at once. This week and its aftermath marked the start of the Great Depression. |
| Hoover- (1929-1933) | He was put to the test with the onset of the Great Depression in 1929. It was his vocal stance on non-intervention that led to Democratic attacks that he was a laissez-faire, 'do nothing' president, which his supporters denied. “Hooverville" |
| Isolationism | The USA's policy of nonparticipation in international economic and political affairs. The main reason the USA did not join the League of Nations. |
| Bust | When demand is low, inflation decreases, unemployment rises and national income falls. Another word for a period of economic depression. The 1930's in the USA and around the world. |
| Hoovervilles | A series of villages appearing during the Great Depression in the U.S. They consisted of ramshackle houses for those left unemployed and homeless, and were named after the U.S. president of the time for his unwillingness to respond to the Depression. |
| FDR (Roosevelt) | 32nd President of the United States; elected four times; instituted New Deal to counter the great depression and led country during World War II (1882-1945) |
| 100 Days | The first three months of Roosevelt's administration during which numerous bills to fight the Depression were proposed and passed and a national bank holiday declared after which only stable banks were reopened. |
| The New Deal | A series of programs implemented by President Franklin D. Roosevelt between 1933-37 to relieve, recover and reform the United States' economy during the Great Depression. Dozens of "alphabet reform" agencies were founded. |
| Alphabet Agencies | Created by Roosevelt to deal with the Great Depression. Included AAA, Agricultural Adjustment Administration, CCC Civilian Conservation Corps, NRA National Recovery Administration, PWA Public Works Administration, TVA Tennessee Valley Authority. |
| John Maynard Keynes | An English economist, whose ideas had a major impact on modern economic and political theory as well as on Franklin D. Roosevelt's New Deal. He is particularly remembered for advocating interventionist government policy and government spending. |
| Fireside Chats | President Roosevelt's radio broadcasts that were designed to explain his programs to the American people and boost their confidence. |
| The Great Depression | Was a massive global economic recession that ran from 1929 to 1941. Led to massive bank failures, high unemployment, as well as dramatic drops in GDP, industrial production, and stock market share prices. |
| Stock Market Crash, 1929 | The steep fall in the prices of stocks due to widespread financial panic. Caused by stock brokers who called in the loans they had made to stock investors who had been "buying on margin". |
Created by:
alfromcanada
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