Term
| Causes of Great Depression |
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Definition
1. over production, under consumption, unemployment, deflation
2. maldistribution of wealth
3. financial speculation |
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Term
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Definition
1. post WWII demobilization
2. collapse of European markets
3. failure of voluntary production controls
4. deflation & unemployment |
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Term
| collapse of Eurpoean markets |
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Definition
| can't buy US goods, tobacco prices fall |
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Term
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Definition
| Hoover, demand farmers to cut back production & gov't will buy surpluses |
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Term
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Definition
| Gardner, use left over land to grow own food |
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Term
| maldistribution of wealth |
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Definition
| limits consumption capacity of economy |
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Term
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Definition
| lay off workers --> no money --> consumption falls --> prices fall --> consumers wait for prices to drop more |
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Term
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Definition
leveraged investment
bank failures |
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Term
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Definition
| borrowed money to invest and can't pay back |
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Term
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Definition
| cut budget & supply side econ --> oppose handouts, manufacturers with supply jobs |
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Term
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Definition
| cut budget & sales tax --> raising private property & personal income taxes will put burden on wealthy |
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Term
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Definition
1. activist federal government
2. economic security as right of citizenship
3. negative to positive rights, protected from to by |
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Term
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Definition
| role to play in welfare of people & nation |
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Term
| right to economic security |
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Definition
| to job, home, medical care, education, assistance to old, injured, unemployed |
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Term
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Definition
| Civilian Conservation corps, public works administration, works progress administration, treasury & arts program |
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Term
| Civilian Conservation Corps |
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Definition
| government works, parks & forests |
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Term
| Works Progress Administration |
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Definition
| construction & theatre projects |
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Term
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Definition
| under WPA, oral history of everyday Americans |
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Term
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Definition
| preserves individual dignity because meaningful, preserves skills |
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Term
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Definition
| Agricultural Adjustment Act & National INdustrial Recovery Act |
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Term
| Agricultural Adjustment Act --> Kerr Smith Tobacco Act |
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Definition
estimate what market would look like and assign production quotas, set base price, government buys up tobacco until it can sold at price
hurts smaller producers |
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Term
| National Industrial Recovery Act |
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Definition
| manufacturers, fed gov, workers |
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Term
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Definition
| production quotas, minimum prices, raise wages |
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Term
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Definition
| workers have right to unionize, but no enforcement |
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