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Great Depression and the New Deal
Great Depression
Bad economic times from 1929 to World War II. One in
four workers unemployed. National gov. became more
involved in addressing problems.
3 causes of the Great Depression
1) Overspeculation in stocks, 2) Bank failures, 3) HawleySmoot Tariff
Overspeculation
Buying stock on margin (credit) at a low price in the hope
of selling it later at a profit
The stock market crash
started the Great Depression
What ended the Great Depression?
World War II
The Federal Reserve
America’s central bank-controls the nation’s money supply
Protective tariff
Tax on imports that is so high Americans cannot afford to
buy foreign goods
Hawley-Smoot Tariff
Highest protective tariff in American history that caused a
stranglehold on world trade
Herbert Hoover
Republican president when the Great Depression began
Franklin D. Roosevelt
Democrat president started the New Deal. Famous quote,
“We have nothing to fear but fear itself.”
New Deal
FDR’s program to end the Great Depression
“Fireside Chats”
FDR’s radio talks
What were the 3 R’s of the New Deal? Relief, Recovery, Reform
WPA – Works Progress
Relief measures provided direct payment to people for
Administration
immediate help. Paid people to work on public works
projects: Roads, schools, bridges, parks, dam, libraries
AAA – Agricultural Adjustment
Recovery programs designed to bring the nation out of the
Administration
depression over a period of time. Paid farmers not to raise
crops and livestock in order to increase farm prices
FDIC – Federal Deposit Insurance
Reform measures corrected unsound banking and
Corporation
investment practices. Insures bank deposits
Social Security Act
Offered safeguards for workers, unemployment insurance,
Old-age pensions. Longest lasting New Deal program.
What 3 rights did workers gain during 1) Right to form a union, 2) Right to strike, 3) Minimum
the New Deal?
wage
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