AcaDec - Social Science

  1. buy now, pay later
    A small down payment allowed consumers to ___ ___, ___ _____
  2. yellow-dog contracts
    An agreement where employees promised their employers to not join labor unions
  3. creative destruction
    The process by which the production of new consumer goods caused older industries to grow more slowly, stagnate, or even shrink
  4. isolationism
    A policy of minimal political involvement with foreign powers
  5. Dawes Plan
    The United States negotiated this international payment system whereby Wall Street and the Federal Reserve provided Germany with loans to be used to pay reparation demands to the Allies
  6. gold standard
    This meant that the trade surplus and the interest and debt payments brought a growing influx of the specie to the U.S.
  7. Ponzi Scheme
    A fraudulent scheme that took advantage of the fact that Americans were more willing to invest higher amounts and unfortunately was successful
  8. securities market
    Corporations "went public" and put their shares out on this type of market (i.e. Wall Street)
  9. investment trusts
    Did nothing but sell paper shares and illustrates how popular the stock market had become by 1929
  10. buying on margin
    Similar to car dealers' and department stores' policy of "buy now, pay later" except for stockbrokers
  11. pools
    Schemes to artificially inflate prices by selling shares back and forth among each other the create the illusion of intense market activity around an attractive stock
  12. open market
    To cool the stock market, the Federal Reserve Board began selling their bonds on this
  13. Black Monday
    October 28, 1929; when the market began to decline sharply
  14. bank panic
    If a business defaulted on its loan and caused a bank a serious loss, its savings account holders would begin to worry and rush to the bank to retrieve their savings, either in gold or in notes not issued by their home bank. The result was a ____ _____.
  15. Bank of United States
    A bank in New York that held the deposits of thousands of Jewish immigrants and closed in December 1930.
  16. Kreditanstalt
    A major Vienna bank that closed in May 1931 and showed that the crisis had become an international problem
  17. Federal Reserve System
    Twelve district banks that would serve as "lenders of last resort"
  18. Herbert Hoover
    President who advocated to not intervene in the economy
  19. deflation
    A progressively declining price level
  20. monetarists
    Economists who argued that at the root of deflation was a decline in the stock of money
  21. liquidity trap
    States that businesses are only likely to loan money if the expected profit is significantly higher than the interest rate plus the rate of deflation.
  22. Friedrich von Hayek
    An Austrian economist who argued that the Federal Reserve Board actually did too much and inhibited the adjustment of a free market to its natural equilibrium
  23. maldistribution thesis
    The distribution of wealth in the country was becoming more uneven as the gap between the rich and the poor grew
  24. John Maynard Keynes
    Economist who believed that it was under-investment that first and foremost caused the depression
  25. Bernstein thesis
    States that the creation of new products, techniques, and employment opportunities necessary for cyclical economic recovery were not impossible but lengthy because they ushered in a different economy.
  26. Smoot-Hawley Tariff
    A comprehensive tariff that was passed too late to help the depression
  27. national autarky
    A policy of national self-sufficiency and nonreliance on imports or economic aid.
  28. Dust Bowl
    The main area of serious soil erosion that included the Texas and Oklahoma panhandles, SE Colorado, SW Kansas, and NE New Mexico.
  29. Mississippi Flood of 1927
    A disaster that illustrated to African-American southerners the need for a nat'l gov't capable of offering quick and just help. This switched their party alliance from Republicans to Democrats (Lincoln ---> FDR).
  30. Horatio Alger
    An author who sold the "rags-to-riches" story to young boys, but made little sense in a world where riches had turned into rags
  31. G-Men
    "Government Men" who rid America of the criminal heroes at the same time that the federal government under Roosevelt reclaimed its legitimacy as the source of social and economic order.
  32. Federal Farm Board
    Tried to stem falling prices in agriculture by buying up surplus crops, but did not restrict production.
  33. Reconstruction Finance Corporation (RFC)
    Under Hoover, authorized to use $2 billion in taxpayer money for loans to banks, the boldest federal anti-depression measure in U.S. history to that point.
  34. 1932 Revenue Act
    Illustrated that conventional political wisdom of fiscal responsibility: that the government could not spend more than it received in revenue.
  35. Karl Marx
    He predicted the economic collapse and offered an explanation for it.
  36. Bonus Expeditionary Force
    Outraged over Washington's thrifts at the same time that the government spent public funds on farmers, banks and railroads, 20000 veterans from across the country converged on Washington DC.
  37. General Douglas MacArthur
    President Hoover ordered the complete removal of the Bonus Expeditionary Force protesters by federal troops under the command of this person
  38. John Reed Clubs
    Spread Communist propaganda in music, film, and literature and made their first appearance in Chicago.
  39. Eleanor Roosevelt
    FDR's wife who pursued her own public mission in volunteer and charity work--most prominently in the League of Women Voters.
  40. Fireside chats
    FDR employed the new media of the time--the radio. He did not speak to his radio audiences as if they were the masses, but instead imagined his listeners to be no more than a few people around his fireside in Hyde Park.
  41. Brain trust
    Roosevelt surrounded himself with this new group of experts to come up with new government programs. It would become major policymakers in the New Deal. Together, they devised a range of programs and initiatives for the state of New York that did LITTLE to improve the state's flailing economy, but nonetheless gave the governor the reputation of being the most proactive executive in the country at the time.
  42. "First Hundred Days"
    While not all of the political reforms of the first New Deal succeeded or survived legal challenges, the __________ have become often referred to as the standard measure of political capability for presidents and governors.
  43. Frances Perkins
    A veteran labor and women's rights advocate, who was among the new group of political experts and advisers of the White House who shaped New Deal policy decisively
  44. Emergency Banking Act
    Conservative in nature, this gave the banking holiday post-facto legal grounding, extended government assistance to private bankers to allow them to reopen their banks, authorized the issue of new Federal Reserve bank notes, and penalized hoarding of cash reserves.
  45. Federal Emergency Relief Administration (FERA)
    This was created by Congress in an effort to extend relief not just to banks, but to people who had lost their homes, savings, and jobs. The head of this agency was Henry Hopkins.
  46. Henry Hopkins
    The head of the Federal Emergency Relief Administration (FERA), who had run relief operations for Roosevelt in New York.
  47. Glass-Steagall Banking Act
    This act separated investment from commercial banking in order to protect savings accounts from being jeopardized by risky investment strategies in the same financial institutions.
  48. Federal Deposit Insurance Corporation (FDIC)
    This agency was created to insure accounts with deposits of up to $2500. This provision was an effort to protect small banks against the anguish of the small depositor and sought to protect a large network of small unit banks.
  49. Caveat Emptor
    "Buyers beware." A prevailing rule of purchasing stocks during the 1920s in an unregulated security market that meant that the buyers had little protection against fraudulent schemes.
  50. Securities Act of 1933
    This act was created to regulate the financial markets. Now, the Federal Trade Commission had to supervise the issue of new securities, and the law demanded that every new stock be accompanied by a substantive financial statement in which company directors were criminally liable for deception.
  51. Securities and Exchange Commission (SEC)
    This agency became responsible for preventing the manipulation of markets by insiders and providing regulatory oversight of trading practices.
  52. Agricultural Adjustment Act (AAA)
    This act was intended to meet the concerns of farmers: (1) support for rural banks for the inflation of the money supply to prevent a further drop in the price of their product; (2) price parity between agricultural and industrial commodities to secure a fair price relationship between farming and industrial goods; & (3) mortgage relief for farmers. This bill also included a domestic allotment plan that was designed to reduce the surplus and give growers higher prices.
  53. Section 7(a)
    This section of the law guaranteed laborers representation in the workplace and collective bargaining--the practice in which workers organize in unions to jointly negotiate their terms of employment--in order to oversee the codification of a fair price for labor in all the separate industries.
  54. Keynesianism
    A deliberate federal budget deficit to compensate for the declining private demand with a public demand for goods and services
  55. Mature Capitalism
    A notion that stated that gross domestic product could no longer grow
  56. Tennessee Valley Authority (TVA)
    This agency included politicians from rural areas who had long campaigned for a dam project that would aid in both irrigation and in the generation of electrical power.
  57. Adolf Berle
    A member of the brain trust who had been one of the chief critics of the power of big business in modern America
  58. National Recovery Agency (NRA)
    This agency allowed companies to sponsor their own company unions and use them as representatives for labor. However, labor leaders were disappointed when this agency failed to enforce the wages and hours provisions agreed upon in industrial codes.
  59. San Francisco General Strike
    Under the leadership of Harry Bridges, this strike was joined by so many other unions in sympathy that the city was effectively paralyzed.
  60. American Federation of Labor (AFL)
    This rather conservative organization had formed after the failure of more radical movements and had limited itself to a campaign for shorter hours and higher wages in specific trades.
  61. American Liberty League
    A substantial number of businessmen and politicians who opposed the New Deal formed this organization and tried to restore what they believed was a strict constitutional interpretation of the limited powers of the federal government.
  62. National Association of Manufacturers (NAM)
    An organization that aggressively opposed the New Deal and sought to influence it.
  63. Corporate Liberalism
    Businesses had tried to find a refuge from the consequences of unregulated "ruinous competition" since the 1880s, but anti-monopoly legislation had all to often undermined industrial agreements
  64. Farm Credit Act of June 1933
    This act was created to protect small farmers from bankruptcy.
  65. United Council of Working-Class Women (UCWCW)
    In New York, housewives in this association organized a citywide strike against butcher shops.
  66. Underconsumption
    A widespread problem through the Great Depression that indicated: the importance of the consumer to the national economy.
  67. End Poverty in California (EPIC)
    This act declared that the state in question would obtain industrial plants and turn them over to unemployed workers, who would then produce clothing, shelter, food, and other necessary goods for distribution in a cooperative system through the use of script.
  68. "Share our Wealth"
    A society that promised every American family a "homestead allowance" of $5,000 and a minimum annual income of $2,500. Funding for this program was to come from a steeply progressive income and inheritance tax system.
  69. Father Charles Edward Coughlin
    A Populist challenger to the New Deal and one of Roosevelt's most powerful critics who also utilized the radio. He attacked the evils of communism and offered his own analysis of the Great Depression, which he blamed on a deliberate conspiracy by an international banking class
  70. Francis Townsend
    This man proposed his scheme for an old-age revolving pension plan of $200 a month. Retirements of people over 60 years of age would open up jobs for the young and pump funds into the economy.
  71. "Soak-the-rich"
    This law provided for a federal inheritance tax on top of the existing estate tax, an increase in the maximum tax rate from 59 to 79 percent. It also created a gradual corporate income tax and proposed a constitutional amendment that allowed for the taxation of interest earning from state and municipal bond holdings, which were a popular place for the very rich to park their savings.
  72. Revenue Act of 1935
    An act without a levy of inheritance taxes and with a minimum tax rate of 75% only for incomes over $50,000. This did little to change federal revenues at a time when only 1% of the population reported an income over $10,000.
  73. "The four horsemen of the apocalypse"
    Four Justices of the Supreme Court who persistently stood up against the prohibition of child labor, the introduction of minimum wages, and the right to unionize, but it felt that it was not up to them to intervene in matters of free speech and other civil liberties, such as the right to assembly.
  74. Judicial Restraint
    Three Justice of the Supreme Court who were predominantly known for their adherence to this principle with respect to the government's power to regulate economic affairs, but were not willing to grant executives and legislatures much leeway in their interpretation of civil liberties.
  75. United States v. Butler
    In this court case, the Supreme Court struck down the Agricultural Adjustment Act (AAA), a bad blow to New Deal efforts in agricultural reform.
  76. National Labor Relations Board
    This agency was created to oversee employee elections for unions. Its mission was to protect the rights of workers to union representation.
  77. Wagner Act
    This act aimed to eliminate the inequalities in the bargain powers of the employees and employers, in the hopes that a more level playing field would lead to more competitive wage rates and better working conditions.
  78. John L. Lewis
    A member of the United Mine Workers who recognized the need for a nationwide organization of industrial workers in the auto, steel, rubber, textiles, and aluminum industries. He organized the Committee for Industrial Organization (CIO) and launched aggressive organizing campaigns in mass production industries. The success of the CIO had much to do with its principled belief in inclusiveness.
  79. Committee for Industrial Organization (CIO)
    This organization was organized by John L. Lewis. Its success is attributed to its principled belief in inclusiveness.
Card Set
AcaDec - Social Science
AcaDec - Social Science