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Tuesday, January 21, 2014

Ch. 15 Overview

USH; Chapter 15 – THE GREAT DEPRESSION
OVERVIEW: The economic boom of the 1920s gave most Americans tremendous faith in the future. For many Americans, prosperity seemed limitless. The economic gains were unevenly distributed, however. The lifestyle of the Jazz Age led to enormous consumer debt. In this chapter you will learn how debt and many other factors led to the Great Depression. When POTUS Hoover's efforts to revive the economy failed, Americans elected a (D) POTUS, Franklin D. Roosevelt, in hopes of reversing the country's economic decline.
VOCAB: Bull Market, Bear Market, Margin Buying, Gross National Product, Gross Domestic Product, Business Cycle, Herbert Hoover, Smoot-Hawley Tariff, Black Thursday, Black Tuesday, Great Depression, Mutualistas, Breadlines, Shantytowns, Rugged Individualism, Bonus Army, Reconstruction Finance Corporation, FDR
KEY QUESTIONS (ANSWER AT THE END):
1. Why did the prosperity of the 1920s come to a crashing end?
2. Why did the Great Depression last as long as it did?
KEY UNDERSTANDINGS:
How did the Great Depression alter the role of our gov in our lives? The federal gov…
1) Sought to put the jobless to work
2) Instituted new agencies to regulate banking and the stock market
3) Tried to raise the income of farmers
4) Created a safety net to protect Americans from unemployment and old age
5) Assisted Americans in buying houses
6) Gave new rights to organized labor
GREAT DEPRESSION FACTS:
1. Great Depression: a severe worldwide economic depression
2. It began with the stock market crash of 1929
3. Unemployment soared and international trade plunged
4. Depression era unemployment levels did not end until the beginning of WW2
5. 25%: during the early stages of the depression 25% of the workforce was jobless
6. Inadequate purchasing power: a major cause of the great depression
7. Dust Bowl: erosion and windstorms that devastated agriculture in the Midwest during the 1930s
8. Effect on families: the great depression caused couples to put off marriage and have fewer children
9. The longest, most widespread, and deepest depression of the 20th century
1930s: A decade of economic depression that led our gov to take a more active role in US life:
1) The Stock Market Crash
2) Why did the prosperity of the 1920s ended so suddenly? Poor distribution of wealth, cutting off of immigration
3) Why the Depression lasted as long as it did? Government needed to act more aggressively
4) The Depression's human toll: Loss of jobs
5) Policies were adopted to combat the crisis

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