The Wall Street Crash and the New Deal Revision Cards

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  • Created on: 20-05-15 20:40
What Were the 10 New Acts + Alphabet Agencies Introduced Under the First New Deal?
Emergency Banking Act, Securties Exhange Act, Federal Emergency Relief Administration, Civilian Conservation Corps, Public Works Admin, National Industrial Recovery Act, National Recovery Act, Tennesse Valley Authority, Home Owners' Loan Corporation
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What Were the 3 New Acts + Alphabet Agencies Introduced Under the Second New Deal?
Social Security Act, Wagner Act / National Labour Relations Act, Works Progress Administration.
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What Was the Emergency Banking Act?
USA had liitle confidence in all banks SO the govt closed all banks + re-opened 8 days later. The govt only re-opened those who were safe.
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What Was the Security Exhange Act?
The USA had little confidence in banks SO this act regulated the stock market to prevent speculation that caused the Wall St Crash.
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What Was the Federal Emergency Relief Administration?
There was poverty + unemployment SO $500m was allocated to the state + local govt for emegency relief. This gave food + clothes to the poor and seeds + equipment to farmers.
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What Was the Civilian Conservation Corps?
There was unemployment among young men SO young men were given 6 mths work + had to send most of their wages home to family.
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What Was the Public Works Administration?
There was unemployment SO this paid for public works projects (e.g. schools, roads + hospitals) and used unemployed workers.
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What Was the Agricultural Adjustment Agency?
There was rural poverty, unemployment + low crop prices SO the govt advised farmers to prevent overproduction
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What Was the National Industrial Recovery Act?
There were problems with the economy - this set up the National Recovery Administration, which set standards on working practices (hours, child labour, conditions). Created more jobs. Employers who joined were allowed to display the Blue Eagle symbol
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What Was the National Recovery Act?
There were problems with the economy - this set minimum wages + a maximum 8-hour day. Trade unions were encouraged. This tried to improve workers’ pay + conditions.
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What Was the Tennessee Valley Authority?
There was agricultural overproduction + regular flooding SO this was created it involve huge public works projects; dams, irrigation, canals + water transport. Hydro-electric power = created thousands of jobs.
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What Was the Home Owners' Loan Corporation?
This helped people who were in danger of having their homes repossessed. It provided new long-term loans.
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What Was the Social Securty Act?
Introduced in 1935. It set up old age pensions, provided help for the diabled + sick and it set up a plan for unemployment benefit
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What Was the Wagner Act / the National Labour Relations Act?
Introdcued in 1935. This act replaced the National Recovery Act It gave the right to trade unions. Companies were now forced by law to allow their employees to become members of a trade union. This act prevented employers picking on trade unions.
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What Was the Works Progress Administration?
This replaced the PWA This provided jobs on public works e.g. building roads. This replaced the PWA (Public Works Administration) but it also created jobs for unemployed actors, artists, photographers + musicians. It extended the range of work.
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What Was the Soil Conservation Act
Replaced the Agricultural Adjustment Agency (AAA) - gave aid to farmers.
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What Was the National Housing Act?
Home loans provided.
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What Else Did the Tennessee Valley Authority Do?
Farmers were given loans + training in soil conservation. New housing built. This gave money to develop poor agricultural regions.
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What Was the Second New Deal About? (And When Did it Begin)
It began in 1935. It was about protecting workers rights + social security benefits. FDR introduced new measures that would benefit the elderly, the sick + the unemployed.
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What Were the Five Strengths of the New Deal
1. Millions received food. 2. Millions of jobs created. 3. Communism didn't succeed. 4. Workers gained rights + conditions. 5. Confidence returned.
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What Were the Six Weaknesses of the New Deal
1. Uneployment fell at the start but rose again. 2. WW2 not the New Deal solved the problems, 3, Oppossition hampered progress. 4. Blacks still suffered. 5. Women were still paid less then men. 6. USA trade didn't recover.
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Why Did a) BUSINESSMEN b) THE RICH c) STATES All Oppose the New Deal?
a) BUSINESSMEN - didn't like regulations imposed by the ND + the cost of the Welfare programme. b) RICH - weren't habby bc they were bearing the cost of these changes. c) STATES - feared Federal Govt were getting too powerful,
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Why Did d) REPUBLICANS e) HUEY LONG Both Oppose the New Deal?
d) REPUBLICANS - opposed the changes bc it was against the idea of RUGGED INDIVIDUALISM. e) HUEY LONG - said FDR wasn't doing enough, his alternative was "Share Our Wealth".
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Why did f) THE SUPREME COURT Oppose the New Deal?
f) SUPREME COURT - FDR needed the Supreme Court to decare the ND legal. They refused + declared some of its measures as UNCONSTITUTIONAL. FDR asked Congress to allow him to put 6 Democrats as judges. Under this threat, the judges took a lenient view.
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Why Did g) DR. FRANCIS TOWNSEND h) FATHER CHARLES COUGHLIN Both Oppose the New Deal?
g) Dr. Francis Townsend - campaigned for more help for pensions. Townsend said that this would boost the economy + get unemployment down. h) FATHER CHARLES COUGHLIN - wanted the poor to be paid what he described as a "fair wage".
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Why Did i) UPTON SINCLAIR Oppose the New Deal
i) UPTON SINCLAIR - he believed in the End Poverty in California (EPIC) Plan. This plan was that California should take over idle factories + farmland, which would then be run as cooperatives in the theme of "production for use".
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What Were the 3 Aims of the New Deal?
Relief, Recovery, Reform
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What Was a) RELIEF b) RECOVERY c) REFORM
a) RELIEF - help unemployment b) RECOVERY - rebuild economy c) REFORM - create a fairer and more just society.
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Why Did j) SOUTHERNERS Oppose the New Deal?
j) SOUTHERNERS - they said it interfered too much with the local govt.
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What Were Some of the Economic Consequences of the Wall St. Crash / Depression?
1.Wealth in the USA fell. 2. 10,000 banks stopped trading. 3. Many companies went out of business. 4. Farm economies fell. 5. Many farmers were evicted.
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What Were Some of the Social Consequences of the Wall St. Crash / Depression?
1. Millions of families were hungry. 2. There was no unemployment benefit. 3. Only help was charitable handouts / soup kitchens. 4. People lost their homes + were forced to live in Hoovervilles. 5. Large numbers committed suicided.
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What Measures Did President Hoover Enforce to Help the Economy During the Depression?
1. Reduced tax's. 2. Expanded public works. 3. Introduced a Home Loans Act (to help with mortgage payments). 4. Went to conferences with industrialists in an effort to help maintain jobs + wages.
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What Other Measures Did President Hoover Enforce to Help the Economy During the Depression?
5. A one-year suspension on war debts and reparations by European governments to the USA in the hope that this would enable them to buy more American goods. 5. The Reconstruction Finance Corporation (RFC) lent $$$ to banks, industries + agriculture.
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Five Reasons Why Hoover Did Not Win the 1932 Presidential Election
1. Believed Govt shouldn't interfere with business. 2. Believed in rugged individualism + laissez faire. 3. Economy would recover given time. 4. Did little to get re-elected. 5. Incident with the bonus marchers.
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Four Reasons Why Roosevelt Won the 1932 Presidential Election
1. Promised a New Deal. 2. Believed Govt should create a fairer society. 3. Promised to end prohibition. 4. Visitied lots of states in USA.
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What Was a Long Term Cause of the Wall St. Crash?
1. OVERPRODUCTION in agriculture. This kept prices low + meant no markets. Industry was producing more than people wanted to buy = prices fell.
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What Were Two Long Term Causes of the Wall St. Crash?
2. CONSUMER GOODS - prices were low + eventually the domestic market dried up. This is called under consumption. 3. HIGH IMPORT TARIFFS ON US GOODS = other countries wouldn't buy US goods = foreign competition.
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What Was a Long Term Cause of the Wall St. Crash?
4. UNEQUAL DISTRIBUTION OF WEALTH - rising profits were not passed on to workers so most people were too poor to spend this meant demand did not rise as fast as production = great division between rich + poor.
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What Was a Long Term Cause of the Wall St. Crash?
5. OVER-VALUED SHARES - as profits fell so did the price of shares = people weren't making as much money.
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What Was a Cause of the Wall St. Crash?
1. Brokers Provided Expensive Loans to Enable Investors to Buy Shares - when the stock market crashed, investors could not pay back their loans.
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What Was a Short Term Cause of the Wall St. Crash?
1. SPECULATION is buying + selling shares quickly to make a profit. Speculation = people + companies did well. Many speculators borrowed money to invest. Once companies started to fall in value panic selling began + this finally triggered the crash.
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What Was a Short Term Cause of the Wall St. Crash?
2. LOSS OF CONFIDENCE - investors loss confidence in the US economy + were worried shares were overvalued. They sold + share prices dropped. This triggered a rush to sell (Black Tuesday) no-one wanted to buy.
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What Was a Cause of the Wall St. Crash?
2. BANKS WERE UNREGULATED - they were unstable + gambled depositos' money on the stock exchange.
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What Were the Effects of the Wall St. Crash?
1. Many went bankcrupt, lost homes. 2. Banks had invested, they collapsed + people lost their savings. 3. Banks recalled all loans, farmers + home owners were evicted. 4. Many companies went out of business = unemployment + little money to spend.
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What Was Another Effect of the Wall St. Crash?
5. Economic - demand fell again, more companeis closed, more unemployment = DEPRESSION.
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Give to Reasons as to Why There a Great Depression in the 1930s?
1. INEQUALITY OF WEALTH - rich + poor. 2. WEAKNESSES IN THE ECONOMY - agriculture, coal, iron + textiles industries were having problems in the 1920s.
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Give the Third Reason as to Why There a Great Depression in the 1930s?
3. CYCLE OF DEPRESSION - companies + banks failed = people put out of work = they had less to spend = + so more companies went bankcrupt and made their workers unemployed.
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What Were the Long Term Causes of the Great Depression?
1. Huge debt resulting from WW1. 2. European dependence on US loans. 3. Widespread use of credit. 4. Overproduction of goods. 5. Decline in demand.
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What Were the Short Term Causes of the Great Depression?
1. Stock market crash f 1929 (Wall St. Crash). 2. Banks demand repayment of loans. 3. Americans can no longer give loans to other countries. 4. Businesses + factories. 5. High protective tariffs.
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What Were the Short Term Effects of the Great Depression?
1. Vast unemployment + misery. 2. Bank failures + collapse of credit. 3. Lack of response from govt's = loss of faith in capitalism + democracy. 4. Authoritarian (like dictator) leaders gain support.
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What Were the Long Term Effects of the Great Depression?
1. USA recalled its loans on European counrtries from WW1, causing the depression to become global. 2. Nazis take control of Germany. 3. Scapegoats (e.g. Jews) are blamed for bad economies. 4. Fascist leaders gain control of Eastern Europe. 5. WW2.
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Other cards in this set

Card 2

Front

Social Security Act, Wagner Act / National Labour Relations Act, Works Progress Administration.

Back

What Were the 3 New Acts + Alphabet Agencies Introduced Under the Second New Deal?

Card 3

Front

USA had liitle confidence in all banks SO the govt closed all banks + re-opened 8 days later. The govt only re-opened those who were safe.

Back

Preview of the back of card 3

Card 4

Front

The USA had little confidence in banks SO this act regulated the stock market to prevent speculation that caused the Wall St Crash.

Back

Preview of the back of card 4

Card 5

Front

There was poverty + unemployment SO $500m was allocated to the state + local govt for emegency relief. This gave food + clothes to the poor and seeds + equipment to farmers.

Back

Preview of the back of card 5
View more cards

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