Chapter 21 and 22 Reading Flashcards
(93 cards)
roaring 20’s
republican decade; supported republicans by electing Hoover
republican presidents
led the nation and took credit for the good economic times
American farmers
borrowed money to buy land and machinery to increase the harvest yields during WW1; still producing large harvests; problems worsened during the depression
demand for American crops
fell after the war
cheap food
flooded the markets lowering farmers profits and making debt harder to pay off
industrial workers
wages rose steadily; did better than farmers
owners of companies
did even better than industrial workers; became very rich
1929 percentage
wealthiest .01% of the population earned about the same amount of money as the bottom 42%
easy credit meant many workers
took advantage to buy products; disguised the problem and helped the economy grow
1929 too much money was
being poured into stock speculation
investors
borrowed money to buy stocks then sold them to turn a quick profit
inflating the prices of stocks
led to frantic buying and selling; unrealistic levels
sharp drop in stock prices
led to panicked selling
black Tuesday
Oct 29, 1929; stock market crashes and stock prices bottomed
stock market crash marked the beginning
of the Great Depression
the Great Depression
period lasting from 1929 to 1941; US economy faltered and unemployment soared; thousands of banks closed and many businesses failed; cities and minorities hit hardest
Hawley-Smoot tariff
government tried to boost the sale of American goods; placed high taxes on foreign goods; result was closed markets and unsold goods; destroyed international trade
bread line
people lined up for handouts from charities or public agencies
Hoovervilles
makeshift shantytowns of tents and shacks built on public land or vacant lots
tenant farmers
working for bigger land owners rather than for themselves
severe drought and over farming
turned soil to dust on the Great Plains; made farming impossible and creating huge dust storms
dust bowl
high plain regions in Texas, Oklahoma, Kansas, New Mexico, and Colorado; many farmers left and moved to California for work
Okies
dust bowl refugees from California
African American sharecroppers
thrown off the land they were working on and migrated north