The Great Depression to the Cold War Flashcards
This is for the quiz on May 12/13, 2025 (68 cards)
What was the stock market trend in the 1920s?
A long period of rising stock prices.
By 1928, prices were inflated above their true value.
What is speculation in the context of the stock market?
Buying and then selling something quickly, hoping to make a profit.
What event is referred to as ‘Black Tuesday’?
October 29, 1929, when stock prices dropped dramatically.
What caused bank closures during the Great Depression?
Financial fear prompted runs on banks, leading to mass withdrawals and bank failures.
What were the roots of the Great Depression?
- Low interest rates allowed for cheap credit – led to speculation, too much borrowing, excess expansion in companies
- Overproduction
- Falling demand
- High tariffs
- Uneven distribution of wealth
What was the unemployment rate during the Great Depression?
25%.
What were Hoovervilles?
Shantytowns built by evicted people during the Great Depression.
What was the Dust Bowl?
A severe drought in the 1930s that turned soil into dust, burying crops and livestock.
Who was elected president in 1928 and often blamed for the Great Depression?
Herbert Hoover.
What were the measures taken by Franklin Delano Roosevelt called?
The New Deal.
What was the overarching problem addressed by the New Deal?
Low spending meant low sales.
What was the purpose of the SEC?
To require companies to be more open about their financial status.
What did the FDIC provide?
Federal insurance for bank deposits.
What did the Agricultural Adjustment Act (AAA) do?
Paid farmers not to grow food to raise prices.
What were the main successes of the New Deal?
- Banks reopened
- Many people retained their homes/farms
- Created a sense of hope
What ideologies did the Axis countries adopt right before WWII?
Italy (Mussolini) – Fascism
Soviet Union (Stalin) – Communism
Germany (Hitler) – Fascism
Japan (Hideki Tojo) – Totalitarianism
Who was the primary cause of WWII?
Adolf Hitler.
What was appeasment?`
France and Britain gave Hitler what he wanted.
What was the Lend-Lease Act?
Allowed the US to provide arms and vehicles to allies.
What event led to the US’s formal entry into WWII?
The Attack on Pearl Harbor on December 7, 1941.
What was Blitzkrieg?
High-speed warfare used by Germany during WWII.
What was the Holocaust?
The systematic genocide of 6 million Jews and millions of others by the Nazis.
What was the significance of the Battle of Midway?
A crucial turning point in the Pacific Theater: Japan was now on the defensive.
What was ‘Island Hopping’?
Isolating fortified Japanese islands without direct attacks.