US History December/January Key Terms

Name ______Period ______

Andrews/Tallbacka/Gerics

US History –December/January Key Terms

1. Welfare Capitalism- Welfare capitalism is an economic system with free enterprise where businesses give more than just monetary payment to it's employees, perhaps providing health care, or housing
2. Speculation - A message expressing an opinion on incomplete evidence.
   This can also mean economic speculation - like playing the stock market
3. Buying on Margin -Buying on Margin' meant that you would only have to put down a small percentage of money (10%) and the broker would cover the rest.
4. Black Thursday - Black Thursday was the day in which the New York Stock Exchange crashed. The date was October 24, 1929. This particular crash of the stock market led to The Great Depression in the 1930's.
5. Black Tuesday - October 29, 1929 was the worst day in stock market history
6. Great Crash -The worst point in the United States was 1933 when more than 15 million Americans—one-quarter of the labor force were unemployed. Additionally, economic production declined by almost 50%.
7. Great Depression -The Great Depression was a global economic crisis that may have been triggered by political decisions (war reparations post-World War I), protectionism (Congressional tariffs on European goods) or by speculation (the Stock Market Collapse of 1929). Worldwide, there was increased unemployment, decreased government revenue, a drop in international trade. At the height of the Great Depression in 1933, more than a quarter of the US labor force was unemployed. Some countries saw a change in leadership as a result of the economic turmoil.
   The Great Depression was a spectacular, worldwide economic decline. During the Great Depression there was a sharp decline in government tax revenues, prices, profits, income and international trade. Unemployment grew and political upheaval developed in many countries. For example, the politics of Adolf Hitler, Joseph Stalin and Benito Mussolini took the stage during the 1930s.
8. Hoovervilles -A crudely built camp put up usually on the edge of a town to house the dispossessed and destitute during the depression of the 1930s.
9. Dust Bowl-the name given to areas of the U.S. prairie states that suffered ecological devastation in the 1930s and then to a lesser extent in the mid-1950s. The problem began during World War I, when the high price of wheat and the needs of Allied troops encouraged farmers to grow more wheat by plowing and seeding areas in prairie states, such as Kansas, Texas, Oklahoma, and New Mexico, which were formerly used only for grazing. After years of adequate yields, livestock were returned to graze the areas, and their hooves pulverized the unprotected soil. In 1934 strong winds blew the soil into huge clouds called "dusters" or "black blizzards," and in the succeeding years, from December to May, the dust storms recurred. Crops and pasture lands were ruined by the harsh storms, which also proved a severe health hazard. The uprooting, poverty, and human suffering caused during this period is notably portrayed in John Steinbeck's The Grapes of Wrath. Through later governmental intervention and methods of erosion-prevention farming, the Dust Bowl phenomenon has been virtually eliminated, thus left a historic reference.
10. 21st Amendment to The United States Constitution -The only constitutional amendment ratified by the electorate rather than legislators, the Twenty‐first was also the only amendment to repeal another, the Eighteenth. Not quite fourteen years elapsed between the adoption of the national prohibition amendment on 16 January 1919, and the ratification of the Twenty‐first Amendment on 5 December 1933.
    National prohibition sharply reduced but did not altogether eliminate the use of alcoholic beverages in the United States. Neither state and local law enforcement officials nor the small federal Prohibition Bureau authorized by the 1919 Volstead Act could cope with the variety and volume of prohibition violations. The longer sentences and larger fines imposed by the 1929 federal Jones “Five‐and Ten” Act had little effect. Nor did a series of Supreme Court decisions upholding concurrent powers of state and federal enforcement, United States v. Lanza (1922); warrantless automobile searches, Carroll v. United States (1925); restrictions on medicinal liquor prescriptions, Lambert v. Yellowley (1926); and wiretap telephone surveillance Olmstead v. United States (1928).
    Opposition to prohibition came from politically active groups of recent immigrants who saw prohibition as a slap at their cultures and antiprohibition organizations, which argued that the liquor ban encouraged crime and disrespect for all law, while simultaneously giving the federal government too much power over people's personal lives. The economic collapse of the early 1930s brought arguments that prohibition took away jobs and liquor taxes.
    The Democratic party endorsed prohibition repeal in 1932, and its sweeping November victory brought quick congressional action. On 20 February 1933, Congress adopted, by more than the required two‐thirds, an amendment resolution that would repeal the Eighteenth Amendment and prohibit transportation of intoxicating beverages into any U.S. state, territory, or possession in violation of its laws. The resolution also called for ratification of the proposed amendment by state conventions rather than legislatures. The Supreme Court in Hawke v. Smith (1920), overturning a 1919 Ohio referendum on the Eighteenth Amendment, had stirred demands that this never‐employed alternative Article V procedure be used so that convention delegate elections would provide a direct expression of popular opinion on the proposed constitutional amendment. During 1933 thirty‐eight states held delegate elections: 73 percent of 21 million voters cast ballots for candidates who favored an end to national prohibition, and only South Carolina voters rejected repeal. Ratification conventions quickly certified the results, and on 5 December 1933, when Pennsylvania, Ohio, and finally Utah acted, national prohibition came to an end. Despite the fact that alcohol consumption rates remained below pre‐1920 levels for forty years after national prohibition, the federal effort to forbid adult use of alcohol has been generally perceived as a failure, a futile policy, and a misapplication of the constitutional amending process.
    
11. Empire State Building-is on the west side of Fifth Avenue between Thirty-third and Thirty-fourth Streets in New York City, the site of the original Waldorf Astoria Hotel. In the center of Manhattan Island, it is roughly equidistant from the East and Hudson Rivers and the northern and southern tips of Manhattan. The building's 102 stories rise 1,250 feet, and the tower adds 222 feet for a total height of 1,472 feet. Primarily an office building, it has retail shops on the ground floor and observation facilities on the 86th and 102d floors.
    The building was designed by Shreve, Lamb and Harmon. The financier John J. Raskob and the former New York governor Alfred E. Smith built it between 1929 and 1931. The building company of Starrett Brothers and Eken, Inc., managed the construction.
    Conceived during the prosperous 1920s, the Empire State Building was intended to be the largest and most prestigious office building in New York. Originally estimated to cost $50 million, it actually cost only $24.7 million (approximately $500 million in year 2000 dollars). For forty years the Empire State Building was the tallest office building in the world, and its prominence made it a symbol of New York City. Designated a National Historic Landmark, the building has been renovated regularly for modern convenience and continued to attract prestigious tenants in the twenty-first century
12. Herbert Hoover– (born Aug. 10, 1874, West Branch, Iowa, U.S.died Oct. 20, 1964, New York, N.Y.) 31st president of the U.S. (192933). After graduating from Stanford University (1895), he became a mining engineer, administering engineering projects on four continents (18951913). He then headed Allied relief operations in England and Belgium. As U.S. national food administrator during World War I, he instituted programs that furnished food to the Allies and to famine-stricken areas of Europe. Appointed U.S. secretary of commerce (1921-27), he reorganized the department, creating divisions to regulate broadcasting and aviation. He oversaw commissions to build Boulder (later Hoover) Dam and the St. Lawrence Seaway. In 1928, as the Republican presidential candidate, he soundly defeated Alfred E. Smith. His hopes for a New Day program were quickly overwhelmed by the Great Depression. In response, he called business leaders to the White House to urge them not to lay off workers or cut wages, and he urged state and local governments to join private charities in caring for destitute Americans. Believing that a dole would sap the will of Americans to provide for themselves, he adamantly opposed direct federal relief payments to individuals, though in 1932 he finally allowed relief to farmers through the Reconstruction Finance Corp. After his electoral defeat in 1932 by Franklin D. Roosevelt, he regularly spoke out against what he considered the radicalism of the New Deal and Roosevelt's attempts to involve the U.S. in countering German and Japanese aggression. After World War II he participated in famine-relief work in Europe and was appointed head of the Hoover Commission
13. Hawley-Smoot Tariff -
    The Tariff Act of 1930 (codified at 19 U.S.C.ch.4 ), otherwise known as the Smoot-Hawley Tariff or Hawley-Smoot Tariff, was an act, sponsored by SenatorReed Smoot and RepresentativeWillis C. Hawley, and signed into law on June 17, 1930, that raised U.S.tariffs on over 20,000 imported goods to record levels.
    The overall level tariffs under the Tariff were the second-highest in U.S. history, exceeded by a small margin only by the Tariff of 1828.[3] The act, and the ensuing retaliatory tariffs by U.S. trading partners, reduced American exports and imports by more than half.
14. Bonus Army -World War I veterans who gathered in Washington, D.C., in summer 1932 to demand payment of their promised bonuses. More than 12,000 veterans and their families camped near the U.S. Capitol, urging support for a bill to force early payment of bonuses already voted by Congress. When the bill was defeated, most of the crowd returned home, but some angry protests caused local authorities to ask Pres. Herbert Hoover for federal assistance. Army troops led by Gen. Douglas MacArthur drove out the protesters and burned their camps. The resulting public outcry was a factor in Hoover's defeat in the 1932 election. Another group of veterans gathered in 1933, but Congress again rejected bonus legislation. In 1936 Congress finally enacted a bill that paid nearly $2 billion in veterans' benefits
15. Franklin Delano Roosevelt- (born Jan. 30, 1882, Hyde Park, N.Y., U.S.died April 12, 1945, Warm Springs, Ga.) 32nd president of the U.S. (1933-45). Attracted to politics by the example of his cousin Theodore Roosevelt, he became active in the Democratic Party. In 1905 he married Eleanor Roosevelt, who would become a valued adviser in future years. He served in the New York senate (191013) and as U.S. assistant secretary of the navy (191320). In 1920 he was nominated by the Democrats as their vice presidential candidate. The next year he was stricken with polio; though unable to walk, he remained active in politics. As governor of New York (192933), he set up the first state relief agency in the U.S. In 1932 he won the Democratic presidential nomination with the help of James Farley and easily defeated Pres. Herbert Hoover. In his inaugural address to a nation of more than 13 million unemployed, he pronounced that the only thing we have to fear is fear itself. Congress passed most of the changes he sought in his New Deal program in the first hundred days of his term. He was overwhelmingly reelected in 1936 over Alf Landon. To solve legal challenges to the New Deal, he proposed enlarging the Supreme Court, but his court-packing plan aroused strong opposition and had to be abandoned. By the late 1930s economic recovery had slowed, but Roosevelt was increasingly concerned with the growing threat of war. In 1940 he was reelected to an unprecedented third term, defeating Wendell Willkie. He developed the lend-lease program to aid U.S. allies, especially Britain, in the early years of World War II. In 1941 he met with Winston Churchill to draft the Atlantic Charter. With U.S. entry into war, Roosevelt mobilized industry for military production and formed an alliance with Britain and the Soviet Union; he met with Churchill and Joseph Stalin to form war policy at Tehrn (1943) and Yalta (1945). Despite declining health, he won reelection for a fourth term against Thomas Dewey (1944) but served only briefly before his death or / and -(1882-1945) 32nd president of the United States. Born to a wealthy upstate New York family, Roosevelt was raised to a life of privilege. After graduating from Harvard and attending Columbia Law School, he practiced law and ran successfully for the state Senate in 1910. Although he won reelection easily in 1912, he left Albany in 1913 to become assistant secretary of the navy, in which position he advocated preparedness for World War I. He left the navy post in 1920 to make an unsuccessful run for the vice presidency, with James M. Cox at the head of the ticket. A crippling attack of polio in 1921 led him to spend the next several years searching in vain for some treatment that would enable him to regain use of his legs. He returned to public life in 1928 with a successful run for the governorship of New York, where he developed modest programs to help combat the devastation of the Depression and began to call for federal efforts to combat the economic ruin facing the country. In 1932, having won a huge reelection victory in 1930, he took the Democratic nomination for president on the fourth ballot, pledging “a New Deal” for the country. He defeated Herbert Hoover by a comfortable margin and immediately began a remarkable campaign to rebuild the U.S. economy by creating numerous federal agencies that would offer employment opportunities to those out of work while providing economic support to those who could not work. These and other programs enjoyed varying degrees of success, but they began to change the nation's despairing mood. A second round of legislative initiatives, in 1935, dubbed the “Second New Deal, ” produced profound and sometimes permanent changes in the government's role in America's social patterns. As World War II threatened the world's security, he also gradually moved the nation from its postwar isolationism to more active support of Great Britain, in particular, winning congressional approval for Lend-Lease in 1940, which allowed him to provide Britain with arms without receiving payment for them; in 1941 he and British Prime Minister Winston Churchill signed the Atlantic Charter, in which they condemned fascism and called for national self-determination. Later that year, he extended Lend-Lease to cover Russia. After Japan bombed Pearl Harbor, on December 7, 1941, which Roosevelt called “a date which will live in infamy, ” the United States faced a two-front war; Roosevelt decided to concentrate on the war in Europe first. By 1943, the tide of the war seemed to have finally turned. In a series of summit meetings, Roosevelt, Churchill, and Josef Stalin negotiated plans for a long-planned Allied invasion of France's channel coast; the invasion was finally launched on June 6, 1944, D-Day. Roosevelt easily won reelection to a fourth term in 1944; at a final summit, at Yalta, in the Crimea, in January 1945, he appeared frail and ill but vigorously participated in planning for a postwar Europe, although a real accord was reached only on division of Germany. He died of a cerebral hemorrhage at Warm Springs, Georgia, in April.
16. New Deal– The set of programs and policies designed to promote economic recovery and social reform introduced during the 1930s by President Franklin D. Roosevelt.
    During the period of FDR when these programs and policies were developed.
    U.S. domestic program of President Franklin Roosevelt to bring economic relief during the Great Depression (1933-39). The term was taken from Roosevelt's speech accepting the 1932 presidential nomination, in which he promised a new deal for the American people. New Deal legislation was enacted mainly in the first three months of 1933 (Roosevelt's hundred days) and established such agencies as the Civil Works Administration and the Civilian Conservation Corps to alleviate unemployment, the National Recovery Administration to revive industrial production, the Federal Deposit Insurance Corp. and the Securities and Exchange Commission to regulate financial institutions, the Agricultural Adjustment Administration to support farm production, and the Tennessee Valley Authority to provide public power and flood control. A second period of legislation (193536), often called the second New Deal, established the National Labor Relations Board, the Works Progress Administration, and the social security system. Some legislation was declared unconstitutional by the U.S. Supreme Court, and some programs did not accomplish their aims, but many reforms were continued by later administrations and permanently changed the role of government. Public Works Administration

17.First Hundred Days- Thefirst hundred daysis a sample of the first 100 days of a first term presidency of a president of the United States. It is used to measure the successes and accomplishments of a president during the time that their power and influence is at its greatest. The term was coined in a July 24, 1933, radio address by U.S. President Franklin D. Roosevelt, although he was referring to the 100 day session of the 73rd United States Congress between March 9 and June 17, rather than the first 100 days of his administration