finalterms - Return to normalcy: Coined by William Harding....

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Return to normalcy : Coined by William Harding. Represents the end of progressivism, return to laissez faire capitalism and isolationism in the 1920s following the First World War. It’s a return to isolationism, which is a foreign policy that says that political leaders should avoid entangling alliances with other countries and that there should be legal barriers on trade and cultural exchange. Calvin Coolidge: Came into presidency when Warren Harding died in office in 1923. Believed in hands off government, free markets. While in office, he balanced the budget, reduced government debt and reduced taxes. Was Ronald Regan’s favorite presidents, so Regan modeled economic policies after Coolidge. Nicknamed “Silent Cal” because he was reserved. Was the governor of Massachusetts prior to becoming vice president. Herbert Hoover: After the stock market crash and economy seemed to be taking a toll for the worst, believed that prosperity was still around the corner and that the market would take care of itself. Refused to take legislative action for fear that doing so would lead to a widespread dependence on the government. Instead, tried to mobilize people through volunteering. Replaced by Roosevelt in 1932. (57) Associationalism : Belief that the social welfare and human liberty is best off when managed through voluntaristic action and democratic self governing associations. The belief that government should play a role in facilitating activities but not mandate them. Voluntary coordination where business execs, city planners etc could come together for conferences sponsored by government talk about how to coordinate activity. (37) Crash of 1929: Discredited l-f capitalism, unregulated stock markets. Supposedly wised us up to the fact that couldn’t have complete l-f capitalism, if people argued for hands-off role of government saying that we learned our lesson. Came during a decline in real estate values in the US as well as a decline industialization as a whole Great depression : Most historians attribute the stock market crash of 1929 to catalyzing the depression, but there is still ongoing debate. Herbert Hoover was the president until 1932, when FDR was elected. To help curb economic downturn, FDR implemented relief, recovery and reform programs. These programs never completely ended the depression, which never completely ended until WW2, which did the new deal but on a massive scale and without conservative opposition. (69) Bonus Army : In 1921, congress promised WW1 veterans that they would receive a bonus in the 1945. Then, during the depression, when the veterans and their families were starving, they thought that they should be entitled to the bonus at that time. They came to Washington in 1932 but Herbert Hoover demonstrated insensitivity by ordering them to clear out. When this happened, FDR knew he would be elected president. FDR sent his wife to have coffee and donuts, but also vetoed bonus because thought it was a budget buster. Important symbolic act
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finalterms - Return to normalcy: Coined by William Harding....

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