The Great Depression and The New Deal Flashcards

Terms Definitions
shanty-towns box houses
Federal Emergency Relief Administration: combined cash relief to needy families with work relief
(Tennessee Valley Authority Act) Relief, Recover, and Reform. one of the most important acts that built a hyro-electric dam for a needed area.
Industries were declining ,but stock prices were still...
Deficit spending
spending money raised by borrowing
"Brain Trust"
Small group of reform-minded intellectuals who FDR brought in to help create the New Deal. These young college proffessors were the brains behind FDR's New Deal and improved the American economy.
Brain Trust
Roosevelt's unofficial advisors, who he urged to experiment with programs.
The New Deal's support for labor organization fostered the creation of the Congress of Industrial Organizations, which organized the workers in mass-production industries like steel and automobiles. It did much to improve the working conditions of unskilled factory workers, increase the political influence of labor, and bring minorities into the labor movement.
Managed currency
believed inflation would relieve the debtors' burdens and stimulate new production; promoted gold buying which increased the amount of dollars in circulation (since gold owners cashed it in at the newly elevated prices); later FDR limited the gold standard to international trade only
John Steinbeck
American novelist who wrote "The Grapes of Wrath". A story of Dustbowl victims who travel to California to look for a better life.
great depression
a period, lasting from1929-1940, in which the u.s. economy was in severe decline and millions of americans were unemployed.
Bonus Army
unemployed WWI veterans asking for bonuses early; marched on Washington - Hoover ignored them
Wagner Act
1935, also National Labor Relations Act; granted rights to unions; allowed collective bargaining
Public Works Administration
(PWA) built large public works projects
john maynard keynes
Young English economist who denounced Treaty of Versailles and said that people needed to revise treaty and help German econ. He Wrote Economic Consequences of the Peace. Said Britain needed Germany, and if the German market went under, Britain econ would go under. His book was one of the major reasons that the British were sympathetic towards Germany
President Franklin Roosevelt
introduced his "New Deal," won election by a relative landslide (he was not Hoover, whom the public now did not trust)
Frances Perkins
first woman ever appointed to the cabinet.
Eleanor Roosevelt
Wife of Franklin Roosevelt and a strong advocate of human rights
margaret Sanger
United States nurse who campaigned for birth control and planned parenthood
William Danforth
founder of Ralston Purina, sold short during the Great Depression
Court Packing Plan
Roosevelt's proposal in 1937 to "reform" the Supreme Court by appointing an additional justice for every justice over age of 70; following the Court's actions in striking down major New Deal laws, FDR came to believe that some justices were out of touch with the nation's needs. Congress believed Roosevelt's proposal endangered the Court's independence and said no.
Tennessee Valley Authority
agency created to oversee the construction of dams, which provided electricity for many in the Tennessee River Valley.
Miriam Anderson
important figure in the struggle for black artists to overcome racial prejudice
molly dewson
campaigned for FDR to gain more female voters, economic and social recovery that was best for men and women, expanded Democratic base to more women
General Douglas McArthur
assigned by Hoover to address the Bonus Army, WWI veterans and their families, that were encamped in DC
Election of 1936
FDR (Democratic) reelected b/c of his New Deal programs and active style of personal leadership. Running against FDR was Alf Landon (Republic nominee)
Federal Emergency Relief Administration (FERA)
Created under the Federal Emergency Relief Act. Led by Harry L. Hopkins. Granted about $3 billion to the states for direct dole payments or preferably for wages on work projects.
Agricultural Adjustment Act..
Provided Federal Funds to Farmers by Paying Farmers Subsidies In Order For Them NOT To Farm.. Increased Farm Unemployment && Increased Food Prices..
National Recovery Administration
asked businesses to accept a temporary "Blanket Code": a minimum wage of between 30 and 40 cents an hour, a maximum workweek of thirty-five to forty hours and the abolition of child labor.
Franklin Delano Roosevelt
Democratic candidate who won the 1932 election by a landslide. He refused to uphold any of Hoover's policies with the intent on enacting his own. He pledged a present a "New Deal" to the American public.
Court Packing Scandal
FDR wanted to hire more justices that supported him in order to pass more bills
Works Progress Administration (WPA)
employing millions to carry out public works projects, including the construction of public buildings and roads, and operated large arts, drama, media, and literacy projects. It fed children and redistributed food, clothing, and housing
Federal Deposit Insurance Corporation (FDIC)
This is a Reform agency
federally insured bank deposits to minimize bank panics
Federal Deposit Insurance Corporation
1933 federal agency that insured bank deposits of individual citizens.
"Nothing to fear but fear itself"
famous phrase from FDR's first inaugural address in 1933
The Civilian Conservation Corps, the Works Progress Administration, and the Civil Works Administration
provided federal jobs for unemployed workers in conservation, construction, the arts, and other areas
Schechter Case (sick chicken case), 1935
challenges NRA in the supreme court, Jewish chicken farmers claim that law is unconstitutional, win
President Hoover and the Solid South during 1928 election
Hoover broke the "solid south" this is significant because it was the first time since the civil war that the south voted republican
flexible spending account
21st Amendment
repealed the 18th amendment
Civilian Conservation Corps
(CCC) employed jobless adults
court-packing scheme
Roosevelt's political blunder; tried to put an extra justice on the SC for every justice over 75; max of 15 judges; FDR branded as being dictatorial
Agricultural Adjustment Administration
Restricted agricultural production in the New Deal era by paying farmers to reduce crop area. Its purpose was to reduce crop surplus so as to effectively raise the value of crops, thereby giving farmers relative stability again.
Herbert Hoover
Pres. who rejected gov't intervention in fighting the Great Depression
McNary-Haugen Bill
farm proposal from 1924-1928 that sought to keep agricultural prices high by authorizing the government to buy up surpluses and sell them abroad; government losses were to be made up by a special tax on farmers; Congress twice passed the bill, but Coolidge twice vetoed it; farm prices stayed down and farmers' political temperances stayed high
foreign exchange
foreign currencies used to facilitate trade among nations
herdert hoover
Republican candidate who assumed the presidency in March 1929 promising the American people prosperity and attempted to first deal with the Depression by trying to restore public faith in the community.
FDR just barely won the presidential election of 1932. True or False
the amount of collateral a customer deposits with a broker when borrowing from the broker to buy securities
Problems with the U.S. economy started in the...
late 1920's
tennessee calley authority
regional work project of lasting value
Francis Perkins
Secretary of Labor - first female cabinet member
President Hoover
Rebublican who was blamed for the Great Depression
Term for a project that wastes time and money
Dust Bowl
A severe drought in the midwest starting in 1933. The Dust Bowl made it virtually impossible for farmers to produce crops and forced them to move. Most farmers took thier families to California and were commonly called "okies". The migration to California was so great that farmers started being turned away at the California border.
Social Security Act
this 1935 legislation (Second New Deal) provided for old-age pensions and unemployment insurance
Elanor Roosevelt
social reformer who combined her deep humanitarian impulses with great political skills; FDR's first lady
Revenue Act
1935 increased tax rates for those making above 50K.
mary mcleod bethune
United States educator who worked to improve race relations and educational opportunities for Black Americans1875-1955)
100 Days
period from March to June 1933 when Congress passed major legislation submitted by Roosevelt to deal with the Depression
Keynesian Economics
Theory based on the principles of John Maynard Keynes, stating that government spending should increase during business slumps and be curbed during booms.
Norris-La Guardia Anti-Injunction Act
1932. Federal courts cannot issue injunctions. Outlaws antiunion "yellow dog" contracts.
bank holidays
Created to stop bank runs and prevent further banks from going out of business
Gerald P. Nye
In 1934, North Dakota this senator headed a Senate investigation into banking and the munitions industries. He concluded that they had conspired to drag the United States into World War I for their own profit. He labeled munitions manufacturers "merchants of death." His committee's report fed the isolationist mood of Americans in the mid-1930s.
John L. Lewis
domineering boss of the mine workers' union who launched the CIO
Buying Stocks on Margin
where people take out loans and purchase large blocks of stocks with a modest down-payment
Republic Steel Strike
1937 strike in which 10 workers were killed.
The federal government's assistance in meeting regional economic and ecological needs can best been seen in what New Deal program involving conservation and power supply.
The TVA - Tennessee Valley Authority
Reconstruction Finance Corporation (RFC)
$500 million set aside to lend to companies in need. Insurance, bank, agriculture, railroad, states, etc. Sponsored self-liquidating projects. "Pump-priming" loans benefit large companies --> "millionaires' dole."
SEC: Securities and Exchange Commission
Regulated the stock market (no insider trading). This continues to monitor the stock market
Fair Labor and Standards Act
In 1938, Congress passed a better deal for laborers. This Wages and Hours Bill made industries involved in interstate commerce set up minimum-wage and maximum-hour levels. The eventual goals were 48 cents an hour and 40 hours a week.
Wagner Act 1935: AKA ( National Labor Relations Act)
• guaranteed the right of unions to organize and to collectively bargain with management.
• Took the place of the NRA .
• Under the encouragement of a National Labor Relations Board, unskilled laborers began to organize themselves into effective unions
"the forgotten man"
National Recovery Administration: established and administered a system of industrial codes to control production, prices, labor relations, and trade practices
National Industrial Recovery Act - Created NRA to enforce codes of fair competition, minimum wages, and to permit collective bargaining of workers.
business cycle
pattern consisting of alternating periods of prosperity and decline
Margarett Mitchell
Wrote Gone With the Wind
An imaginary place considered to be perfect or ideal.
Home Owners Loan Act
protect homeowners with refinancing
Other scandals
Attorney General Daugherty was accused of illegally selling pardons and liquor permits
Glass-Steagall Act
Act which established the Federal Deposit Insurance Corporation (FDIC) and included banking reforms, some of which were designed to control speculation
Rugged Individualism
The belief that all individuals, or nearly all individuals, can succeed on their own and that government help for people should be minimal.
glenn miller
United States bandleader of a popular big band1909-1944
Schechtor vs. US
unconstitutionalized the NRA due to delegation
of legislative authority from Congress to executive
binding arbitration
process whereby a neutral party hears arguments from two opposing sides and makes a decision that both must accept
Pearl Buck
United States author whose novels drew on her experiences as a missionary in China
Schechter case
SC ruling in 1935; Congress cannot delegate legislative powers to the executive; invalidated the NRA
"pump priming"
(HH) the spending of government funds in commercial enterprises, to stimulate the national economy
Banking Act
established FDIC as a permanent agency of the gov't, which insured private deposits.
Will Rogers
originally was skeptical of FDR but then became one of his greatest supporters
federal securities act
(FDR) 1933, 1934, , required promoters to transmit to the investor sworn information regarding the soundness of their stocks and bonds
Twentieth and Twenty-First Amendments
The Twentieth Amendment changed the calendar of Congressional sessions and the date of the presidential inauguration (January 20th). In short, it shortened the length of lame duck periods for the presidency. The Twenty-first Amendment to the Constitution ended prohibition and allowed the distribution and drinking of alcoholic beverages to commence once again.
The Grapes of Wrath
John Steinback's novel regarding the harsh realities of those suffering during the Dust Bowl
Reconstruction Finance Corportation
Created by Hoover in 1932 this organization made loans to large economics institutions such as railroads and banks.
Election of 1932
FDR (D) defeats Hoover (R). Popular votes: 22.8 million to 15.8 million. Electoral votes: 472 to 59. Hoover wins only 6 states (all in South).
installment plan
buying an item on credit with a monthly plan to pay off the value of the good
trickle down economics
govt gives tax breaks to company owners, who in turn give workers larger wages; INEFFECTIVE
spanish civil war
civil war in Spain in which General Franco succeeded in overthrowing the republican government noun
Ex. during the war Spain became a battleground for fascists and socialists from all countries; 1936-1939
Securites and Exchange Commission
created a federal watchdog over stock market
soup kitchen
a place where food is dispensed to the needy
Federal Emergency Relief Act (FERA):
headed by Harry L. Hopkins, sought immediate relief rather than long term results.
difference between AFL and CIO
AFL (American federation of labor) - labor unions, skilled workers, no minorities
CIO(congress of industrial organizations) - minorities allowed
The Wagner (National Labor Relations) Act
encouraged the CIO to organize large numbers of unskilled workers
What is the difference between the CCC and the NYA
CCC- run by the army
NYA- for young students
social security
Public Works Administration
Process by which Mexican-Americans were encouraged, or forced, by locals, state, and federal officials to return to Mexico during the 1930s
Huey Long
Nicknamed "Kingfish." Louisiana senator, and former governor. Promoted redistribution of wealth to make "Every Man a King." $5000 from each rich family should be given to poor. Assassinated in 1935 at age 42.
FDR's 3 R's
Relief, Recovery, and Reform
critics complained the Public Utitlity Holding Act to be a ______ way to control corporate power
francis townsend
American physician and social reformer whose plan for a government-sponsored old-age pension was a precursor of the Social Security Act of 1935
Franklin D. Roosevelt
this was the Democratic representative, and he was from New York, and was the fifth cousin of Teddy Roosevelt. He was born into a wealthy New York family, he graduated from Harvard, he was an elected politician for the New York legislature, he was the New York governor, was nominated for the vice presidency, and served as assistant secretary of the navy.
Sherwood Anderson
author of "Puzzled America" (1935) which illustrates the psychological toll taken by unemployment
Charles Coughlin
Catholic priest, contended on his popular radio show that inflating the currency could solve the Great Depression. He turned against the New Deal, and verbally attacked bankers, New Dealers, and Jews.
Lady during the 1920s that was rebellious, bold, and daring.
Collective Bargaining
in which union leaders negotiated for better wages and working conditions on behalf of all workers in a particular factory. Both sides bring something to the table, and compromise.
Gen. Douglass MacArthur
Led attacks on the Bonus Army
the idea that the Great Depression was caused primarily by a fall in total demand, decline in demand was so severe that adequate demand could only be restored by large increases in government spending
wealth tax act
raised taxes on nations wealthiest people and livied an "excess profits" tax on wealthy corps.
Securities and Exchange Commission
Government agency having primary responsibility for enforcing the Federal securities laws and regulating the securities industry. It protected investors, listened to complaints, issued licenses and penalized fraud.
Hundred Days
a special session of Congress that dealt with problems of the Depression
"Quarantine" Speech
In 1937, responding to the Japanese invasion of China, President Roosevelt condemned international aggression and requested a "quarantine" of aggressors. Isolationists in America denounced the speech, and public opinion did not support any overt action by the United States in cases of international aggression not involving it.
sit-down strike
Work stoppage in which workers shut down all machines and refuse to leave a factory until their demands are met.
Security and Exchange Commission (SEC)
The congressional commission created in 1934 to administer the Securites Act requiring full financial disclosure by companies wishing to sell stock, and to prevent the unfair manipulation of stock exchanges.
EBA-Emergency Banking Act
allowed sound banks to borrow federal funds
The Debt Issue
Germany had to pay many reparations for the war (32$ billion), Britain and France insisted that Germany make the payments because they wanted to use Germany's money to pay back their own debt to America; Germany's economy was spiraling out of control (major inflation), eventually America realized they would have to reduce the debts
Harry Hopkins
A New York social worker who headed the Federal Emergency Relief Administration and Civil Works Administration. He helped grant over 3 billion dollars to the states wages for work projects, and granted thousands of jobs for jobless Americans.
Franklin Roosevelt
former NY governor and Sec'ry of Navy; suave and conciliatory; elected as Dem Pres 1932; roused the nation to action against depression; appealed to the "forgotten man"
buying on margin
investors only paid part of selling price in cash and borrowed the rest
Federal Housing Administration
Policy to speed recovery and develop better homes. The building industry was to be stimulaed by small loans to householders, both for improving their dwellings and for completing new ones.
NRA (National Recovery Administration)
The _____ tried to balance the unstable economy through extensive planning by regulating businesses to make sure they were practicing fair business practices.
Old-Age Revolving Pensions
In response to the pitiful state of thousands of elderly persons during the Great Depression, Dr. Francis Townsend proposed this. It would make government payments of $200 a month to anyone unemployed and over sixty years of age with the stipulation that they spend it all in thirty days. The spending was supposed to stimulate the economy. New Dealers rejected the plan as too expensive.
Tennessee Valley Authority (TVA)
Built damps to provide cheap electric power to seven southern states; set up schools and help centers
Securities & Exchange Commission
policed the stock market to prevent another crash
Direct relief
The giving of money or food by the government directly to needy people
Causes of the Great depression
over speculation, over use of credit, over production, devaluation of U.S. dollar, bank runs, weak farm economy
sit-down strikes (General Motors/U.S. Steel)
instead of leaving jobs to strike, workers would just sit at their posts and do nothing. Proved very effective.
Wild Boys of the Road
Young men that jumped from train to train illegally to get away from towns they were once from.
Ripple Effects of the Stock Market Crash
Small businesses are forced to close, "bank runs," workers face pay cuts or unemployment, American companies stop investing in foreign economies
Discriminating against Jews.
Reconstruction Finance Corporation
"trickle down"
Democratic president, introduced the New Deal proposal, gained support from blacks who later became a vital element in the Democratic party, conducted 'fireside chats' over the radio to reassure people that it was safer to keep money in a reopened bank than under the mattress
The three R
Relief, Recovery Reform
Dorothea Lange
hired to photograph ordinary Americans
experiencing the depression
blank check
Germany's full support of Austria
Courtpacking plan
president franklin d. roosevelt's attempt to expand the size of the U.S. supreme court in an effort to obtain a court more likely to uphold his New Deal legislation.
At the worst got up to 25%
Purchasing power would increase and economic growth would be stimulated if the government "primed the pump" using money it didn't have which is called what.
deficit spending
an aneurysm of the abdominal aorta associated with old age and hypertension
marginal workers
Other races were discriminated in terms of job opportunities; Labor Department announced plans to deport illegal immigrants to free jobs for American citizens; Mexicans were affected most by this policy
New Deal
The name of President Roosevelt's program for getting the United States out of the depression
agricultural adjustment administration (AAA)
attempted to regulate agricultural production through farm subsidies; ruled unconstitutional in 1936; disbanded after world war ii
Court-packing plan
A move by President Franklin D. Roosevelt to increase the size of the Supreme Court and then bring in several new justices
Sick Chicken Case
Schechter vs United States. Schecther brothers sold diseased chickens and did not adhere to wage and hour provisions
Three R's
New Deal programs issued by the Democratic Congress. They were summoned during a "Hundred Days" in order to soothe the national emergency. The programs aimed at RELIEF, RECOVERY, and REFORM. The short term goals were relief and recovery while the long term goals were permanent recovery and reform of current abuses. These reforms came back to the pre WWI progressive movement. They embraced progressive ideas such as unemployment insurance, old age insurance, minimum-wage regulations, conservations and development of national resources and restrictions on child labor.
work progress administration (WPA)
massive work relief program funded projects ranging from construction to acting; disbanded by fdr during wwii
Securities Exchange Commission
would regulate and monitor the stock market
National Labor Relations Board
Created by the National Labor Relations Act, also known as the Wagner Act it was created in the 1930's by congressman Wagner who was sympathetic to labor unions. The National Labor Relation Board was an administrative board that gave laborers the rights of self-organization and collective bargaining.
First Hundred Days
FDR, First Lady, and "Brain Trust" attempted to revive economy; "New Dealers" experimented with national economic planning and created a range of "relief programs" to help those in need
Social Security Act..
First Retirement Program to Help the Unemployed Elderly..
income tax increases
an attempt to decrease the federal deficit
"fireside chats"
FDR used the radio to connect with the American public. Over 60 million people tuned in to Roosevelts chats which were able to reassure Americans that everything was going to be alright. These chats resulted in the public having confidence in Roosevelt and the government. Without the fireside chats, the success of the New Deal would not have been as quick and beneficial.
Empire State Building
An office building in New York City, over one thousand feet high. Opened in the 1930s, it was for many years the tallest skyscraper in the world.
reconstruction finance corp.
gave 2 billion to states, banks, and insurance companies for self liquidating projects. Plan worked but 2 billion wasnt enough
Women who worked as secretaries and salesclerks often kept their jobs ,but...
domestic & factory workers didn't
National Labor Relations Act, Wagner Act
1935; gave laborers rights of self-organization and collective bargaining
Social Security Act of 1935
One of the most complicated and far-reaching laws ever to pass congress. To cushion future depressions, the measure provided for federal-state unemployment insurance. To provide security for old age, specified categories of retired workers were to recieve regualre payments from Washington. The payments ranged from $10-85 per month. They were financed by a payroll tax on both employers and employees. Provision was made for the blind, handicapped, delinquent children and other dependents. This system was largely inspired by the industrialized nations of Europe. In an industrilized boom-or-bust cycle, the gov was now recognizing its responsibility for the welfare of its citizens. By 1939 it reached ober 45 million people.
Federal Home Loan Bank Act
law passed in 1931 to reduce mortgage rates to save farmers from foreclosure
Hawley-Smoot Tariff (possible cause of GD)
Increased tariffs to a tax of 40% on goods imported into the United States; the real effect of the increased tariffs was to increase prices and increase price rigidity; meant to support American farmers and manufacturers
Federal Deposit Insurance Corporation, 1932, insured money in banks for up to $5,000
Civilian Conservation Corps; a work-relief program established in 1933, as part of the 1st 100 Days of the New Deal; provided work for Americans during th Great Depression
An independent federal agency that oversees the exchange of securities to protect investors.
carefree young women with short, "bobbed" hair, heavy makeup, and short skirts. The flapper symbolized the new "liberated" woman of the 1920s. Many people saw the bold, boyish look and shocking behavior of flappers as a sign of changing morals. Though hardly typical of American women, the flapper image reinforced the idea that women now had more freedom.
rrangement for delaying payment of a loan or purchase
dealt with labor relations to prevent strike
federal housing authority
RECOVERY. to stimulate building industry by small loans to householders, to improve their dwellings and to complete new ones
Roosevelt Recession
Sharp economic downturn of 1937-1938 that New Deal critics blamed on the president
Social Welfare
government or private social services intended to aid disadvantaged groups
when more goods are being produced rather than people can afford to buy
New Ku Klux Klan
Discriminated against catholics, blacks, jews, communists, internationalists, bootleggers, gamblers, adulterers, and birth control advocates
Weak international economy
-protectionist trade policies stopped foreign trade
-Hawley-Smoot tariff (1930)-- created highest tariff in history. 23 nations retaliated by imposing tariffs on U.S. exports.
Harold Ickes
secretary of interior and headed the PWA
(Father) Charles Coughlin
the "microphone messiah" was a Catholic priest in Michigan and a huge critic of FDR; broadcast his anti-New Deal viewpoints to some 40 million radio fans
indian new deal
encouraged tribes to establish local self governments to preserve their native crafts and traditions
Alfred Landon
Republican who carried only two states against "The Champ" in 1936
lame duck
An outgoing official serving out the remainder of a term, after retiring or being defeated for reelection.
Huey P. Long
publicized his "Share Our Wealth" program in which every family in the United States would receive $5,000. His fascist plans ended when he was assassinated in 1935
weak industries
-Cotton industry affected by rise of synthetic materials
- RR industry was affected by the automobile
- Low food prices affected the farming industry (demand dropped after WW1)
National Origins Act
A law that severely restricted immigration by establishing a system of national quotas that blatantly discriminated against immigrants from southern and eastern Europe and virtually excluded Asians. The policy stayed in effect until the 1960s
Unemployment rate/percentage, bank failures, union failures, decreased wages, decreased spending,
Signs of economic weakness in 1920s
Civil Works Administration (CWA)
Designed to provide purely temporary jobs during the cruel winter emergency
Dr. Francis Townsend
Advanced the Old Age Revolving Pension Plan, which proposed that every retired person over 60 receive a pension of $200 a month (about twice the average week's salary). It required that the money be spent within the month.
Bull Market
steady rise on stock prices over a long period of time
Dawes Plan
A plan to revive the German economy, the United States loans Germany money which then can pay reparations to England and France, who can then pay back their loans from the U.S. This circular flow of money was a success.
Which New Deal program employed men and women to build hospitals, schools,parks, and airports and also employed artists, writers, and musicians?
WPA (Works Progress Administration)
national industrial recovery act(NRA)
aimed to keep prices stable while boosting employment, helped farmers
John Maynard Keynes, deficit
__?__ was a British economist whose theories helped justify New Deal __?__spending on the grounds that it would create jobs and increase consumer buying power
Agricultural Adjustment Act
Gave farmers money to reduce crop size to reduce production and bring up the value of crops.
Civilian Conservation Corps (CCC)
set to establish work for young men (18-25) in areas of reforestation and flood control
National Recovery Administration (NRA)
Relief program that put in place "fair competition" codes that set maximum hours and minimum wages, granted workers the right to collective representation of their own choosing.
Fair Labor Standards Act
1938 Act that set maximum hours at 40 hours a week and minimum wage at 20 cents an hour (gradually rose to 40 cents).
What are 3 causes of the Great Depression?
-people over speculated stocks (often used borrowed money)
-the banking system collapsed
-high tariffs discouraged international trade
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