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Understanding the Great Depression: Causes, Impact, and the New Deal

Explore the origins, effects, and solutions of the Great Depression, from the Stock Market Crash to the enactment of the New Deal by President Franklin D. Roosevelt. Learn about the economic hardships, causes of the crisis, and the role of the Federal Reserve. Discover how the New Deal implemented relief, recovery, and reform programs to combat the devastation wrought by the Depression and reshape American society.

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Understanding the Great Depression: Causes, Impact, and the New Deal

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  1. The Stock Market Crash, the Great Depression, and the New Deal

  2. What was the Great Depression? • Period of severe economic hardship that lasted from 1929 to World War II

  3. What were three causes of the Great Depression? • Overspeculation in stocks • Collapse of the banking system • Hawley-Smoot Tariff

  4. What is speculation? • Buying something at a low price in the hope of selling it later at a profit

  5. What is the largest stock market in the United States? • The New York Stock Exchange

  6. What does it mean to buy stock on margin? • Buy stock on credit

  7. What event triggered the Great Depression? • The Stock Market Crash

  8. What functions as the central bank of the United States? • The Federal Reserve System

  9. What acts as a banker’s bank? • The Federal Reserve

  10. What controls the nation’s money supply? • The Federal Reserve

  11. What is inflation? • When prices increase and the dollar buys less

  12. What does the Federal Reserve do to stop inflation? • Raises interest rates

  13. The Federal Reserve’s power to set ________ ______ enables it to control the nation’s money supply? • Interest rates

  14. What does the Federal Reserve do if it believes the economy is overheating and causing inflation? • Raises interest rates

  15. What does the Federal Reserve do if it believes the economy is slowing down? • Lowers interest rates

  16. What is a protective tariff? • A tax on imports that is so high that Americans cannot afford to buy foreign goods

  17. What was the Hawley-Smoot Tariff? • Protective tariff • The highest tariff rates in history

  18. The Hawley-Smoot Tariff was supposed to help American business. Why did this tariff law hurt the American economy?

  19. Foreign countries retaliated by passing high tariffs of their own. • This meant foreigners could no longer afford to buy American-made goods. • The decrease in foreign sales was greater than the increase in the sale of American-made goods within the United States.

  20. What were five effects of the Great Depression on the United States?

  21. Unemployment increased • Banks closed • Consumer demand for goods dropped • Political unrest increased • Farm foreclosures increased

  22. What was the unemployment rate among Americans by 1932? • 25%

  23. Who was president when the Great Depression began? • Herbert Hoover

  24. What was Herbert Hoover’s political party? • Republican

  25. What president started the New Deal? • Franklin D. Roosevelt

  26. What was Franklin Roosevelt’s political party? • Democrat

  27. What was President Franklin Roosevelt’s program to end the Great Depression? • The New Deal

  28. Who said, “The only thing we have to fear is fear itself?” • Franklin D. Roosevelt

  29. What the three R’s of the New Deal? • Relief • Recovery • Reform

  30. What is reform? • Change for the better

  31. What was the purpose of the New Deal “relief” programs? • Ease the suffering of the unemployed

  32. Give an example of a New Deal “relief” program. • WPA

  33. What did WPA do? • Paid people to work on public works projects

  34. What are public works projects? • Construction projects paid for by the government • Benefit everyone

  35. Give examples of public works projects.

  36. Roads • Schools • Bridges • Post offices • Parks • Libraries • Dams

  37. What was the purpose of the New Deal “recovery” programs? • Help Business Recover

  38. Give an example of a New Deal “recovery” program. • AAA

  39. For what did AAA stand? • Agricultural Adjustment Administration

  40. What did AAA do? • Paid farmers not to raise crops and livestock • By limiting supply, tried to raise livestock and crop prices

  41. What was the purpose of New Deal “reform” programs? • Bring about change for the better in American society

  42. Give two examples of New Deal “reform” programs. • FDIC • Social Security

  43. For what does FDIC stand? • Federal Deposit Insurance Corporation

  44. What does FDIC do? • Deposits at FDIC-insured banks are now insured up to at least $250,000 per depositor through December 31, 2013

  45. What did the Social Security Act provide? • Unemployment insurance • Old-age pensions

  46. What brought an end to the Great Depression? • World War II

  47. What is another name for organized labor? • Unions

  48. Were labor unions active during the Great Depression? • Yes

  49. What three rights did workers gain during the New Deal? • Right to form a Union • Right to Strike • Minimum Wage

  50. Since the New Deal, who do Americans hold responsible for bringing prosperity to the U.S. economy? • The federal government, especially the President

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