Unit 4: Chapters 15 and Chapter 16

This collapse of the stock market is known as the Great Crash.

The Great Crash was part of the nation's business cycle, a span in which the economy grows, then contracts.

The contraction that began with the Great Crash triggered the most severe economic downturn in the nation's history—the Great Depression.

In what were known as penny auctions, farmers would bid mere pennies on land and machines auctioned by the banks in order to help their struggling neighbors.

In February 1933, just 15 years after it passed the Eighteenth Amendment banning the sale of alcoholic beverages, Congress passed the Twenty-first Amendment, repealing Prohibition.

In an attempt to protect domestic industries from foreign imports, in 1930 Congress passed the Hawley-Smoot tariff, the highest import tax in history.

In early 1932, Hoover set up the Reconstruction Finance Corporation (RFC), which gave government credit to a number of institutions, such as large industries, railroads, and insurance companies.

The Civilian Conservation Corps (CCC) became FDR's favorite program. Established in March 1933, the CCC put more than 2.5 million young, unmarried men to work maintaining forests, beaches, and parks.

The Civilian Conservation Corps (CCC) became FDR's favorite program. Established in March 1933, the CCC put more than 2.5 million young, unmarried men to work maintaining forests, beaches, and parks.

The Civilian Conservation Corps (CCC) became FDR's favorite program. Established in March 1933, the CCC put more than 2.5 million young, unmarried men to work maintaining forests, beaches, and parks.

The Agricultural Adjustment Administration (AAA), set up in May 1933, tried to raise farm prices through subsidies, or government financial assistance.

The Wagner Act legalized such union practices as collective bargaining at closed shops, which are workplaces open only to union members.

Some New Deal critics were demagogues, leaders who manipulate people with half-truths, deceptive promises, and scare tactics.

One time he advocated nationalization, or government takeover and ownership, of banks and redistribution of their wealth.

Finally, the New Deal receives criticism from people who oppose deficit spending—paying out more money from the annual federal budget than the government receives in revenues.

The nation entered a recession, a period of slow business activity.

The President had become distressed at the rising national debt, or the total amount of money the federal government borrows and has to pay back.

The government borrows when its revenue, or income, does not keep up with its expenses.

In November 1938, this coalition, or alliance of groups with similar goals, changed its name to the Congress of Industrial Organizations.

A weapon often used by the Congress of Industrial Organizations, the sit-down strike is a strike in which laborers stop working but refuse to leave the building.