Vocabulary unit 6

1.Bonus army- assemblage of about 17,000 World War I veterans, accompanied by their families and other affiliated groups, who demonstrated in Washington, DC, during the spring and summer of 1932. 2.Great crash- Wall Street Crash of 1929, also known as the Crash of 29 , was taking into consideration the full scope and longevity of its fallout the most devastating stock market crash in American history 3.speculation- involves the buying, holding, selling, and short-selling of stocks, bonds, commodities, currencies, collectibles, real estate, derivatives, or any valuable financial instrument to profit from fluctuations in its price as opposed to buying it for use or for income via methods such as dividends or interest. 4.business cycle- refers to the fluctuations of economic activity about its long term growth trend. 5.great depression- stock market crash on October 29, 1929, known as Black Tuesday. 6.hooverville- a shanty town, found in many United States communities during the Great Depression of the 1930s The word "Hooverville" derives from the name of the President of the United States at the beginning of the Depression, Herbert Hoover. 7.overproduction- excess of supply over demand of products being offered to the market. Leads to lower prices and / or unsold goods. 8.dust bowl- a series of dust storms causing major ecological and agricultural damage to American and Canadian prairie lands from 1930 to 1936 (in some areas until 1940), caused by severe drought conditions coupled with decades of extensive farming without crop rotation or other techniques that prevented erosion. 9.bank failure- the inability of a bank to meet its credit obligations 10. penny auction 11.ripple effect- effects that a reprimand in a group has on members of the group who are not the intended targets of the reprimand 12.dow jones industrial average- one of several stock market indices created by nineteenth century Wall Street Journal editor and Dow Jones & Company co-founder Charles Dow. 13.twenty-first amendment- epealed the Eighteenth Amendment to the United States Constitution, which had mandated nationwide Prohibition.

14.unemployment- s the state in which a person is without work, available to work, and is currently seeking work. 15. Hawley smoot tariff- was signed into law on June 17, 1930, and raised U.S. tariffs on over 20,000 imported goods to record levels, and, in the opinion of most economists, worsened the Great Depression. 16.tariff- a tax on goods upon importation. 17.reconstruction finance corporation- an independent agency of the United States government chartered during the administration of Herbert Hoover in 1932. 18. migrant- refers to the movement of people between countries. 19.black Tuesday- the great depression 20.new deal- the title President Franklin D. Roosevelt gave to a sequence of programs and promises he initiated between 1933 and 1938 with the goal of giving relief, reform and recovery to the people and economy of the United States during the Great Depression. 21.relief- alleviation, ease, or deliverance through the removal of pain, distress, oppression, etc. 22.hundred days-a remarkable series of new programs in the first hundred days of the administration. 23.reform- means to change, possibly a reversion to what is perceived to be a pure original state. It is used, however, for any change thought to be positive. 24. public works program- It was created in June 1933 in the midst of the Great Depression. It allowed 3.3 billion dollars to be spent on the construction of public works as a means of providing employment, stabilizing purchasing power, improving public welfare, and contributing to a revival of American industry. Simply put, it was designed to spend "big bucks on big projects. 25. recovery- the process of recovering from an injury 27.legacy- anything handed down from the past, as from an ancestor or predecessor 30.second new deal-Also known as the second hundred days 31.wagner act- National Labor Relations Act is a 1935 United States federal law that protects the rights of most workers in the private sector to organize labor unions, to engage in collective bargaining, and to take part in strikes and other forms of concerted activity in support of their demands.

32.closed shop- business or industrial factory in which union membership (often of a specific union and no other) is a precondition to employment. 33.social security system- imarily refers to social welfare service concerned with social protection, or protection against socially recognized conditions, including poverty, old age, disability, unemployment and others. 34.american liberty league- a U.S. organization formed in 1934 by conservative Democrats such as Al Smith (the 1928 Democratic presidential nominee), Jouett Shouse (former high party official and U.S. Representative), John W. Davis (the 1924 Democratic presidential nominee), and John Jacob Raskob (former Democratic National Chairman and the foremost opponent of prohibition), Dean Acheson (future Secretary of State under Harry Truman), along with many industrialists, notably Prescott Bush and members of the Du Pont family. 35. demagogue- efers to a political strategy for obtaining and gaining political power by appealing to the popular prejudices, emotions, fears and expectations of the public typically via impassioned rhetoric and propaganda, and often using nationalist or populist themes. 36. nationalization- the act of taking an industry or assets into the public ownership of a national government. Nationalization usually refers to private assets, but may also mean assets owned by lower levels of government, such as municipalities. 37.deficit spending- hen the expenditures of a government (its purchases of goods and services, plus its transfers (grants) to individuals and corporations) are greater than its tax revenues, it creates a deficit in the government budget 38.recession- is a decline in a country's gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year. 39.national debt- is money (or credit) owed by any level of government; either central government, federal government, municipal government or local government. 40.revenue- is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. 41.condition- Living condition, see Quality of life. 42.sit down strike- a form of civil disobedience in which an organized group of workers, usually employed at a factory or other centralized location, take possession of the workplace by "sitting down" at their stations, effectively preventing their employers from replacing them with scab labor or, in some cases, moving production to other locations.