The President of the United States at the onset of the Great Depression.
A situation where a large number of a bank's customers withdraw their deposits simultaneously due to concerns about the bank's solvency.
Shantytowns built by homeless people during the Great Depression. The name was a bitter reference to President Herbert Hoover, whom many blamed for the crisis.
The belief that individuals should be self-reliant and independent from government assistance. This was a core part of Hoover's economic philosophy.
A government corporation established by the Hoover administration in 1932 to provide federal loans to banks, railroads, and other large businesses to prevent their collapse.
A group of World War I veterans who marched on Washington D.C. in 1932 to demand early payment of their service bonuses. Their forcible removal by the U.S. Army was a major political disaster for the Hoover administration.
A U.S. law enacted in 1930 that raised tariffs on thousands of imported goods to record levels, with the stated goal of protecting American companies and farmers.
Tariffs imposed by one country in response to tariffs imposed by another, often leading to a "trade war" where international commerce is severely restricted.
An economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations.
Austria's largest bank in 1931. Its collapse is widely seen as the trigger for the global phase of the Great Depression.
The spread of a market disturbance—often negative—from one financial entity to others, or from one country to others, in a domino-like effect.
A monetary system where a country's currency value is directly linked to a fixed quantity of gold. The crisis of 1931 placed it under immense strain. It was the foundation of the international monetary system at the time.
A situation where a large number of investors simultaneously try to exchange U.S. dollars for gold, often due to a loss of confidence in the currency.
The set of rules and institutions that facilitate international trade, investment, and capital flows between countries.
Actions by a central bank that reduce the money supply and increase interest rates, which can worsen a deflationary spiral.
The total amount of money in circulation in an economy. It decreased by approximately 30% in the U.S. from 1929 to 1933.
A general decrease in the prices of goods and services, often associated with a contraction in the money supply.
The 32nd President of the United States, elected in a landslide in 1932 with a promise of a "New Deal."
An economic philosophy advocating for balanced budgets, reduced government spending, and limited government intervention in the economy. This was a core principle of the Hoover administration.
The reliance on private sector entities and individuals to work together to address economic problems without direct government mandates, another key Hoover strategy.
The series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States between 1933 and 1939.
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