The influential U.S. Secretary of the Treasury during the 1920s and the architect of the decade's pro-business economic policies.
An economic philosophy that advocates for lower taxes, reduced government spending, and minimal government intervention in the economy.
The reduction or elimination of government regulations in a particular industry or the economy as a whole.
A place where shares of publicly held companies are bought and sold. The 1920s saw a massive speculative boom in the stock market.
A currency held in significant quantities by governments and institutions worldwide. The U.S. dollar replaced the British pound as the primary reserve currency after WWI.
The unequal distribution of income across a population. Critics argued that the policies of the 1920s exacerbated this.
The new economic model of the 1920s, based on factories producing large quantities of goods and a culture that encouraged people to buy them, often on credit.
A modern economic theory arguing that economic growth can be most effectively created by lowering taxes and decreasing regulation.
The total amount of money in circulation in an economy. The Gold Rush caused a massive increase in the global money supply.
Actions undertaken by a central bank to manipulate the money supply and credit conditions to stimulate or restrain economic activity.
The buying and selling of government securities by a central bank to influence the money supply.
The interest rate at which commercial banks can borrow money directly from the central bank.
The portion of a bank's deposits that it must hold in reserve and cannot lend out.
The cost of borrowing money. The Fed's policy of low interest rates fueled the 1920s boom.
The practice of engaging in risky financial transactions in an attempt to profit from short-term market fluctuations.
A legendary stock market speculator who was a major figure during the 1920s boom and subsequent crash.
A situation in which asset prices rise far above their intrinsic value, driven by speculation and irrational exuberance rather than fundamental analysis.
The practice of buying stocks with borrowed money from a broker, which amplifies both potential gains and potential losses.
The development of new financial products and services. In the 1920s, this included investment trusts.
Companies that pool money from individual investors to buy a diversified portfolio of stocks and other assets, making it easier for the public to participate in the market.
A prominent businessman and financier known for his optimistic views on the stock market, famously encouraging everyone to invest.
The stock market crash of October 1929, particularly the events of "Black Thursday" (October 24) and "Black Tuesday" (October 29), which marked the end of the Roaring Twenties and the beginning of the Great Depression.
The President of the United States at the time of the Great Crash.
The practice of buying stocks with borrowed money. During the crash, "margin calls" forced investors to sell, creating a downward spiral in prices.
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