Unit+10


 * // Part 1 //**

__**// Vocabulary Define: //**__


 * apparent** - clearly visible or understood; obvious


 * ideology** - a system of ideas and ideals, esp. one that forms the basis of economic or political theory and policy


 * fireside chat** - an informal conversation.


 * fundamental** - forming a necessary base or core; of central importance

__//** People and Terms Identify: **//__


 * New** **Deal** - a series of economic programs implemented in the United States between 1933 and 1936. They were passed by the U.S. Congress during the first term of Franklin Delano Roosevelt as President of the United States, which lasted from 1933 to 1937. The programs were responses to the Great Depression, and focused on what historians call the "3 Rs": relief, recovery, and reform. That is, relief for the unemployed and poor; recovery of the economy to normal levels; and reform of the financial system to prevent a repeat depression. The New Deal produced a political realignment, making the Democratic Party the majority (as well as the party which held the White House for seven out of nine Presidential terms from 1933–69)


 * gold** **standard** - a monetary system in which the standard economic unit of account is a fixed weight of gold. There are distinct kinds of gold standard. First, the gold specie standard is a system in which the monetary unit is associated with circulating gold coins, or with the unit of value defined in terms of one particular circulating gold coin in conjunction with subsidiary coinage made from a lesser valuable metal.


 * bank** **holiday** - a public holiday in both the United Kingdom and Ireland. There is no automatic right to time off on these days, although the majority of the population not employed in essential services (e.g. utilities, fire, ambulance, police, health-care, public transport workers) receive them as holidays; those employed in essential services usually receive extra pay for working on these days. The first official bank holidays were the four days named in the Bank Holidays Act 1871, but today the term is colloquially used for public holidays which are not officially bank holidays, for example Good Friday and Christmas Day.


 * Hundred** **Days** - sometimes known as the Hundred Days of Napoleon or Napoleon's Hundred Days for specificity, marked the period between Emperor Napoleon I of France's return from exile on Elbato Paris on 20 March 1815 and the second restoration of King Louis XVIII on 8 July 1815 (a period of 111 days). This period saw the War of the Seventh Coalition, and includes the Waterloo Campaign[4] and the Neapolitan War. The phrase les Cent Jours was first used by the prefect of Paris, Gaspard, comte de Chabrol, in his speech welcoming the King.


 * Securities and Exchange Commission** - (frequently abbreviated SEC) is a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States. In addition to the 1934 Act that created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes-Oxley Act of 2002 and other statutes. The SEC was created by section 4 of the Securities Exchange Act of 1934 (now codified as 15 U.S.C. § 78d and commonly referred to as the 1934 Act).


 * Federal Deposit Insurance Corporation -** a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. As of November 18, 2010, the FDIC insures deposits at 7,723 institutions. The FDIC also examines and supervises certain financial institutions for safety and soundness, performs certain consumer-protection functions, and manages banks in receiverships (failed banks).


 * Agricultural Adjustment Administration -** (Triple A) (Pub.L. 73-10, 48 Stat. 31, enacted May 12, 1933) restricted agricultural production in the New Deal era by paying farmers subsidies not to plant part of their land and to kill off excess livestock. Its purpose was to reduce crop surplus so as to effectively raise the value of crops, thereby a portion of their fields lie fallow. The money for these subsidies was generated through an exclusive tax on companies which processed farm products. The Act created a new agency, the Agricultural Adjustment Administration, to oversee the distribution of the subsidies. It is considered the first modern U.S. farm bill.


 * Civilian Conservation Corps** - was a public work relief program in the United States for unemployed, unmarried men, ages 18–25, between 1933-42. A part of the New Deal of President Franklin D. Roosevelt, it provided unskilled manual labor jobs related to the conservation and development of natural resources in rural lands owned by federal, state and local governments. The CCC was designed to provide employment for young men in relief families who had difficulty finding jobs during the Great Depression while at the same time implementing a general natural resource conservation program in every state and territory. Maximum enrollment reached 300,000 and in nine years 2.5 million young men participated. The U.S. Army was in charge of the operation, but there was no military training or uniforms.

//** Part 2 **//

__//** Vocabulary Define: **//__


 * deficit spending** - government spending, in excess of revenue, of funds raised by borrowing rather than from taxation.


 * financed** - the management of large amounts of money, esp. by governments or large companies.


 * thereby** - by that means; as a result of that


 * binding arbitration** - Dispute resolution proceedings in which the nature of the agreement between the parties obligates them to the arbitrator's decision.


 * sit-down strike** - a strike in which workers refuse to leave their place of employment until a settlement is reached


 * Social Security Act** - The federal statute that provides the authority for various programs referenced in this chapter, including Medicare and Medicaid.


 * crucial** - decisive or critical, esp. in the success or failure of something

__//** People and Terms Identify: **//__


 * American** **Liberty** **League** - The creation of the League was announced in Washington, D.C., on August 22, 1934, by a group of Democrats and a smaller number of Republicans. Jouett Shouse, who had been prominent in Democratic politics and the anti-Prohibition movement, became the group's first chairman. The makeup of the League's executive committee was designed to demonstrate its bipartisan nature. It included: John W. Davis and Al Smith, former Democratic candidates for president; wealthy businessman Irénée du Pont, who left the Republicans to support Al Smith in 1928 and Roosevelt in 1932; and two New York Republicans, Nathan L. Miller, the state's former governor, and Representative James W. Wadsworth.The moving spirit behind the launch of the organization was John Jacob Raskob, a former chairman of the Democratic National Committee and the foremost opponent of prohibition, former director of General Motors and a board member of the DuPont.


 * Works** **Progress** **Administration** - (renamed during 1939 as the Work Projects Administration; WPA) was the largest and most ambitious New Deal agency, employing millions to carry out public works projects, including the construction of public buildings and roads, and operated large arts, drama, media, and literacy projects. It fed children and redistributed food, clothing, and housing. Almost every community in the United States had a park, bridge or school constructed by the agency, which especially benefited rural and Western populations. Expenditures from 1936 to 1939 totaled nearly $7 billion. The budget at the outset of the WPA in 1935 was 1.4 billion dollars. It provided work for three million "employables" at this time, however there were an estimated 10 million unemployed persons at this time. By 1943, the total amount spent was over $11 billion.


 * National** **Labor** **Relations** **Board** - is an independent agency of the United States government charged with conducting elections for labor union representation and with investigating and remedying unfair labor practices. Unfair labor practices may involve union-related situations or instances of protected concerted activity. The NLRB is governed by a five-person board and a General Counsel, all of whom are appointed by the President with the consentof the Senate. Board members are appointed to five-year terms and the General Counsel is appointed to a four-year term. The General Counsel acts as a prosecutor and the Board acts as an appellate judicial body from decisions of administrative law judges.

//** Part 3 **//

__//** Vocabulary Define: **//__


 * demonstrate** - clearly show the existence or truth of (something) by giving proof or evidence


 * enhance** - intensify, increase, or further improve the quality, value, or extent of


 * mediate** - intervene between people in a dispute in order to bring about an agreement or reconciliation


 * broker state** - model maintains that policymakers brokered between competing interest groups seeking government assistance


 * safety net** - a guarantee of professional or financial security

__//** People and Terms Identify: **//__


 * Frances Perkins** - (April 10, 1880 – May 14, 1965), born Fannie Coralie Perkins, was the U.S. Secretary of Laborfrom 1933 to 1945, and the first woman appointed to the U.S. Cabinet. As a loyal supporter of her friend, Franklin D. Roosevelt, she helped pull the labor movement into the New Deal coalition. She and Interior Secretary Harold Ickeswere the only original members of the Roosevelt cabinet who remained in offices for his entire presidency.


 * court-packing** - frequently called the court-packing plan, was a legislative initiative proposed by U.S. President Franklin Roosevelt to add more justices to the U.S. Supreme Court. Roosevelt's purpose was to obtain favorable rulings regarding New Deal legislation that had been previously ruled unconstitutional. The central and most controversial provision of the bill would have granted the President power to appoint an additional Justice to the U.S. Supreme Court, up to a maximum of six, for every sitting member over the age of 70½.


 * Henry Morgenthau** - pronounced /ˈmɔrɡənθɔː/; May 11, 1891 – February 6, 1967) was the U.S. Secretary of the Treasury during the administration of Franklin D. Roosevelt. He played a major role in designing and financing theNew Deal. After 1937, while still in charge of the Treasury, he played an increasingly major role in foreign policy, especially with respect to policies supporting China, helping Jewish refugees, and (in the "Morgenthau Plan") to prevent Germany from ever again being a military power after the Allied victory in 1945.


 * John Maynard Keynes** - ﻿ ( 5 June 1883 – 21 April 1946) was aBritish economist whose ideas have profoundly affected the theory and practice of modern macroeconomics, as well as the economic policies of governments. He greatly refined earlier work on the causes of business cycles, and advocated the use of fiscal and monetary measures to mitigate the adverse effects of economic recessions anddepressions. His ideas are the basis for the school of thought known as Keynesian economics, as well as its various offshoots.