normalcy
the concept of life as it was before World War I, when the nation could focus on its own domestic prosperity. Promoted by Warren G. Harding.
free enterprise system
an economic system that relies on private ownership of property, competition for profits, and the forces of supply and demand to produce needed goods and services and discourages government regulation; also known as capitalism
fiscal policy
the approach of a government to taxes and government spending
Teapot Dome Scandal
a political scandal in which U.S. secretary of the interior Albert Fall leased national oil reserves in Elk Hills, California and Teapot Dome, Wyoming, to two companies that had bribed him.
inheritance taxes
taxes on assets received from people who have died.
isolationism
a government policy of not taking part in economic and political alliances or relations with other countries.
disarmament
the process of reducing the number of weapons in a nation's arsenal or the size of its armed forces.
Washington Naval Conference
1921 international conference to discuss naval disarmament, to reduce or limit the size of each nation's navy, to regulate submarine use, and ban poison gas use.
Kellogg-Briand Pact
an agreement made among most nations of the world in 1928 to try to settle international disputes by peaceful means rather than war.
Dawes Plan
developed by banker Charles Dawes, a plan for Germany to repay reparations after World War I by receiving loans from the United States.
consolidation
the merging of two businesses
holding companies
a corporation that owns or controls other companies by buying up their stock.
Florida Land Boom
a 1920s get-rich-quick scheme in which real estate developers sold many Florida coast lots, some undesirable, to speculators in other parts of the country, causing prices to raise rapidly
speculators
a person who takes the risk of buying something in the hope of reselling it for a higher price.
Dow Jones Industrial Average
a commonly used daily measure of stock prices
gross national product (GNP)
a measure of the total value of goods and services produced within a country in a year.