Key Historical Terms and Economic Shifts

Key Historical Vocabulary

1. Crisis: A situation that is extremely difficult or dangerous, often characterized by numerous problems.
2. Dictatorship: A form of government in which one person or a small group possesses absolute power without effective constitutional limitations.
3. Roaring Twenties: A period when society was returning to normalcy after the First World War, marked by rapid economic growth and significant social change.
4. Uprising: An act of opposition, sometimes involving violence, by many people in a specific area of a country against those in power.
5. Corruption: Illegal, unethical, or dishonest behavior, particularly by individuals in positions of power.
6. Protectorate: A region or political unit controlled by another, or the government by which it is ruled.
7. Treaty: A written agreement between two or more countries, formally approved and signed by their leaders.
8. Installment Payment: One of a series of regular payments for a loan, debt, or similar obligation, or the system of making such payments.
9. Great Depression: The period of significant decrease in wealth, industrial production, and employment from 1929 until the start of the Second World War.
10. Totalitarianism: A political system in which those in power maintain complete control and do not permit any opposition.

1.3. Rotation of Political Parties (Turnismo)

Turnismo was the practice of alternating power between the Conservative Party (the former Moderate Party), led by Cánovas del Castillo and supported by the wealthy classes, and the Liberal Party (the former Progressive Party), led by Práxedes Mateo Sagasta and supported by the bourgeoisie and urban middle class.

2.3. The Great Depression

In the United States, the stock market crash sparked a widespread depression. Millions of people lost their money and their savings. Countless banks went bankrupt, as they had invested their funds in buying stocks or granting credit for share purchases. Many factories and farmers also went bankrupt due to the drop in sales and the lack of credit. Foreign trade was paralyzed due to protective measures.