Step 32 of 106
Causes (broadly)
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- Overproduction relative to consumer purchasing power in the 1920s
- Speculative excess in financial markets
- Weak banking systems with inadequate regulation
- Reparations and war debts that distorted international flows of capital
- Protectionist tariffs (especially the U.S. Smoot-Hawley Tariff of 1930) that strangled trade
- Collapse of the gold standard
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