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3 Cards in this Set
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The stock market crash set off a "chain reaction" in the American economy. People who lost money on the market could no longer invest or buy as many goods. Businesses became nervous about the new economic environment.
Businesses went bankrupt and laid off workers, creating mass unemployment. People lost their savings and could not pay off loans. Banks failed. Prices and demand for goods fell.
American banks that had given loans to European countries to rebuild their war-torn economies now wanted their money back. The Depression spread to Europe when these loans were recalled. |
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