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3 Cards in this Set
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Economic weaknesses in the 1920s actually led to the Great Depression.
Mass production created a surplus of goods. By the end of the 1920s, most people who could afford those goods had already bought them. Unsold goods piled up in warehouses and workers lost their jobs.
High tariffs like the Smoot-Hawley Tariff (1930) protected American markets from foreign competition but also prevented surplus American goods from being sold abroad.
An expansion of credit, practices like buying stocks on margin, and a lack of government regulation meant that speculation in the stock market soared.
On October 29, 1929, known as "Black Tuesday," the stock market crashed. Stock prices dropped suddenly. Everyone was trying to sell but no one wanted to buy. |
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