The first main reason was most of the market was based solely on credit, which was stock that was purchased without actual cash, but purchased on credit.
The second factor was the massive pull out by many investors due to a panic that caused the Banks to attempt to purchase these stocks leading to a complete collapse in the market.
Answer:
The Smoot-Hawley Act is the Tariff Act of 1930. It increased 900 import tariffs by an average of 40% to 48%. Most economists blame it for worsening the Great Depression. ... In June 1930, Smoot-Hawley raised already high U.S. tariffs on foreign agricultural imports.
It reigned from 1501 to 1722
the study of the past based on what people left behind ?
is history.
