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What were some of the global causes of the Great Depression?
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Some global causes included the stock market crash of 1929, reduction in consumer demand, bank panics, high tariffs, and severe agricultural distress.
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How did protectionist trade policies contribute to the Great Depression?
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Protectionist policies such as high tariffs reduced international trade, exacerbating economic difficulties by hindering economic recovery and retaliatory tariffs from other countries.
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Which economies felt the early impacts of the Great Depression?
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The United States, Germany, and the United Kingdom were among the first to experience economic decline due to the Depression.
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How did overproduction contribute to the global economic downturn?
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Overproduction led to excess supply with no corresponding demand, causing prices to plummet and businesses to collapse, which contributed to unemployment and decreased purchasing power.
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How did American banks' failures impact Europe during the Great Depression?
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The collapse of American banks led to a withdrawal of American loans from Europe, which were crucial for post-WWI recovery, leading to financial crises in European economies, particularly Germany.
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Did currency devaluation play a role in exacerbating the Great Depression globally?
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Yes, countries devalued their currencies to make exports cheaper in an attempt to boost economies, resulting in trade wars and competitive devaluations which worsened global financial stability.
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What role did debt from World War I play in the Great Depression?
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The high reparations and inter-allied debts strained national economies, especially Germany's, and became unsustainable once the global economy collapsed, exacerbating the crisis.
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Were there regions unaffected by the Depression?
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Few regions were entirely unaffected, but the Soviet Union was relatively isolated due to its self-sufficient policies and non-participation in global capitalist markets.
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Which international conferences attempted to address the global economic crisis?
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The London Economic Conference of 1933 was an effort to combat global economic instability, but it achieved limited success as nations prioritized their interests.
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How did the Gold Standard affect the global impact of the Depression?
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Adherence to the Gold Standard limited countries' ability to expand their money supplies and stimulate economies, exacerbating deflation and economic stagnation globally.
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