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People were persuaded to abandon values such as saving, postponing the purchase of goods until they could be afforded with cash, and buying only what was needed. This resulting mass consumption kept the economy going through most of the 1920's.
There was a heavy concentration of wealth in the automobile and radio industry; however, these industries would not be able to expand indefinitely because the need for them was finite. The American economy wasn't well diversified, so when these industries slowed down, the entire economy did as well.
Another underlying problem was the uneven distribution of wealth...
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