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By 1834, the South had overproduced cotton. This led to the “Panic of 1837,” which makes the price of what three things drop?
The Panic of 1837 was a financial catastrophe that precipitated a multi-year economic downturn in the United States. The United States' and the United Kingdom's fiscal and monetary policies, global gold and silver movements, a collapsing land bubble, and declining cotton prices were all to blame.
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