djanand wrote:
For years, economists have thought that the Great Depression was triggered by rampant stock market speculation that led to unsustainable equity prices and overextended credit. However, a recent book by Liaquat Ahamed refutes this theory. The real culprit, it turns out, was the excessive reparations imposed on Germany after WWI.These punitive measures bankrupted Germany and ultimately caused a cascade of private bank defaults.
In the above argument, what role do the bold-faced portions play?
A.
...
