The "glut thesis" argued that the financial panics of the 1870s and the 1890s were the result of the underproduction of goods.

Name: The "glut thesis" argued that the financial panics of the 1870s and the 1890s were the result of the underproduction of goods.
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The "glut thesis" argued that the financial panics of the 1870s and the 1890s were the result of overproduction of goods, not underproduction, leading to a surplus that the market could not absorb, contributing to economic downturns.

The "Glut Thesis" Argued That the Financial Panics of the 1870s