he great industrial revolution that transformed America after the Civil War triggered an inflationary boom that swamped the country with goods. When this expanded supply led to lower prices and a deflationary bust, it set the pattern for the rest of the nineteenth century, which experienced huge economic advances, punctuated by treacherous slumps. Lured by easy profits, legions of investors rushed into a promising new field and, when big gluts developed from overproduction, they found it impossible to recoup their investment. This was especially true in new industries where people lacked the
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