Which of the following was NOT a factor that contributed to the Great Depression?

High tariffs on imports, while contributing to economic strain during the era, were not a direct factor that initiated the Great Depression itself. The Smoot-Hawley Tariff Act of 1930 raised tariffs on many imports, which led to retaliation from other countries and ultimately decreased international trade. However, this event occurred after the onset of the Great Depression and exacerbated the economic downturn rather than being a direct catalyst.

In contrast, buying on credit contributed to personal debt levels that many Americans carried into the financial collapse. The stock market crash of 1929 was a significant trigger that led to the immediate onset of the Great Depression, causing mass panic and a sudden loss of wealth. Additionally, excessive lending by banks created an unsustainable environment that allowed for speculative investments and ultimately contributed to the financial instability that characterized the period.

Thus, the presence of high tariffs on imports, while reflective of the protectionist policies of the time, is distinct as not being a root cause of the Great Depression.