Panic of 1873

The Panic of 1873 was a financial crisis that started an economic depression in Europe and North America. It lasted from 1873 until 1877, and it went even longer in France and Britain. In Britain, for example, it started two decades of stagnation known as the "Long Depression". This weakened the country's economic leadership.^[1] In the United States the Panic was known as the "Great Depression" until the events of the early 1930s set a new standard.^[2]

A bank run on the Fourth National Bank No. 20 Nassau Street, New York City, from Frank Leslie's Illustrated Newspaper, 4 October 1873

References

1. Musson (1959)
2. "What history teaches us about the welfare state". The Washington Post. 29 August 2011. Retrieved 10 September 2011.