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The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain. In Britain, the Panic started two decades of stagnation known as the " Long Depression " that weakened the country's economic leadership. [ 1 ]
After the Civil War, the US banking system grew rapidly and seemed to be set on solid ground. But the country was hit by many banking crises. One of the worst happened in 1873 – during the time of the Freedman’s Bank. The panic started with a problem in Europe, when the stock market crashed.
Panika roku 1873 – kryzys gospodarczy z 1873. Swoim schematem dokładnie przypominał wcześniejsze. Ekspansja kredytowa została zapoczątkowana wskutek wysokich kosztów zawiązanych z wojną secesyjną. Znacznie rozbudowano sieć kolejową, nastąpił także intensywny rozwój przemysłu hutniczego i stalowego.
When the banking firm of Jay Cooke and Company, a firm heavily invested in railroad construction, closed its doors on September 18, 1873, a major economic panic swept the nation.
21 lut 2024 · The Panic of 1873 was a financial crisis that led to a four-year economic depression in the United States, also known as the “First Great Depression.” In the U.S., the panic was caused by the collapse of Jay Cooke and Company.
The trigger for the Panic of 1873 was the failure of Jay Cooke & Co., America’s premier banking house. Cooke made his name as the chief financier of the Union army, but he was a latecomer to railroad finance.
The Panic of 1873, which began with financial crises in Vienna in June and in New York City in September, marked the end of the long-term expansion in the world economy that had begun in the late 1840s. An even greater panic, however, was the stock….
