Background and Market Impact
The Panic of 1873 took place in both the United States and Europe, but my commentary in this chapter will mainly focus on the United States. I had previously referred to the period of 1873 to 1879 that has often been called the Long Depression and was a rare deflationary period in American history. This period originally was referred to as the Great Depression until the unfortunate series of events in the early 1930s took precedence. The Panic of 1873 was a financial crisis that triggered depression conditions in North America and Europe. Many believe that this period marked the first global depression that was the result of industrial capitalism where ...
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