1 Jan 1873 Jahr - Panic of 1873

Beschreibung:

The Panic of 1873 stands as the first global depression brought about by industrial capitalism. It was caused by too many railroads and factories being formed than existing markets could bear and the over-loaning by banks to those projects. Initially, the panic was sparked when banks and businesses began to go bankrupt. The situation quickly snowballed from there.

Significance: As a result of the Panic of 1873, the debate between the farmers who wanted inflated greenback money vs. the bankers who wanted the gold standard formed.

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