1 Mai 1893 Jahr - Panic of 1893

Beschreibung:

In spring of 1893, the NYC stock market crashed due to panic selling. A credit issue ensued and many businesses failed, including over 150 railroads and at least 500 banks. The four year depression was the worst in US history so far, only to be surpassed by the Great Depression. The panics of the 1800s were counteracted by the Progressive Era, which sought to increase government power over the economy. For the first part of the 20th century, financial reforms averted these problems, but the Great Depression showed that economic crashed were not easily avoidable.

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