"Long Depression" (22 mar 1873 año – 2 abr 1879 año)

Descripción:

Period of general deflation and contraction that followed the strong econ growth after the American Civil War. BR hit hardest by this depression.

Caused by:
1. 2nd industrial revolution - led to decline in prior industries, like BR manufactures, textile industry
2. Franco-Prussian war - reparations on France
3. US shift to pure gold standard caused contraction of US money supply, led to deflation and banking panics that spilled into Europe

Led to:
1. de-pegging of currencies. Increase in tariffs/protectionism
2. Re-establishment of authoritarianism. Bismarck consolidated power
3. Rise of socialism

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