mar 8, 1893 - Panic of 1893
Description:
The Panic of 1893 led to a severe depression in the economy when production outpaced demand. The Panic caused erratic economic fluctuations, recessions that occurred every 5-6 years, railroad dependence and much more. The Homestead and Pullman strikes occurred during this time, employees were being treated unfairly, they experienced wage cuts which led to starvation and horrible living/working conditions. The Panic of 1893 is important because this was a time of economic depression due mainly to railroads, this panic led to many failures within the bank.
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