The 'Long Depression' (0h 20min, sep 18, 1873 y – 0h 20min, sep 18, 1896 y)
Description:
The collapses of major banks in both Austria-Hungary and the United States led to this long, global trade recession. Initially, the German economy was kept buoyant by earlier railway-building investments. From c1876, however, demand (especially for textiles) fell off and caused growth to slow until 1894.Added to timeline:
Date:
0h 20min, sep 18, 1873 y
0h 20min, sep 18, 1896 y
~ 23 years