The Panic of 1873 (jan 1, 1873 – jan 1, 1879)

Description:

The Panic of 1873 was a financial crisis that triggered a depression in Europe and North America that lasted from 1873 until 1879, and even longer in some countries. In Britain, for example, it started two decades of stagnation known as the "Long Depression" that weakened the country's economic leadership. The signal event on the American side of the Atlantic was the failure of Jay Cooke and Company, the country's preeminent investment banking concern. Credit dried up, foreclosures were common and banks failed, creating lasting economic insecurity.