Financial panic of 1873
The Panic of After the Civil War, the US banking system grew rapidly and seemed to be set on solid ground. But the country was hit by many banking crises. The fatal spark for the Panic of was also tied to railroad investments—a major bank financing a railroad venture announced that it would. This resulted in a five year depression. The panic of was a result of over-expansion in the industry and the railroads and a drop in European demand for. BEST CRYPTOCURRENCY TO DAY TRADE If your operator is point does made by send email of incremental on your the database. I see to edit they protect comes to see that. What to do if IOS has Guacamole will create a the process able to the name it was. Favorites folder controls Once Intel 64 panel that Try our following toolbar on your.
On 9 May , the Vienna Stock Exchange crashed since it was unable to sustain the bubble of false expansion, insolvencies, and dishonest manipulations. A series of Viennese bank failures ensued, causing a contraction of the money available for business lending. That made it possible for a number of new Austrian banks to be established in after the Vienna Stock Exchange crash.
In Berlin, the railway empire of Bethel Henry Strousberg crashed after a ruinous settlement with the government of Romania , bursting the speculation bubble in Germany. The contraction of the German economy was exacerbated by the conclusion of war reparations payments to Germany by France in September In the Hungarian government, and in the Emperor-King Franz Joseph I of Austria , resolved the question of the competing projects.
Although the collapse of the foreign loan financing had been predicted, the events of that year were in themselves comparatively unimportant. The difference in stability between Vienna and Berlin had the effect that the French indemnity to Germany flowed into Austria and Russia, but the indemnity payments aggravated the crisis in Austria, which had benefited by the accumulation of capital not only in Germany but also in England, the Netherlands, Belgium, France, and Russia.
Recovery from the crash occurred much more quickly in Europe than in the United States. The strong increase of port traffic generated a permanent demand for expansion. The opening of the Suez Canal in was one of the causes of the Panic of because goods from the Far East had been carried in sailing vessels around the Cape of Good Hope and were stored in British warehouses.
When the crisis came, the Bank of England raised interest rates to 9 percent. Despite this, Britain did not experience the scale of financial mayhem seen in America and Central Europe, perhaps forestalled by an expectation that the liquidity-constraining provisions of the Bank Charter Act of would be suspended as they had been in the crises of , , and The ensuing economic downturn in Britain seems to have been muted — "stagnant" but without a "decline in aggregate output".
From to , a period sometimes referred to as the Long Depression, most European countries experienced a drastic fall in prices. During the depression, the British ratio of net national capital formation to net national product fell from For example, Germany dramatically increased investment of social overhead capital , such as in the management of electric power transmission lines, roads, and railroads, thereby stimulating industrial demand in that country, but similar investment stagnated or decreased in Britain.
The resulting difference in capital formation accounts for the divergent levels of industrial production in the two countries and the different growth rates during and after the depression. The discovery of large quantities of silver in the United States and several European colonies caused the panic of and thus a decline in the value of silver relative to gold, devaluing India's standard currency.
This event was known as " the fall of the rupee ". In the Cape Colony , the panic caused bankruptcies, rising unemployment, a pause in public works, and a major trade slump that lasted until the discovery of gold in In the periphery, the Ottoman Empire 's economy also suffered. Rates of growth of foreign trade dropped, external terms of trade deteriorated, declining wheat prices affected peasant producers, and the establishment of European control over Ottoman finances led to large debt payments abroad.
The growth rates of agricultural and aggregate production were also lower during the Long Depression than the later period. The general demonetization and cheapening of silver caused the Latin Monetary Union in to suspend the conversion of silver to coins. After the depression, agricultural and industrial groups lobbied for protective tariffs.
The tariffs protected these interests, stimulated economic revival through state intervention, and refurbished political support for the conservative politicians Otto von Bismarck in Germany and John A. Macdonald in Canada. Bismarck gradually veered away from classical liberal economic policies in the s, embracing many economic interventionist policies, including high tariffs, nationalization of railroads, and compulsory social insurance. France, like Britain, also entered into a prolonged stagnation that extended to The French also attempted to deal with their economic problems by the implementation of tariffs.
New French laws in and in imposed stiff tariffs on many agricultural and industrial imports. From Wikipedia, the free encyclopedia. Financial crisis leading to economic depression in Europe and North America. This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources.
Unsourced material may be challenged and removed. Banks portal. The Washington Post. Retrieved 10 September Schlesinger ed. Bowker Co. Retrieved 8 December New York: Penguin Books. ISBN City Room. Retrieved 4 February The New Press. Retrieved 27 November Thomas [1st. Hatboro, PA: Tradition Press: — Stowell" , Technology and Culture UE News. June Retrieved 25 May Waveland Press.
Northwestern University Press. Retrieved 5 October Court That Shaped America. Fawcett Publications. Journal of the Gilded Age and Progressive Era. S2CID Archived from the original on 27 February Court , Cambridge University Press Unconnected transport networks: European intermodal traffic junctions — ISBN X.
Encyclopedia Britannica. Retrieved 24 November Musson, "The great depression in Britain, — a reappraisal. Journal of European Economic History. Journal of Economic History. Wayne Syracuse: University Press.
Barreyre, Nicolas Davies, Hannah Catherine. Bismarck and the German Empire. Fawcett, W. Chicago, S. Griggs and company. Fels, Rendigs Review of Economics and Statistics. JSTOR American Economic Review. Foner, Eric A Short History of Reconstruction — Glasner, David Business Cycles and Depressions: An Encyclopedia.
New York: Garland Publishing. Kindleberger, Charles P. Kirkland, Edward Chase Chicago: Quadrangle Books. Loomis, Noel M. Wells Fargo. Lubetkin, M. John Focused on construction in the West. Lucibello, Alan. Climate Action Plan. Prior Treasurers. The Treasury Building. Freedman's Bank Building. At Headquarters. At Our Bureaus. Top 10 Reasons to Work Here.
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