The Panic of 1873: How a Global Financial Crisis Reshaped Economies

The Panic of 1873 triggered a worldwide economic depression lasting until 1877, with effects lingering into 1879 in some countries. Sparked by railroad speculation, silver demonetization, and post-war dislocations, the crisis led to bank failures, unemployment, and a prolonged downturn known as the Long Depression. In the U.S., it was called the Great Depression until the 1930s. The panic originated in Vienna and spread to Europe and North America, reshaping economic policies and contributing to social tensions.