Panic of 1873
The Panic of 1873 was a financial crisis that began in the United States and quickly spread to Europe. It was triggered by the collapse of the banking firm Jay Cooke & Company, which had heavily invested in railroads. This led to a loss of confidence in the banking system, causing banks to fail and businesses to close.
As a result, the Panic caused widespread unemployment and economic depression. The crisis lasted for several years, leading to a significant downturn in the economy known as the Long Depression, which affected many countries and industries around the world.