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Land prices plummeted, industries laid off employees, and banks failed. According to historian Daniel Walker Howe, the economic crisis of the late 1830s and early 1840s was the most severe recession in U.S. history until the Great Depression. [50]
Whig nominee William Henry Harrison unseated Van Buren in the 1840 presidential election, but died just one month into his term. Harrison's successor, John Tyler, broke with the Whigs in 1841 after clashing with Clay and other Whig Party leaders over economic policies such as the re-establishment of a national bank.
Whig cartoon showing the effects of unemployment on a family that has portraits of Democratic Presidents Andrew Jackson and Martin Van Buren on the wall. The Panic of 1837 was a financial crisis in the United States that began a major depression which lasted until the mid-1840s.
Banks failed and unemployment soared. It was a devastating economic and social catastrophe that can be compared with the Panic of 1893 and the Great Depression of 1929, an event with repercussions every bit as deep as the Great Depression of the 1930s. There was an international dimension: much of the growth in the private sector and the ...
The Second Party System was the political party system operating in the United States from about 1828 to early 1854, after the First Party System ended. [1] The system was characterized by rapidly rising levels of voter interest, beginning in 1828, as demonstrated by Election Day turnouts, rallies, partisan newspapers, and high degrees of personal loyalty to parties.
Herbert Hoover and the Great Depression (1959). scholarly history online; Watkins, T. H. The Great Depression: America in the 1930s. (2009) online; popular history. Wecter, Dixon. The Age of the Great Depression, 1929–1941 (1948), scholarly social history online; Wicker, Elmus. The Banking Panics of the Great Depression (1996) White, Eugene N.
Many leaders began to move to the Whig party. Remaining leaders met in September 1837 in Washington, and agreed to maintain the party. The third Anti-Masonic Party National Convention was held in Philadelphia on November 13–14, 1838. By this time, the party had been almost entirely supplanted by the Whigs.
The term "The Great Depression" is most frequently attributed to British economist Lionel Robbins, whose 1934 book The Great Depression is credited with formalizing the phrase, [230] though Hoover is widely credited with popularizing the term, [230] [231] informally referring to the downturn as a depression, with such uses as "Economic ...