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The Panic of 1893 was an economic depression in the United States. It began in February 1893 and officially ended eight months later, but the effects from it continued to be felt until 1897. [ 1 ] It was the most serious economic depression in history until the Great Depression of the 1930s.
The American Civil War ended in April 1865, and the country entered a lengthy period of general deflation that lasted until 1896. The United States occasionally experienced periods of recession during the Reconstruction Era. Production increased in the years following the Civil War, but the country still had financial difficulties. [19]
The Long Depression was a worldwide price and economic recession, beginning in 1873 and running either through March 1879, or 1899, depending on the metrics used. [1] It was most severe in Europe and the United States, which had been experiencing strong economic growth fueled by the Second Industrial Revolution in the decade following the American Civil War.
More than 800 banks failed from 1893 through 1897, more than in any period until the Great Depression; by mid-1894, more than 150 railroad companies with 30,000 miles of track were bankrupt.
This period saw several financial crises and economic recessions—called "panics", notably the Panic of 1873 and the Panic of 1893. They lasted several years, with high urban unemployment, low incomes for farmers, low profits for business, slow overall growth, and reduced immigration. They generated political unrest. [81]
May 1 – The 1893 World's Fair, also known as the World's Columbian Exposition, opens to the public in Chicago, Illinois. The first U.S. commemorative postage stamps and Coins are issued for the Exposition. Pabst Blue Ribbon wins an award for the best beer. [1] May 5 – Panic of 1893: A crash on the New York Stock Exchange starts a depression.
You know, there have been so many errors -- in some cases they've been deliberate distortions -- about the impact of President Franklin D. Roosevelt's innovative New Deal policies on the U.S ...
The Great Depression came at a time when the relatively newly established Turkish state was still reforming its economic policy following the end of the Ottoman era. As the depression began, the country's trade deficits saw an increase and the Turkish lira significantly lost value.