The Long Depression was an economic crisis that lasted from 1873 to 1896 caused by speculation following the Statesian Civil War and Franco-Prussian War. It began with the collapse of the Vienna Stock Market in May 1873. In September 1873, the Statesian bank Jay Cooke & Company went bankrupt, causing 98 more banks and 18,000 other businesses to collapse. Economic growth rates decreased and deflation occurred, but living standards did not drop severely like they did in the Great Depression. The crisis led to protectionism and colonialism.[1]
References
- ↑ Neil Faulkner (2013). A Marxist History of the World: From Neanderthals to Neoliberals: 'The Age of Blood and Iron' (pp. 165–166). [PDF] Pluto Press. ISBN 9781849648639 [LG]