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The Panic of 1873 was a severe international financial crisis that began in the United States when the banking firm Jay Cooke & Company, which was heavily invested in railroad construction, declared bankruptcy. This event triggered a chain reaction of bank failures, leading to a prolonged economic depression in the United States and Europe that lasted until 1879. The panic was characterized by widespread unemployment, business failures, and a significant decline in industrial production and agricultural prices. It had lasting effects on the American economy and contributed to political shifts and social unrest during the Reconstruction era.

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The Panic of 1873 began due to overexpansion and speculation in industries like railroads, financial instability in underregulated banks, international trade imbalances draining U.S. gold reserves, a credit crunch following the Vienna Stock Exchange crash, falling commodity prices, and initial bank failures, sparking widespread panic and economic downturn.

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Several key players and contributing factors:

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Several key players and contributing factors:

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Jay Cooke & Company: This banking firm's collapse in September 1873 triggered the panic. They were heavily involved in financing the Northern Pacific Railway, and their failure caused a chain reaction.

Overexpansion of Railroads: The rapid expansion of railroads, financed by speculative investments and loans, contributed to economic instability.

Tight Money Policies: The U.S. Treasury's contractionary policies, reducing the money supply, aggravated the economic downturn.

Global Factors: International events, such as the failure of banks in Vienna, added to the financial panic and global economic downturn.

Impact on Society: The Panic of 1873 led to a severe economic depression in the United States, with widespread unemployment, bankruptcies, and social unrest.

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The Panic of 1873, also known as the Long Depression, began in the United States with the collapse of the Jay Cooke & Company, a major banking institution, in September 1873. This event triggered a financial panic that quickly spread to Europe and the rest of the world. It marked the beginning of a severe economic depression that lasted until 1879 in the United States and had significant global economic repercussions.