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The panic of 1873 had a profound impact on society because it is known to be the first worldwide depression that came as a result of industrial capitalism.

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The panic began in 1873 and ended in North America in 1877, however, it lasted longer in Europe.

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The failure of Jay Cooke and Company caused the whole nation to panic due to its profound effect on the economy at the time. The company invested great amounts of cash into the railroads, and was also the primary financial support for the Union Military Effort during the Civil War.

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The panic began with the failure of Jay Cooke and Company, the primary bank of the time. When the bank failed and lost all credit, foreclosures begun and panic arose.

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Jay Cooke and Company had ties in both North America and Europe, causing panic to spread to people all over the globe after the bank eventually failed.

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The Panic of 1873 was an economic crisis that lasted over five years. It is known to be the first global depression that was brought by industrial capitalism.

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The panic took place primarily in North America and Europe.