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Panic of 1873
The Panic of 1873 was a financial crisis that triggered a depression in Europe and North America that lasted from 1873 until 1879, and even longer in some countries. In Britain, for example, it started two decades of stagnation known as the "Long Depression" that weakened the country's economic leadership.〔Musson (1959)〕 The Panic was known as the "Great Depression" until the events in the early 1930s took precedence.
The Panic of 1873 and the subsequent depression had several underlying causes, of which economic historians debate the relative importance. Post-war inflation, rampant speculative investments (overwhelmingly in railroads), a large trade deficit, ripples from economic dislocation in Europe resulting from the Franco-Prussian War (1870-1871), property losses in the Chicago (1871) and Boston (1872) fires, and other factors put a massive strain on bank reserves, which plummeted in New York City during September and October 1873 from $50 million to $17 million.
The first symptoms of the crisis were financial failures in the Austro-Hungarian capital, Vienna, which spread to most of Europe and North America by 1873.
==Factors in the United States==
The American Civil War was followed by a boom in railroad construction. of new track were laid across the country between 1868 and 1873.〔Richardson (2007) p. 131〕 Much of the craze in railroad investment was driven by government land grants and subsidies to the railroads.〔White (2011) p. 17〕 At that time, the railroad industry was the nation's largest employer outside of agriculture, and it involved large amounts of money and risk. A large infusion of cash from speculators caused abnormal growth in the industry as well as overbuilding of docks, factories and ancillary facilities. At the same time, too much capital was involved in projects offering no immediate or early returns.〔Oberholtzer, ''A History of the United States Since the Civil War'' (1926) 3:79–122〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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