Long Depression

The Long Depression was a prolonged period of economic stagnation and deflation beginning with the Panic of 1873 and lasting, in many accounts, until the mid-1890s.

Panic of 1873: An international financial crisis that began in 1873 and precipitated a prolonged economic downturn. Its collapse of credit and investment marks the Long Depression’s conventional starting point.
Deflation: A sustained decline in the general level of prices for goods and services. Falling prices defined a major feature of the period, though they did not always mean falling output.
Great Depression: A severe global economic crisis that began in 1929 and lasted through much of the 1930s. Its depth and breadth distinguish it from the more uneven downturn of the late nineteenth century.
Great Railroad Strike of 1877: A nationwide U.S. labor uprising in 1877 sparked by wage cuts on the railroads. Wage reductions during the prolonged slump helped turn railroad workers’ protests into a major strike.
Economic history: The study of how economies and economic institutions change over time. The episode’s interpretation depends on long-run evidence about prices, output, and employment.
Jay Cooke: An American financier whose banking house failed in September 1873 amid losses from railroad investment. The failure of his firm helped ignite the American panic that opened the depression.
Gold standard: A monetary system in which currency values are tied to a fixed quantity of gold. Gold-based monetary commitments constrained policy responses to falling prices and financial strain.
Long Depression (United Kingdom): A British economic downturn commonly dated from 1873 to the mid-1890s. Britain’s experience anchors the term’s original use, which emphasized prolonged price declines.
Haymarket affair: A violent confrontation in Chicago in 1886 following a labor rally for the eight-hour workday. Economic insecurity and labor conflict formed part of the context for the rally and its aftermath.
Business cycle: Recurring fluctuations in economic activity, including expansions and contractions. Whether the period was one continuous depression or several cycles remains a central framing question.

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