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An economic depression is a period of sustained, long-term downturn in economic activity in one or more economies. It is a more severe economic downturn than a recession, which is a slowdown in economic activity over the course of a normal business cycle.
A stock market crash is a sudden dramatic decline of stock prices across a major cross-section of a stock market, resulting in a significant loss of paper wealth. Crashes are driven by panic selling and underlying economic factors. They often follow speculation and economic bubbles.
An economic bubble is a situation in which asset prices are much higher than the underlying fundamentals can reasonably justify. Bubbles are sometimes caused by unlikely and overly optimistic projections about the future. It could also be described as prices which strongly exceed the asset's intrinsic value.
The Wall Street Crash of 1929, also known as the Great Crash, was a major American stock market crash that occurred in the autumn of 1929. It started in September and ended late in October, when share prices on the New York Stock Exchange collapsed.
The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain. In Britain, the Panic started two decades of stagnation known as the "Long Depression" that weakened the country's economic leadership. In the United States, the Panic was known as the "Great Depression" until the events of 1929 and the early 1930s set a new standard.
The Panic of 1893 was an economic depression in the United States that began in 1893 and ended in 1897. It deeply affected every sector of the economy, and produced political upheaval that led to the political realignment of 1896 and the presidency of William McKinley.
The Panic of 1837 was a financial crisis in the United States that touched off a major depression, which lasted until the mid-1840s. Profits, prices, and wages went down, Westward expansion was stalled, unemployment went up, and pessimism abounded.
In United States history, the Gilded Age was an era extending roughly from 1870 to 1900. It was a time of rapid economic growth, especially in the Northern and Western United States. As American wages grew much higher than those in Europe, especially for skilled workers, and industrialization demanded an ever-increasing unskilled labor force, the period saw an influx of millions of European immigrants. The rapid expansion of industrialization led to real wage growth of 60% between 1860 and 1890, and spread across the ever-increasing labor force. The average annual wage per industrial worker rose from $380 in 1880, to $564 in 1890, a gain of 48%. Conversely, the Gilded Age was also an era of abject poverty and inequality, as millions of immigrants—many from impoverished regions—poured into the United States, and the high concentration of wealth became more visible and contentious.
Wooden railroads, called wagonways, were built in the United States starting from the 1720s. A railroad was reportedly used in the construction of the French fortress at Louisburg, Nova Scotia, in New France in 1720. Between 1762 and 1764, at the close of the French and Indian War (1756–1763), a gravity railroad is built by British military engineers up the steep riverside terrain near the Niagara River waterfall's escarpment at the Niagara Portage in Lewiston, New York.
The Long Depression was a worldwide price and economic recession, beginning in 1873 and running either through March 1879, or 1896, depending on the metrics used. It was most severe in Europe and the United States, which had been experiencing strong economic growth fueled by the Second Industrial Revolution in the decade following the American Civil War. The episode was labeled the "Great Depression" at the time, and it held that designation until the Great Depression of the 1930s. Though a period of general deflation and a general contraction, it did not have the severe economic retrogression of the Great Depression.
The Panic of 1907 – also known as the 1907 Bankers' Panic or Knickerbocker Crisis – was a financial crisis that took place in the United States over a three-week period starting in mid-October, when the New York Stock Exchange fell almost 50% from its peak the previous year. Panic occurred, as this was during a time of economic recession, and there were numerous runs on banks and trust companies. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered bankruptcy. Primary causes of the run included a retraction of market liquidity by a number of New York City banks and a loss of confidence among depositors, exacerbated by unregulated side bets at bucket shops.
The Panic of 1857 was a financial panic in the United States caused by the declining international economy and over-expansion of the domestic economy. Because of the invention of the telegraph by Samuel F. Morse in 1844, the Panic of 1857 was the first financial crisis to spread rapidly throughout the United States. The world economy was also more interconnected by the 1850s, which also made the Panic of 1857 the first worldwide economic crisis. In Britain, the Palmerston government circumvented the requirements of the Bank Charter Act 1844, which required gold and silver reserves to back up the amount of money in circulation. Surfacing news of this circumvention set off the Panic in Britain.
The history of agriculture in the United States covers the period from the first English settlers to the present day. In Colonial America, agriculture was the primary livelihood for 90% of the population, and most towns were shipping points for the export of agricultural products. Most farms were geared toward subsistence production for family use. The rapid growth of population and the expansion of the frontier opened up large numbers of new farms, and clearing the land was a major preoccupation of farmers. After 1800, cotton became the chief crop in southern plantations, and the chief American export. After 1840, industrialization and urbanization opened up lucrative domestic markets. The number of farms grew from 1.4 million in 1850, to 4.0 million in 1880, and 6.4 million in 1910; then started to fall, dropping to 5.6 million in 1950 and 2.2 million in 2008.
The economic history of the United States is about characteristics of and important developments in the U.S. economy from colonial times to the present. The emphasis is on productivity and economic performance and how the economy was affected by new technologies, the change of size in economic sectors and the effects of legislation and government policy. Specialized business history is covered in American business history.
In the United States, the Great Depression began with the Wall Street Crash of October 1929. The stock market crash marked the beginning of a decade of high unemployment, poverty, low profits, deflation, plunging farm incomes, and lost opportunities for economic growth as well as for personal advancement. Altogether, there was a general loss of confidence in the economic future.
The economy of the state of Indiana is reflected in its gross state product in 2017 of US$359 billion and per capita income of $44,165. A high percentage of Indiana's income is from manufacturing. Indiana has been the largest steel producing state in the U.S. since 1975, with the Calumet region of northwest Indiana being the largest single steel producing area in the U.S., accounting for 27% of all U.S. steel production. Indiana is also the 2nd largest auto manufacturing state. Indiana's other manufactures include pharmaceuticals and medical devices, automobiles, electrical equipment, transportation equipment, chemical products, rubber, petroleum and coal products, and factory machinery.
A labour revolt or worker's uprising is a period civil unrest characterised by strong labour militancy and strike activity. The history of labour revolts often provides the historical basis for many advocates of Marxism, communism, socialism and anarchism, with many instances occurring around the world in both the 19th and 20th centuries.
The Depression of 1882–1885, or Recession of 1882–1885, was an economic contraction in the United States that lasted from March 1882 to May 1885, according to the National Bureau of Economic Research. Lasting 38 months, it was the third-longest recession in the NBER's chronology of business cycles since 1854. Only the Great Depression (1929-1941) and the Long Depression (1873–1879) were longer.
This article details the history of banking in the United States. Banking in the United States is regulated by both the federal and state governments.
References
- ↑ "Ohio Life Insurance and Trust Company". Ohio History Central . 2008. Retrieved February 29, 2008.
- ↑ Gibbons, J. S. (September 1907). "The Panic of 1957". Moody's Magazine. 4: 370–383.
- ↑ Long, Kathryn Teresa (1998). The Revival of 1857–58: Interpreting an American Religious Awakening. Oxford University Press. p. 54. ISBN 9780195354539.
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