United States Experience

The Panic of 1873

Considering that the final end for the Civil War, railroad construction in the us had been booming. Between 1866 and 1873, 35,000 kilometers of the latest track had been set around the world. Railroads had been the country’s biggest employer that is non-agricultural. Banking institutions as well as other companies had been placing their cash in railroads. When the banking company of Jay Cooke and business, a company heavily committed to railroad construction, shut its doorways on September 18, 1873, a significant panic that is economic the world.

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