The 1873 Panic That Triggered the Long Depression

Episode 32 of The Economic History Podcast takes you inside the Panic of 1873 — the banking crisis that spiraled into a global depression lasting six years. Lucas and Luna unpack the collapse of Jay Cooke & Company, the role of railroad overbuilding and speculative lending, the failure of the Coinage Act of 1873 to stabilize the currency, and why this episode became known as the 'Great Depression' before the 1930s took the title. They examine how the crisis reshaped American monetary politics, fueling the Greenback movement and the populist fight for free silver. Listeners learn why a single Philadelphia bank failure triggered a cascade across New York, Europe, and beyond, and how the lessons of 1873 echo in modern financial crises. Perfect for anyone wanting a concrete understanding of how panic propagates through a credit-driven economy. #PanicOf1873 #LongDepression #JayCooke #RailroadBonds #CoinageAct #GreenbackMovement #FreeSilver #Bimetallism #GildedAge #BankingCrisis #EconomicHistory #CreditPanic #Deflation #PopulistEconomics #WorldHistory #Recession #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo