04
Oct
08

The Panic of 1873

A more apt comparison to the current economic crisis, rather than the Depression of 1929. Easy credit financed a real estate boom in Europe, combined with cheap American food imports undermined global prices, ultimately sparking a mortgage crisis. Banks begin to horde money, short-term loans dried up, and day-to-day operations came to a screeching halt.

Scott Reynolds Nelson is a professor of history at the College of William and Mary. His article is here.

Advertisements

0 Responses to “The Panic of 1873”



  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


October 2008
M T W T F S S
« Sep   Nov »
 12345
6789101112
13141516171819
20212223242526
2728293031  
Crowdsourcing Crisis Information

%d bloggers like this: