The Long Depression of 1870

For a long time, the panic of 18 70 th was held up as an example. But recent detailed reconstructions of nineteenth century data by economic historians show that there was no 18 seventys depression,. aside from a short recession in 18 73. The decade saw possibly the fastest sustained growth in american history. Consumption of food and other goods rose across the board on a percapita basis. People were better housed, better clothed and lived on bigger farms. Department stores were popping up even in medium sized cities. America was transforming into the world's first mass consumer society. So how about that? Not mention farmers who panicked at falling prices for agricultural commodities at first failed to note that other prices