Everything Everywhere Daily The Panic of 1893 (Encore)
Nov 24, 2024
In the depths of 1893, the United States faced a dire economic crisis, marked by a stock market crash and 20% unemployment. This lesser-known depression prompted major social upheaval, including the rise of Coxey's Army, a protest for government aid. The turmoil in the railroad industry fueled public unrest, leading to significant political shifts and the emergence of the free silver movement. The events of this period reshaped American politics, influencing the dynamics of the 1896 presidential elections and revealing the powerful impact of economic crises on history.
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Overlooked Economic Events
- Economic events are often overlooked in history due to their complexity and lack of dramatic appeal.
- This is exemplified by the frequent neglect of economic depressions in historical narratives.
19th Century Panics
- 19th-century depressions were called "panics" due to frequent bank runs.
- These runs often became self-fulfilling prophecies, causing bank collapses.
US Economic Boom
- The US became the world's largest economy around 1890 after an economic boom fueled by westward expansion, immigration, and railroads.
- Railroads were the high-growth companies of the time, driving the stock market.
