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Encyclopedia > Long Depression

The Long Depression (1873 – 1896) affected much of the world from the early 1870s until the mid-1890s and was contemporary with the Second Industrial Revolution. At the time it was regarded as the Great Depression, until the more severe Great Depression occurred in the 1930s. It was most notable in Western Europe and North America, but this is in part because reliable data from the period is most readily available in those parts of the world. The United Kingdom is often considered to have been the hardest hit by the Long Depression, and during this period it lost much of its large industrial lead over the economies of Continental Europe. The Depression is usually believed to have ended by 1897. The global economy grew at an impressive rate from that year to the start of World War I. The Second Industrial Revolution (1865–1900) is a phrase used by some historians to describe an assumed second phase of the Industrial Revolution. ... The Great Depression was a time of economic down turn, which started after the stock market crash on October 29, 1929, known as Black Tuesday. ... The borders of Western Europe were largely defined by the Cold War. ... World map showing North America A satellite composite image of North America. ... Continental Europe, also referred to as mainland Europe or simply the Continent, is the continent of Europe, explicitly excluding European islands and, at times, peninsulas. ... “The Great War ” redirects here. ...

Contents

Two decades of contraction

The Long Depression was not a particularly deep one, unlike the more famous Great Depression. The period saw a number of years of growth, but more years of contraction. Throughout the period prices fell and production grew more slowly when compared to earlier and later eras. Thus, some historians prefer to speak of a series of smaller, unconnected economic downturns, rather than a Depression. Data from this period is not ideal, however, and it is difficult to get exact figures, contributing to the uncertainty. The Great Depression was a time of economic down turn, which started after the stock market crash on October 29, 1929, known as Black Tuesday. ...


Causes of the crisis

The causes of the Depression are also debated. The most immediate cause, and the date that is often used as the start of the Depression, was the collapse of the Vienna Stock Exchange on May 9, 1873. Others have argued the depression was rooted in the 1870 Franco-Prussian War that hurt the French economy and forced them to make large war reparations payments to Germany. Monetarists believe that the depression was caused by shortages of gold that undermined the gold standard, and that the 1848 California Gold Rush, and more importantly the 1886 Witwatersrand Gold Rush in South Africa and the 1898-99 Klondike Gold Rush helped alleviate such crises. Others pointed to developmental surges (see Kondratiev wave), theorizing that the Second Industrial Revolution was causing large shifts in the economies of many states imposing transition costs which may also have played a role in causing the depression. The Wiener Börse AG (also known as the Vienna Stock Exchange (WBAG)) is a stock exchange in Vienna, Austria and one of the most established exchanges in Eastern- and Southeastern Europe. ... May 9 is the 129th day of the year in the Gregorian calendar (130th in leap years). ... 1873 (MDCCCLXXIII) was a common year starting on Wednesday (see link for calendar). ... Combatants Second French Empire North German Confederation allied with south German states (later German Empire) Commanders Napoleon III Otto Von Bismarck, Helmuth von Moltke the Elder Strength 400,000 at the beginning of the war 1,200,000 Casualties 150,000 dead or wounded 284,000 captured 350,000 civilian... War reparations refer to the monetary compensation provided to a triumphant nation or coalition from a defeated nation or coalition. ... Monetarism is a set of views concerning the determination of national income and monetary economics. ... GOLD refers to one of the following: GOLD (IEEE) is an IEEE program designed to garner more student members at the university level (Graduates of the Last Decade). ... The gold standard is a monetary system in which the standard economic measure of value is gold, and the currencies which are used as units of account are specified as a weight of gold, ideally fixed and not subject to change, and where all currency issuance is to one degree... The California Gold Rush (1848–1855) began on January 24, 1848, when gold was discovered at Sutters Mill. ... The Witwatersrand Gold Rush and the establishment of Johannesburg, South Africa are closely connected. ... A typical gold mining operation, on Bonanza Creek. ... In economics, Kondratiev waves, also called grand supercycles or surges or long waves, occasionally also referred to as the K-waves, are the term for a regular S-shaped cycle in the modern (Capitalist) world economy. ... The Second Industrial Revolution (1865–1900) is a phrase used by some historians to describe an assumed second phase of the Industrial Revolution. ...


Reactions to the crisis

Like the Great Depression, the Long Depression saw many nations of the world resort to protectionism to shore up faltering industries. Influenced by List's nationalist argument for industrial protection, Bismarck abandoned the German free trade policy in 1879, enacting tariffs over the objections of his National Liberal Party allies. France, which had adopted free trade during the Second Empire (1852-1870), also abandoned it, while Benjamin Harrison won the 1888 US presidential election on a protectionist ticket. Only the United Kingdom retained the low tariffs enacted in the 1846 repeal of the Corn Laws. Protectionism is the economic policy of restraining trade between nations, through methods such as high tariffs on imported goods, restrictive quotas, a variety of restrictive government regulations designed to discourage imports, and anti-dumping laws in an attempt to protect domestic industries in a particular nation from foreign take-over... Friedrich List (August 6, 1789 - November 30, 1846) was a leading 19th Century German economist who believed in the National System. // He was born at Reutlingen, Württemberg. ... This article needs additional references or sources to facilitate its verification. ... “Bismarck” redirects here. ... The National Liberal Party may be: National Liberal Party (Bermuda) - a Bermudian party National Liberal Party (Germany) - a former German party National Liberal Party (Lebanon) - a Lebanese party National Liberal Party (Panama) - a Panamanian party National Liberal Party (Romania) - a Romanian party National Liberal Party (UK) - a former United Kingdom... The Second French Empire or Second Empire was the imperial Bonapartist regime of Napoleon III from 1852 to 1870, between the Second Republic and the Third Republic, in France. ... Benjamin Harrison (August 20, 1833 – March 13, 1901) was the 23rd President of the United States, serving one term from 1889 to 1893. ... The Corn Laws, in force between 1815 and 1846, were import tariffs ostensibly designed to protect British farmers and landowners against competition from cheap foreign grain imports. ...


Besides tariff policy, governments of the time were not closely involved in managing the economy. According to the tenets of classic liberalism, it was generally believed that it was not the government's role to intervene in the economy, and thus little was done. A tariff is a tax on foreign goods. ... Classic liberalism is a political school of thought that holds that all rights are held by individuals, and that governments are put into place solely in order to defend those rights. ...


The Long Depression also contributed to the revival of colonialism leading to the New Imperialism period, symbolized by the scramble for Africa, as the western powers sought new markets for their goods. According to Hannah Arendt's The Origins of Totalitarianism (1951), the "unlimited expansion of power" followed the "unlimited expansion of capital". It has been suggested that Benign colonialism be merged into this article or section. ... The term New Imperialism refers to the colonial expansion adopted by Europes powers and, later, Japan and the United States, during the late 19th and early 20th centuries; approximately from the Franco-Prussian War to World War I (c. ... Cecil Rhodes: Cape-Cairo railway project. ... Hannah Arendt (October 14, 1906 – December 4, 1975) was a Jewish-German (later American) political theorist. ... The Origins of Totalitarianism is a book by Hannah Arendt, dedicated to her husband Heinrich Blücher. ... This article is about a city that serves as a center of government and politics. ...


In the United States, the meltdown of the European economies led directly to the Panic of 1873 and ushered in the Long Depression. Run on the Fourth National Bank, No. ...


GNP for selected European Great Powers

Year Russia France Britain Germany Habsburg
Empire
Italy
1830 10.5 8.5 8.2 7.2 7.2 5.5
1840 11.2 10.3 10.4 8.3 8.3 5.9
1850 12.7 11.8 12.5 10.3 9.1 6.6
1860 14.4 13.3 16.0 12.7 9.9 7.4
1870 22.9 16.8 19.6 16.6 11.3 8.2
1880 23.2 17.3 23.5 19.9 12.2 8.7
1890 21.1 19.7 29.4 26.4 15.3 9.4
at market prices, in 1960 US dollars and prices; in billions
(Paul Kennedy, The Rise and Fall of the Great Powers, Fontana Press, 1989, p 219)

Austria-Hungary, also known as the Dual monarchy (or: the k. ... Liberty Leading the People by Eugène Delacroix commemorates the July Revolution 1830 (MDCCCXXX) was a common year starting on Friday (see link for calendar). ... 1840 is a leap year starting on Wednesday (link will take you to calendar). ... For the game, see: 1850 (board game) Year 1850 (MDCCCL) was a common year starting on Tuesday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Sunday of the 12-day slower Julian calendar). ... 1860 is the leap year starting on Sunday. ... 1870 (MDCCCLXX) was a common year starting on Saturday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Monday of the 12-day slower Julian calendar). ... Year 1880 (MDCCCLXXX) was a leap year starting on Thursday (link will display the full calendar). ... 1890 (MDCCCXC) was a common year starting on Wednesday (see link for calendar) of the Gregorian calendar (or a common year starting on Friday of the Julian calendar). ...

See also


  Results from FactBites:
 
Long Depression - Education - Information - Educational Resources - Encyclopedia - Music (640 words)
The Long Depression was a economic depression that affected much of the world from the early 1870s until the mid-1890s.
Britain is often considered the hardest hit by the Long Depression, and during this period it lost much of its large industrial lead over the economies of Continental Europe.
Some also argue that the long depression contributed to the revival in colonialism in the late nineteenth century as the western powers sought new markets for their goods.
EH.Net Encyclopedia: Depression of 1893 (3501 words)
The Depression of 1893 was one of the worst in American history with the unemployment rate exceeding ten percent for half a decade.
This article describes economic developments in the decades leading up to the depression; the performance of the economy during the 1890s; domestic and international causes of the depression; and political and social responses to the depression.
The impact of depression abroad on the flow of capital to this country can be inferred from the history of new capital issues in Britain, the source of perhaps 75 percent of overseas investment in the United States.
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