What name is commonly given to the severe 1873 financial crisis and prolonged downturn?

The severe 1873 financial crisis and prolonged downturn are commonly called the Long Depression.

The Long Depression began with financial crises in Europe and North America in 1873 and lasted, with varying intensity, into the 1890s. In the United States, the collapse of the banking firm Jay Cooke & Company in September 1873 helped trigger the Panic of 1873. The New York Stock Exchange closed temporarily, and many railroads and businesses failed.

The downturn was marked by falling prices, weak profits, unemployment, and intense industrial competition. It was particularly damaging to heavily indebted railways and other enterprises that had expanded rapidly using borrowed money. Economic conditions differed by country, so historians debate its exact end date and whether it should be viewed as one continuous depression.

The Long Depression is often confused with the Great Depression of the 1930s. The two were separate worldwide downturns, separated by roughly half a century. The 1873 crisis also contributed to political arguments over monetary policy, including debates about gold and silver.