The worldwide financial crisis that began with the Panic of 1873 is commonly called the Long Depression.
The crisis began with financial failures in Vienna and then spread to other markets, including the United States. In the United States, the collapse of the investment firm Jay Cooke & Company helped trigger a banking panic and the failure of many railroads. The New York Stock Exchange temporarily closed for the first time in its history.
Historians debate the exact dates, severity, and geographic reach of the Long Depression. In Britain, the period is often dated from 1873 to the mid-1890s, while American accounts sometimes emphasize a recovery after the late 1870s followed by another downturn in the 1890s.
It is often confused with the Great Depression, which began after the 1929 crash. The word “long” refers to the extended period of weak prices, business distress, and uneven economic growth rather than one continuous collapse everywhere.