What was the name of the long economic downturn that followed the Panic of 1873?

The Long Depression was the prolonged worldwide economic downturn that followed the Panic of 1873.

The crisis began with financial failures in Europe and the United States, including the collapse of the investment bank Jay Cooke & Company in the United States. Falling railroad investment, banking stress, and declining prices then contributed to a long period of weak growth. The precise dates and severity varied by country, so historians debate whether the entire period should be called a depression or a series of recessions.

In the United States, the downturn included major railroad bankruptcies, labor unrest, and the Great Railroad Strike of 1877. Deflation was a prominent feature, meaning prices generally fell over extended periods.

The Long Depression is often confused with the Great Depression of the 1930s. The earlier downturn was longer in some measures but generally less severe in unemployment and output collapse. It also occurred during rapid industrialization and expansion of international trade.