What was the name of the prolonged global downturn that began after the Panic of 1873?

The Long Depression was the prolonged global economic downturn that began after the Panic of 1873.

The panic started with financial failures in Europe and the United States, including the collapse of the Vienna stock market in May 1873 and the failure of Jay Cooke & Company in the United States later that year. Railways had expanded rapidly through borrowing and speculation, and falling confidence damaged banks and businesses.

The downturn brought falling prices, bankruptcies, unemployment, and reduced investment across industrial economies. Its timing and severity varied by country, so historians debate whether every affected region experienced one continuous depression. In the United States, the period included the severe depression of the 1870s and a prolonged period of deflation.

The Long Depression is often confused with the Great Depression, which began in the early 1930s. The two were separated by several decades and had different financial and industrial settings.