Which 1873 crash helped begin the Long Depression in Europe and North America?

The 1873 crash that helped begin the Long Depression in Europe and North America was the Panic of 1873.

The panic began amid financial stress connected to railroad speculation, bank failures, and falling asset prices. In the United States, the failure of Jay Cooke & Company in September 1873 helped trigger a crisis. The New York Stock Exchange closed temporarily for the first time in its history.

The downturn spread internationally and was followed by years of weak prices, bankruptcies, unemployment, and reduced investment. In the United States, the period is often called the Long Depression, although historians debate its precise dates and severity.

The panic was not simply a stock-market event. Railroads had attracted extensive borrowing and speculative investment, while changing monetary conditions and international financial links transmitted stress across borders. It is sometimes confused with the Panic of 1907, which occurred more than three decades later.