Which 1873 crisis began after the collapse of the Vienna stock exchange?

The Panic of 1873 began after the collapse of the Vienna stock exchange.

On May 9, 1873, known as Black Friday in Vienna, speculative share prices fell sharply after a period of rapid railway and property investment. The panic then spread to other financial centers, including Berlin and New York. In the United States, the failure of the banking firm Jay Cooke & Company in September intensified the crisis.

The downturn was connected to excessive speculation, railway overbuilding, falling prices, and financial instability after the Franco-Prussian War. Its effects lasted for years in several countries, leading historians to use the term Long Depression, although the exact timing and severity varied by region.

This event is distinct from the U.S. Panic of 1873 as a narrow national label, even though the American crisis was part of the same international wave. It also predates the better-known crashes of 1929 and 1987.