Which 1873 financial panic followed the collapse of the Vienna Stock Exchange?

The financial panic that followed the collapse of the Vienna Stock Exchange in 1873 was the Panic of 1873.

On 9 May 1873, known as Black Friday in Austria, a speculative boom in shares and property ended in Vienna. The shock 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 helped trigger a banking panic and the temporary closure of the New York Stock Exchange.

The panic contributed to a prolonged international downturn often called the Long Depression. Falling prices, bankruptcies, unemployment, and reduced investment affected industrial economies for years, although the severity and timing varied by country.

The crisis had multiple causes, including excessive railway speculation, easy credit, and the financial disruptions following the Franco-Prussian War. It is sometimes described as the first truly global financial crisis, but historians debate how directly the separate national downturns were connected.