Which 1873 market panic began in Vienna and helped trigger a long depression?

The 1873 market panic that began in Vienna and helped trigger a prolonged depression was the Panic of 1873.

The panic followed speculative booms in railways, construction, and real estate, especially in Europe and North America. On May 9, 1873, the Vienna stock exchange crashed, and financial stress soon spread. The failure of the investment bank Jay Cooke & Company in the United States on September 18 intensified the American crisis.

The resulting downturn is often called the Long Depression, although historians debate its exact duration and whether “depression” best describes every country’s experience. Deflation and falling prices were prominent features, while industrial production and investment weakened. The panic is sometimes confused with the Panic of 1893, another major U.S. financial crisis two decades later. The 1873 episode was international from the outset, linking European and American financial markets.