Which event is commonly called the Panic of 1873?

The Panic of 1873 is commonly associated with the beginning of the Long Depression.

The crisis began amid financial stress in Europe and the United States. The failure of the Vienna-based bank Creditanstalt’s predecessor, the collapse of the Jay Cooke and Company banking firm in the United States, and weakness in railway finance helped trigger a major market panic. The New York Stock Exchange temporarily closed for the first time in its history.

The resulting downturn was especially prolonged in the United States and parts of Europe. Falling prices, bank failures, industrial weakness, and reduced investment affected economies for years, although historians debate the exact timing and severity of the period in different countries.

The Long Depression is often confused with the Great Depression, which began after the 1929 crash. “Long Depression” refers to the nineteenth-century downturn, while “Panic of 1873” identifies its initiating financial crisis in common historical usage.