Which stock exchange crash in 1873 helped trigger a long economic depression in Europe and the United States?

The Vienna Stock Exchange crash helped trigger the Panic of 1873 and a long economic depression in Europe and the United States.

On May 9, 1873, panic selling struck the Vienna Stock Exchange after a period of heavy speculation in property, railways, and securities. The crash became known as the Gründerkrach, or founders’ crash, and helped bring an end to the speculative boom associated with Austria-Hungary’s rapid economic expansion.

Financial stress spread internationally. The collapse of the Vienna market undermined confidence in banks and companies, while similar speculative excesses existed in Germany and the United States. In the United States, the failure of Jay Cooke & Company in September 1873 contributed to a major panic and a suspension of trading on the New York Stock Exchange.

The resulting downturn is often called the Long Depression. Its length and severity varied by country, and historians debate the exact endpoint. It was not a single day’s worldwide collapse, but a chain of financial failures, falling prices, reduced investment, and prolonged economic weakness.