A severe economic depression in the United States that began in 1893. Triggered by railroad overbuilding and shaky railroad financing, resulting in bank failures and a credit crunch. This economic downturn significantly impacted various sectors of the economy, leading to high unemployment and widespread social unrest.
The economic crisis had lasting consequences, fueling Populist discontent and demands for government intervention in the economy, including currency reform and regulation of railroads. It served as a stark reminder of the vulnerability of the American economy to financial instability and highlighted the growing disparities between the wealthy and the working class. It significantly shaped the political landscape of the late 19th century.
