Impact of the Panic of 1873

The video discusses the Panic of 1873, a major financial crisis that began in Europe and spread to the U.S., causing a global recession. Key causes included overproduction, speculation, and bank failures. The crisis led to unemployment, financial instability, and economic contraction, lasting until 1879. It highlighted the need for stronger financial regulations and diversification. The demonetization of silver played a significant role, and the crisis spurred the development of modern corporate capitalism. The Panic's long-term effects included economic uncertainty and the rise of the populist movement.

What was one of the main triggers of the Panic of 1873?

• The American Civil War

• The discovery of gold in California

• The collapse of the Vienna Stock Exchange

• The Industrial Revolution

Which sector's speculation was a cause of the Panic of 1873?

• Agriculture

• Railroad

• Technology

• Real Estate

Which major bank's failure exacerbated the Panic of 1873 in the United States?

• Goldman Sachs

• Bank of America

• J Cook and Company

• Lehman Brothers

What was a significant global consequence of the Panic of 1873?

• Rapid technological advancement

• Widespread unemployment

• Increased immigration

• Discovery of new trade routes

What was the economic period following the Panic of 1873 known for?

• Economic uncertainty and instability

• Technological innovation

• Political stability

• Rapid growth and prosperity

How did the Panic of 1873 influence labor movements?

• It resulted in the abolition of labor unions

• It had no impact on labor movements

• It led to a rise in labor unrest

• It decreased labor unrest

What monetary change in the United States contributed to the Panic of 1873?

• Introduction of the Euro

• Switch to a barter system

• Demonetization of silver

• Adoption of cryptocurrency

What was the effect of the Coinage Act of 1873?

• It established a barter system

• It increased the circulation of silver coins

• It demonetized silver

• It introduced a new currency

What was one of the new institutions created as a result of the Panic of 1873?

• Federal Reserve

• World Bank

• National Association of Credit Management

• International Monetary Fund

What business model emerged as a result of the Panic of 1873?

• Franchise

• Holding company

• Partnership

• Sole proprietorship