28:
81:
the
American railroad industry and the opening of economic opportunities associated with the development of the transportation system. During this interval annual railroad construction quadrupled, growing from 2,665 miles (4,289 km) in 1878 to 11,569 miles (18,619 km) in 1882. According to one 1997 estimate, the expansion of this sector represented a full 15% of American capital formation during the decade of the 1880s.
222:, it was found that explanation of the 1882 depression varied greatly according to the profession of the observer, with bankers and merchants tending to blame financial or commercial reasons, members of the clergy tending to blame social causes combined with divine providence, manufacturers apt to blame regulatory causes and the wage demands of workers, and workers tending to identify
229:
A lengthy alphabetical list of causes claimed by survey respondents was compiled by the Bureau, which included, among other proposed factors, defects in the banking system, place of credit in agriculture, the use of child labor, the negative effects of corporate monopoly, a lack of public confidence
175:
In 1882 this trend reversed, resulting in a decline in railroad construction and a decline in related industries, particularly iron and steel. Mismanagement and rate wars negatively affected profitability and the luster of railroads as an investment was dulled; money dried up and construction of new
197:
The 1884 downturn was severe with an estimated 5% of all
American factories and mines completely shuttered during the 12 months running from July 1, 1884, to July 1, 1885. In addition another 5% of such enterprises were said to have closed down for part of the year. Approximately 1 million American
80:
The
Depression of 1882–1885 was not inaugurated by financial disaster or mass panic, but was rather an economic downturn that came about through a protracted and gradual process. The downturn was preceded by a period of prosperity over the years 1879 to 1882, a growth powered by expansion of
551:
84:
In addition, the United States experienced a favorable international balance of trade during the 1879–1882 period of growth — a fact which had the effect of expanding the country's money supply, facilitating credit and investment.
544:
537:
217:
Contemporary observers were baffled by the downturn and agents of the fledgling U.S. Bureau of Labor
Statistics conducted extensive surveys on the matter. In a published report by Commissioner of Labor
1455:
1460:
1445:
1493:
1435:
272:, indexes of business activity show that the recession was not as severe as the declines in 1873, 1893, and 1921, but was more severe than the other recessions between the
1425:
1488:
1430:
700:
560:
943:
568:
1303:
1250:
1161:
1503:
768:
773:
564:
297:
871:
866:
861:
855:
529:
1139:
1144:
673:
1392:
507:
The
History of Business Depressions: A Vivid Portrayal of Periods of Economic Adversity from the Beginning of Commerce to the Present Time.
376:
56:
280:. At 38 months in length this is the third-longest recession in the NBER's chronology of business cycles from 1854 to present. Only the
1498:
264:
235:
226:
due to the introduction of new labor-saving machinery and low wage levels that made it impossible to consume the full amount of output.
1508:
1288:
1134:
1352:
1086:
214:
than a production depression — in that prices and wage rates contracted while gross output remained more or less constant.
1114:
830:
262:
Economic data from the era are very spotty. Much of what is known comes from the reporting of the business newspaper the
59:. Lasting 38 months, it was the third-longest recession in the NBER's chronology of business cycles since 1854. Only the
996:
1092:
1310:
1197:
1192:
1151:
1367:
1342:
1119:
906:
824:
231:
1387:
1377:
1124:
1277:
1065:
1227:
1222:
1217:
1382:
1372:
1362:
1357:
1347:
738:
251:
239:
27:
1059:
891:
1129:
243:
1315:
1298:
1293:
1282:
1245:
1240:
1234:
845:
814:
712:
881:
726:
980:
835:
743:
695:
663:
644:
247:
1465:
1450:
1440:
1420:
1415:
1410:
1405:
1399:
717:
685:
273:
250:, the decline of railway construction, negative effects of a high tariff policy, and the growing
35:
noting the expanding financial crisis in the United States, marked by a continued "railway war."
515:
Business Cycles: A Theoretical, Historical, and
Statistical Analysis of the Capitalist Process.
1186:
1180:
1174:
780:
753:
690:
678:
639:
608:
219:
1267:
1262:
1108:
1097:
758:
748:
658:
618:
613:
588:
583:
579:
401:
281:
277:
269:
60:
598:
523:
Industrial
Depressions: The First Annual Report of the United States Commissioner of Labor.
318:
Industrial
Depressions: The First Annual Report of the United States Commissioner of Labor.
1336:
1326:
1076:
1017:
1012:
1006:
285:
207:
111:
64:
505:
176:
lines was negatively impacted, falling from 11,569 miles in 1882 to 6,741 miles in 1883.
521:
316:
625:
603:
223:
161:
1482:
1053:
1047:
1038:
1032:
974:
965:
956:
938:
927:
915:
885:
707:
338:
191:
185:
148:
135:
52:
17:
358:
New York: Harcourt Brace, 1997; cited in Sorkin, "Depression of 1882-1885," pg. 149.
797:
790:
785:
654:
649:
593:
1207:
763:
722:
668:
991:
371:
802:
733:
634:
630:
211:
48:
428:
26:
533:
406:
Business Cycles: Theory, History, Indicators, and
Forecasting
91:
Comparison of major 19th and early 20th century recessions
210:
that preceded it, the
Depression of 1882–85 was more of a
55:
that lasted from March 1882 to May 1885, according to the
321:
Washington, DC: Government Printing Office, 1886; pg. 64.
423:
Rendigs Fels, "The American Business Cycle of 1879-85,"
230:
in the future of the economy, expansion of the role of
499:
The Depressions of 1873 and 1882 in the United States.
198:
workers were out of work during this economic trough.
190:
A major economic event during the recession was the
1325:
1261:
1206:
1160:
1075:
990:
937:
844:
813:
526:Washington, DC: Government Printing Office, 1886.
343:Business Cycles and Depressions: An Encyclopedia.
345:Abingdon, England: Routledge, 1997; pp. 149-151.
408:. University of Chicago Press. pp. 221–26.
337:Alan L. Sorkin, "Depression of 1882-1885," in
545:
238:, excessive immigration, the expanded use of
8:
517:In two volumes. New York: McGraw-Hill, 1937.
372:"Business Cycle Expansions and Contractions"
1494:1885 disestablishments in the United States
501:PhD dissertation. Harvard University, 1949.
396:
394:
552:
538:
530:
438:
436:
1489:1882 establishments in the United States
333:
331:
329:
327:
31:November 1882 news item from the London
427:vol. 60, no. 1 (Feb. 1952), pp. 60–75.
308:
298:List of recessions in the United States
419:
417:
415:
366:
364:
268:. In terms of severity, according to
87:
7:
377:National Bureau of Economic Research
265:Commercial & Financial Chronicle
57:National Bureau of Economic Research
510:New York: Northeastern Press, 1922.
254:in the hands of a comparative few.
236:price ratio between gold and silver
856:British credit crisis of 1772–1773
25:
569:Commonwealth of Nations countries
354:Gary M. Walton and Hugh Rockoff,
356:History of the American Economy.
1504:Recessions in the United States
565:recessions in the United States
1:
425:Journal of Political Economy,
286:Long Depression of 1873–1879
1311:1997 Asian financial crisis
944:Civil War-era United States
1525:
1499:1880s in the United States
1087:Post–World War I recession
907:Post-Napoleonic Depression
232:silver in the money system
183:
105:
102:
99:
1509:1880s in economic history
997:2nd Industrial Revolution
930:(1836–1838 and 1839–1843)
846:1st Industrial Revolution
614:Price-and-wage stickiness
575:
95:
90:
67:(1873–1879) were longer.
1278:1990s United States boom
1066:Financial crisis of 1914
1093:Depression of 1920–1921
1025:Depression of 1882–1885
939:Early Victorian Britain
674:Real and nominal values
483:Industrial Depressions,
470:Industrial Depressions,
457:Industrial Depressions,
444:Industrial Depressions,
252:consolidation of wealth
41:Depression of 1882–1885
1198:Recession of 1969–1970
1193:Recession of 1960–1961
1152:Recession of 1937–1938
513:Joseph A. Schumpeter,
244:speculative investment
240:labor-saving machinery
45:Recession of 1882–1885
36:
1316:Early 2000s recession
1283:Early 1990s recession
1235:Early 1980s recession
815:Commercial revolution
713:Nominal interest rate
30:
18:Depression of 1882–85
882:Copper Panic of 1789
63:(1929–1941) and the
49:economic contraction
1218:1973–1975 recession
1162:Post–WWII expansion
836:Great Frost of 1709
664:Neutrality of money
645:Classical dichotomy
561:Economic expansions
520:Carroll D. Wright,
504:Otto C. Lightener,
315:Carroll D. Wright,
248:market manipulation
1400:COVID-19 recession
1060:Panic of 1910–1911
892:Panic of 1796–1797
718:Real interest rate
686:Economic expansion
274:American Civil War
234:due to an unequal
106:Business activity
37:
1476:
1475:
1187:Recession of 1958
1181:Recession of 1953
1175:Recession of 1949
872:Thirteen Colonies
679:Velocity of money
609:Paradox of thrift
497:Arthur G. Auble,
402:Zarnowitz, Victor
220:Carroll D. Wright
173:
172:
16:(Redirected from
1516:
1268:Great Regression
1263:Great Moderation
1109:Great Depression
1098:Roaring Twenties
619:Underconsumption
589:Effective demand
580:Aggregate demand
554:
547:
540:
531:
486:
479:
473:
466:
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421:
410:
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398:
389:
388:
386:
384:
368:
359:
352:
346:
335:
322:
313:
282:Great Depression
278:Great Depression
270:Victor Zarnowitz
212:price depression
88:
61:Great Depression
21:
1524:
1523:
1519:
1518:
1517:
1515:
1514:
1513:
1479:
1478:
1477:
1472:
1337:Great Recession
1329:
1327:Information Age
1321:
1270:
1266:
1257:
1210:
1208:Great Inflation
1202:
1164:
1156:
1079:
1077:Interwar period
1071:
1007:Long Depression
999:
995:
986:
946:
942:
933:
848:
840:
817:
809:
774:U.S. recessions
769:U.K. recessions
701:U.S. expansions
571:
558:
494:
492:Further reading
489:
480:
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208:Long Depression
204:
188:
182:
162:1921–1922
78:
73:
65:Long Depression
23:
22:
15:
12:
11:
5:
1522:
1520:
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1506:
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1496:
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1456:United Kingdom
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1408:
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1388:United Kingdom
1385:
1380:
1375:
1370:
1365:
1360:
1355:
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1345:
1333:
1331:
1330:(2007–present)
1323:
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1306:
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1299:United Kingdom
1296:
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1246:United Kingdom
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1013:United Kingdom
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972:
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948:
935:
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839:
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703:
698:
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683:
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676:
671:
666:
661:
652:
647:
642:
628:
626:Business cycle
623:
622:
621:
616:
611:
606:
604:Overproduction
601:
596:
591:
576:
573:
572:
559:
557:
556:
549:
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534:
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518:
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432:
411:
390:
360:
347:
323:
307:
305:
302:
301:
300:
293:
290:
259:
256:
242:, a growth of
224:overproduction
203:
200:
184:Main article:
181:
178:
171:
170:
167:
164:
158:
157:
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145:
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132:
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108:
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97:
96:
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92:
77:
74:
72:
69:
24:
14:
13:
10:
9:
6:
4:
3:
2:
1521:
1510:
1507:
1505:
1502:
1500:
1497:
1495:
1492:
1490:
1487:
1486:
1484:
1467:
1464:
1462:
1461:United States
1459:
1457:
1454:
1452:
1449:
1447:
1444:
1442:
1439:
1437:
1434:
1432:
1429:
1427:
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1422:
1419:
1417:
1414:
1412:
1409:
1407:
1403:
1402:
1401:
1398:
1394:
1393:United States
1391:
1389:
1386:
1384:
1381:
1379:
1376:
1374:
1371:
1369:
1366:
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1338:
1335:
1334:
1332:
1328:
1324:
1317:
1314:
1312:
1309:
1305:
1304:United States
1302:
1300:
1297:
1295:
1292:
1290:
1286:
1285:
1284:
1281:
1279:
1276:
1275:
1273:
1269:
1264:
1260:
1252:
1251:United States
1249:
1247:
1244:
1242:
1238:
1237:
1236:
1233:
1229:
1228:United States
1226:
1224:
1221:
1220:
1219:
1216:
1215:
1213:
1209:
1205:
1199:
1196:
1194:
1191:
1188:
1185:
1182:
1179:
1176:
1173:
1170:
1169:
1167:
1163:
1159:
1153:
1150:
1146:
1145:United States
1143:
1141:
1138:
1136:
1133:
1131:
1128:
1126:
1123:
1121:
1118:
1116:
1112:
1111:
1110:
1107:
1104:
1101:
1099:
1096:
1094:
1091:
1088:
1085:
1084:
1082:
1078:
1074:
1067:
1064:
1061:
1058:
1055:
1054:Panic of 1907
1052:
1049:
1048:Panic of 1901
1046:
1043:
1040:
1039:Panic of 1893
1037:
1034:
1033:Baring crisis
1031:
1028:
1026:
1023:
1019:
1018:United States
1016:
1014:
1010:
1009:
1008:
1005:
1004:
1002:
998:
993:
989:
982:
979:
976:
975:Panic of 1866
973:
970:
967:
966:Panic of 1857
964:
961:
958:
957:Panic of 1847
955:
952:
951:
949:
945:
940:
936:
929:
928:Panic of 1837
926:
923:
920:
917:
916:Panic of 1825
914:
911:
908:
905:
902:
899:
896:
893:
890:
887:
886:Panic of 1792
883:
880:
877:
873:
870:
868:
865:
863:
859:
858:
857:
854:
853:
851:
847:
843:
837:
834:
832:
831:Slump of 1706
829:
826:
823:
822:
820:
816:
812:
804:
801:
800:
799:
796:
792:
789:
787:
784:
783:
782:
779:
775:
772:
770:
767:
765:
762:
760:
757:
755:
752:
750:
747:
745:
742:
740:
739:Balance sheet
737:
736:
735:
732:
728:
724:
721:
719:
716:
714:
711:
710:
709:
708:Interest rate
706:
702:
699:
697:
694:
692:
689:
688:
687:
684:
680:
677:
675:
672:
670:
667:
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662:
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653:
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643:
641:
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632:
629:
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615:
612:
610:
607:
605:
602:
600:
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595:
592:
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585:
581:
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574:
570:
566:
562:
555:
550:
548:
543:
541:
536:
535:
532:
525:
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519:
516:
512:
509:
508:
503:
500:
496:
495:
491:
484:
478:
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471:
465:
462:
458:
452:
449:
445:
439:
437:
433:
430:
426:
420:
418:
416:
412:
407:
403:
397:
395:
391:
379:
378:
373:
367:
365:
361:
357:
351:
348:
344:
340:
339:David Glasner
334:
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328:
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227:
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215:
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209:
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195:
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192:Panic of 1884
187:
186:Panic of 1884
180:Panic of 1884
179:
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168:
165:
163:
160:
159:
155:
152:
150:
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109:
98:
94:
89:
86:
82:
75:
70:
68:
66:
62:
58:
54:
53:United States
50:
46:
42:
34:
29:
19:
1378:South Africa
1135:South Africa
1024:
981:Black Friday
798:Unemployment
655:Money supply
650:Disinflation
594:General glut
522:
514:
506:
498:
482:
477:
469:
464:
456:
451:
443:
424:
405:
381:. Retrieved
375:
355:
350:
342:
317:
311:
288:are longer.
263:
261:
228:
216:
205:
196:
189:
174:
83:
79:
44:
40:
38:
32:
1446:New Zealand
1404:2020–2022;
1368:New Zealand
1341:2007–2009;
1287:1990–1991;
1271:(1982–2007)
1239:1980–1982;
1211:(1973–1982)
1189:(1957–1958)
1183:(1953–1954)
1177:(1948–1949)
1165:(1945–1973)
1130:New Zealand
1113:1929–1939;
1089:(1918–1919)
1080:(1918–1939)
1062:(1910–1912)
1056:(1907–1908)
1050:(1902–1904)
1041:(1893–1897)
1035:(1890–1891)
1011:1873–1879;
1000:(1870–1914)
983:(1869–1870)
977:(1865–1867)
968:(1857–1858)
959:(1847–1848)
947:(1840–1870)
918:(1825–1826)
909:(1815–1821)
894:(1796–1799)
888:(1789–1793)
860:1772–1774;
849:(1760–1840)
827:(1430–1490)
825:Great Slump
818:(1000–1760)
764:Stagflation
723:Yield curve
669:Price level
1483:Categories
1411:Bangladesh
1348:Bangladesh
992:Gilded Age
744:Depression
696:Stagnation
485:pp. 76-78.
383:January 4,
124:1882–1885
1451:Singapore
1406:Australia
1383:Sri Lanka
1343:Australia
1289:Australia
1115:Australia
1105:1926–1927
1102:1923–1924
1068:(1913–14)
1044:1899–1900
900:1807–1810
897:1802–1804
878:1785–1788
803:Sahm rule
734:Recession
635:Inflation
631:Deflation
304:Footnotes
206:Like the
149:1907–1908
136:1893–1894
112:1873–1879
100:Downturn
47:, was an
1436:Malaysia
1421:Botswana
1373:Pakistan
1363:Malaysia
867:Scotland
727:Inverted
691:Recovery
481:Wright,
468:Wright,
455:Wright,
442:Wright,
429:In JSTOR
404:(1996).
292:See also
276:and the
166:18 mos.
153:13 mos.
140:17 mos.
127:38 mos.
116:65 mos.
33:Guardian
1441:Namibia
1029:1887–88
971:1860–61
962:1853–54
953:1845–46
924:1833–34
921:1828–29
912:1822–23
862:England
754:Rolling
640:Chronic
472:pg. 76.
459:pg. 66.
446:pg. 65.
341:(ed.),
169:-38.1%
156:-29.2%
143:-37.3%
130:-32.8%
119:-33.6%
103:Length
71:History
51:in the
1466:Zambia
1426:Canada
1416:Belize
1353:Canada
1318:(2001)
1294:Canada
1241:Canada
1120:Canada
791:Supply
786:Demand
759:Shapes
749:Global
659:demand
584:Supply
258:Legacy
202:Causes
76:Origin
1431:India
1358:India
1125:India
781:Shock
599:Model
43:, or
1171:1945
903:1812
567:and
563:and
385:2009
284:and
246:and
39:The
1485::
435:^
414:^
393:^
374:.
363:^
326:^
194:.
1265:/
994:/
941:/
884:/
725:/
657:/
633:/
582:/
553:e
546:t
539:v
387:.
20:)
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