Long Depression
In the United States, economists typically refer to the Long Depression as the Depression of 1873–1879, kicked off by the Panic of 1873, and followed by the Panic of 1893, book-ending the entire period of the wider Long Depression. The National Bureau of Economic Research dates the contraction following the panic as lasting from October 1873 to March 1879. At 65 months, it is the longest-lasting contraction identified by the NBER, eclipsing the Great Depression's 43 months of contraction. In the United States, from 1873 to 1879, 18,000 businesses went bankrupt, including 89 railroads. Ten states and hundreds of banks went bankrupt. Unemployment peaked in 1878, long after the initial financial panic of 1873 had ended. Different sources peg the peak U.S. unemployment rate anywhere from 8.25% to 14%.
Financial contagion
One of the biggest worldwide crises was the stock market crash on Wall Street in October 1929. The failure from 1929–33 was foreshadowed by collapses in commodity prices in multiple emerging nations. The stock market boom in New York by 1928 choked off U.S. capital flows to central Europe and Latin America and precipitated currency crises in a number of countries (Australia, Argentina, Uruguay, and Brazil) and early in 1929. The Wall Street crash caused stock market scares globally. This is known as the Great Depression. The U.S. crisis in 1929 turned into the Great Depression by 1930 and 1931 because the Federal Reserve was unsuccessful at relieving multiple banking panics. The resultant collapse in prices and output worldwide forced sovereign borrowers to cut back on servicing their debts and then to default, precipitating a collapse of foreign lending in 1931.