Economic history of the United States
Panic of 1873 created one of the worst and longest depressions in American history, seriously affecting every aspect of the economy and bringing the railroad expansion to a halt. The New York Stock Exchange closed for ten days. Of the country's 364 railroads, 89 went bankrupt, a total of 18,000 businesses failed between 1873 and 1875, unemployment reached 14% by 1876, during a time which became known in Britain as the Long Depression. Politically, the Democrats took control of Congress in 1874, the election of 1876 was deadlocked.
History of Western civilization
Europe was relatively unstable following World War I. Although many prospered in the 1920s, Germany was in a deep financial and economic crisis. Also, France and Britain owed the U.S. a great deal of money. When the United States went into Depression, so did Europe. There were perhaps 30 million people around the world unemployed following the Depression. Many governments helped to alleviate the suffering of their citizens and by 1937 the economy had improved although the lingering effects of the Depression remained. Also, the Depression led to the spread of radical left-wing and right-wing ideologies, like Communism and Fascism.