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 conservatism in the United States
The Great Depression which followed the 1929 stock market collapse led to price deflation, massive unemployment, falling farm incomes, investment losses, bank failures, business bankruptcies and reduced government revenues. Herbert Hoover's protectionist economic policies failed to halt the depression, and in the 1932 presidential election, Democratic Franklin D. Roosevelt won a landslide victory.