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 Minnesota
The Great Depression had several effects on Minnesota, with layoffs on the Iron Range and a drought in the Great Plains from 1931 through 1936. While the Depression had several causes, one most relevant to Minnesota was that United States businesses in the 1920s had improved their efficiency through standardizing production methods and eliminating waste. Business owners were reaping the benefits of this increase in productivity, but they were not sharing it with their employees because of the weakness of organized labor, nor were they sharing it with the public in the form of lowered prices. Instead, the windfall went to stockholders. The eventual result was that consumers could no longer afford the goods that factories were producing.