Panic of 1819
About Panic of 1819
The first major peacetime financial crisis in United States history. The panic followed the War of 1812 and was triggered by the postwar economic boom collapsing. European demand for American agricultural exports dropped after European harvests recovered. The Second Bank of the United States tightened credit, causing widespread bank failures and foreclosures. Unemployment surged and businesses collapsed. The panic introduced the boom and bust cycle to the American economy. It led to the first American debates over monetary policy and banking regulation.
Related Events
Panic of 1837
A financial crisis that touched off a major recession lasting until 1842. The panic was triggered by...
Panic of 1873
A financial crisis triggered by the collapse of overextended railroad investments. The panic began i...
Panic of 1893
A severe economic depression triggered by the failure of the Philadelphia and Reading Railroad and t...