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The '''Panic of 1819''' was the first major [[Currency crisis|financial crisis]] in the [[United States]]<ref name=Glasner>{{Cite book | title = Business cycles and depressions: an encyclopedia | editor = Glasner, David; Cooley, Thomas F., eds | year = 1997 | location = New York | publisher = Garland Publishing | chapter = Crisis of 1819 | author = Skaggs, Neil T. | pages = 124–25 | isbn = 0824009444}}</ref>, which occurred during the end of the [[Era of Good Feelings]]. The new nation faced a depression in the late 1780s (which led directly to the establishment of the dollar and, perhaps indirectly, to the calls for a Constitutional Convention), and another severe economic downturn in the late 1790s following the Panic of 1797. In those earlier crises, however, the primary cause of economic turmoil originated in the broader Atlantic economy.<ref>Morris, Richard B. (1987) ''The forging of the Union, 1781-1789''.</ref> These crises and others that resulted from international conflicts such as the Embargo Act and War of 1812, caused widespread [[foreclosure]]s, [[bank failure]]s, [[unemployment]], and a slump in [[agriculture]] and [[manufacturing]]. However, things would change for the US economy after the [[Second Bank of the United States]] was founded in 1816,<ref>Rothbard, Murray N. [http://www.mises.org/rothbard/panic1819.pdf The Panic of 1819]</ref> in response to the spread of bank notes across United States from private banks, due to inflation brought on by the debt following the war.<ref>[http://www.ushistory.org/tour/tour_2bank.htm Second Bank of the United States/Portrait Gallery<!-- Bot generated title -->]</ref> In contrast, the causes of the Panic of 1819 largely originated within the U.S. economy. The panic marked the end of the [[economy of the United States|economic]] expansion that had followed the [[War of 1812]] and ushered in new financial policies that would shape economic development. | The '''Panic of 1819''' was the first major [[Currency crisis|financial crisis]] in the [[United States]]<ref name=Glasner>{{Cite book | title = Business cycles and depressions: an encyclopedia | editor = Glasner, David; Cooley, Thomas F., eds | year = 1997 | location = New York | publisher = Garland Publishing | chapter = Crisis of 1819 | author = Skaggs, Neil T. | pages = 124–25 | isbn = 0824009444}}</ref>, which occurred during the end of the [[Era of Good Feelings]]. The new nation faced a depression in the late 1780s (which led directly to the establishment of the dollar and, perhaps indirectly, to the calls for a Constitutional Convention), and another severe economic downturn in the late 1790s following the [[Panic of 1796–1797|Panic of 1797]]. In those earlier crises, however, the primary cause of economic turmoil originated in the broader Atlantic economy.<ref>Morris, Richard B. (1987) ''The forging of the Union, 1781-1789''.</ref> These crises and others that resulted from international conflicts such as the [[Embargo Act]] and [[War of 1812]], caused widespread [[foreclosure]]s, [[bank failure]]s, [[unemployment]], and a slump in [[agriculture]] and [[manufacturing]]. However, things would change for the US economy after the [[Second Bank of the United States]] was founded in 1816,<ref>Rothbard, Murray N. [http://www.mises.org/rothbard/panic1819.pdf The Panic of 1819]</ref> in response to the spread of bank notes across United States from private banks, due to inflation brought on by the debt following the war.<ref>[http://www.ushistory.org/tour/tour_2bank.htm Second Bank of the United States/Portrait Gallery<!-- Bot generated title -->]</ref> In contrast, the causes of the Panic of 1819 largely originated within the U.S. economy. The panic marked the end of the [[economy of the United States|economic]] expansion that had followed the [[War of 1812]] and ushered in new financial policies that would shape economic development. | ||
[[The Panic of 1819]] is also the | ''[[The Panic of 1819]]'' is also the title of a book of economic history by [[Murray Rothbard]]. | ||
==References== | ==References== | ||
Revision as of 20:45, 10 April 2011
- This article uses content from the Wikipedia article on Panic_of_1819 (edition) under the terms of the CC-by-SA 3.0 license.
The Panic of 1819 was the first major financial crisis in the United States[1], which occurred during the end of the Era of Good Feelings. The new nation faced a depression in the late 1780s (which led directly to the establishment of the dollar and, perhaps indirectly, to the calls for a Constitutional Convention), and another severe economic downturn in the late 1790s following the Panic of 1797. In those earlier crises, however, the primary cause of economic turmoil originated in the broader Atlantic economy.[2] These crises and others that resulted from international conflicts such as the Embargo Act and War of 1812, caused widespread foreclosures, bank failures, unemployment, and a slump in agriculture and manufacturing. However, things would change for the US economy after the Second Bank of the United States was founded in 1816,[3] in response to the spread of bank notes across United States from private banks, due to inflation brought on by the debt following the war.[4] In contrast, the causes of the Panic of 1819 largely originated within the U.S. economy. The panic marked the end of the economic expansion that had followed the War of 1812 and ushered in new financial policies that would shape economic development.
The Panic of 1819 is also the title of a book of economic history by Murray Rothbard.
References
- ↑ Skaggs, Neil T. (1997). "Crisis of 1819". In Glasner, David; Cooley, Thomas F., eds. Business cycles and depressions: an encyclopedia. New York: Garland Publishing. pp. 124–25. ISBN 0824009444.
- ↑ Morris, Richard B. (1987) The forging of the Union, 1781-1789.
- ↑ Rothbard, Murray N. The Panic of 1819
- ↑ Second Bank of the United States/Portrait Gallery
Links
- The Feds Before the Fed by H.A. Scott Trask, March 2004
- 1819: America's First Housing Bubble by C.J. Maloney, April 2009