c) The Panic of 1873

The Panic of 1873 was a significant economic downturn that began in 1873 and lasted for six years. Triggered by the collapse of a major banking firm, Jay Cooke & Company, the panic led to a severe economic depression in the United States and Europe. It was characterized by bank failures, widespread unemployment, and a slowdown in industrial growth. The Panic of 1873 exposed the weaknesses in the nation’s economic structure and was a key factor leading to reforms in banking and business practices.