Andrew Leonard: The panic of 1857
Commodity prices plummeted, factories shut their doors, railroads declared bankruptcy, hundreds of thousands of people lost their jobs, and land prices deflated. As the economy ground to a halt, immigration dropped in 1858 to its lowest level in more than a decade.
What caused it? A confluence of factors, including the Crimean War, a speculative Western land boom, the newish technology of telegraph wires (damn those newfangled gadgets!), an embezzlement scandal, and the accidental sinking of a ship carrying $2 million of California gold. I like this post because it reminds us to look for multiple causative factors when trying to explain any discrete event. Conspiracy theories that pin all the blame on one villain -- Goldman Sachs! Phil Gramm! The Community Reinvestment Act! -- tend to miss the gloriously messy complexity of truth.
comments powered by Disqus
- ‘Bite-sized’ history textbooks used in the UK accused of ‘dumbing down’ the subject: should we be worried?
- Tut’s beard glued back on like a bad craft project
- Smithsonian working to finalize deal for new site in London
- The voices of Auschwitz
- What countries teach children about the Holocaust varies hugely
- From his perch in Saudi Arabia, Princeton’s Mark Cohen says Jews and Muslims should remember they used to get along
- Duke honors historian John Hope Franklin with year-long series of events
- What New Left History Gave Us
- Marcus Borg, Liberal Christian Scholar, Dies at 72
- Richard Hofstadter’s insights into the "paranoid style in American politics” lauded in the NYT