Prompt Cast
The Panic of 1893: A Severe Economic Depression in the United States
TLDR The Panic of 1893 was a severe economic depression in the United States, characterized by a stock market crash, widespread business bankruptcies, high unemployment, soup lines, and homelessness. It was triggered by the bankruptcy of the National Courage Company and subsequent stock market sell-off, leading to a chain reaction of bankruptcies, bank runs, and massive unemployment.
Timestamped Summary
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The Panic of 1893 was a severe economic depression in the United States, characterized by a stock market crash, widespread business bankruptcies, high unemployment, soup lines, and homelessness.
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In the late 19th century, the United States experienced a massive economic boom driven by railroad expansion and a growing stock market, but there were underlying problems such as populist uprisings against monopolies and deflation, which eventually led to the Panic of 1893.
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The Panic of 1893 was triggered by the bankruptcy of the National Courage Company and subsequent stock market sell-off, leading to a chain reaction of bankruptcies, bank runs, and massive unemployment.
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The Coxey's Army protest march on Washington in 1894 received significant media coverage and potentially inspired elements of "The Wizard of Oz," while the Pullman Strike in 1894, one of the largest labor events in US history, resulted in the army being sent in to break up the strike and numerous casualties.
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The Pullman Strike led to a national boycott and sympathy strikes, resulting in the deployment of U.S. Marshals and soldiers, and ultimately causing significant political changes and social upheaval in the United States, including a massive swing in the House of Representatives and high unemployment rates.
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The Panic of 1893 led to a popular interest in monetary policy, with the Free Silver Movement advocating for a shift from the gold standard to a bimetallic standard, and ultimately resulted in the nomination of William Jennings Bryan as the Democratic candidate for president and William McKinley as the Republican candidate, with McKinley winning the election.
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The Panic of 1893 had a lasting impact on the United States, both socially and politically, and was remembered during the progressive era and the Great Depression.
