What economic crisis occurred in 1893 that led to widespread bankruptcies?

The economic crisis that occurred in 1893 is known as the Panic of 1893. This was a significant economic downturn triggered by a combination of factors, including over-speculation in railroads and a collapse in the value of silver, which strained the financial system. As banks and businesses began to fail, it led to widespread bankruptcies and high unemployment rates. The crisis resulted in a severe economic depression that lasted for several years, highlighting vulnerabilities in the U.S. economy at the time.

The Panic of 1893 had far-reaching effects, including significant social unrest and political changes, as people sought solutions to the economic turmoil. Understanding this crisis is essential for analyzing the economic history of the United States during the late 19th century and its impact on future economic policies.