|
List Of Economic Crises
This is a list of economic crises and depressions. 1st century *Financial crisis of 33. The result of the mass issuance of unsecured loans by main Roman banking houses. 3rd century *Crisis of the Third Century 7th century Coin exchange crisis of 692. Byzantine emperor Justinian II refuses to accept tribute from the Umayyad Caliphate with new Arab gold coins for fear of exposing double counting in the Byzantine financial system (actual weight less, than nominal quantity), which leads to the Battle of Sebastopolis and the revolt of taxpayers who burned financial officials in a copper bull. Justinian II was tortured by cutting off his nose in front of spectators at the hippodrome. Twenty Years' Anarchy begins. 14th century *14th century banking crisis (the crash of the Peruzzi and the Bardi family Compagnia dei Bardi in 1345). 17th century *Kipper und Wipper (1618–22) financial crisis at start of Thirty Years' War *Tulip mania (1637) an economic bubble that burst, hurting the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crisis Of 33
A financial and economic crisis occurred in AD 33 in the Roman Empire, during the reign of Emperor Tiberius. After a shift in government policy and a series of confiscations reduced the Roman money supply, the crisis was triggered by the invocation of an old law which resulted in the early recalls of loans given, a credit crunch, and a crash of real estate prices. The crisis was eventually resolved with a liquidity injection in form of interest-free loans, drawing modern comparisons of the crisis with the 2007–2008 financial crisis. Historical background According to Tacitus's ''Annals'', Julius Caesar had passed a law in 49 BC which regulated usury, requiring lenders to possess a certain quantity of farmland in Italy. The law had been passed as a wartime measure to prevent capital flight from Italy, but it had been largely ignored. During the early reign of Augustus, the Roman government significantly expanded the money supply through cash handouts, extensive public works proj ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mississippi Company
The Mississippi Company (french: Compagnie du Mississippi; founded 1684, named the Company of the West from 1717, and the Company of the Indies from 1719) was a corporation holding a business monopoly in French colonies in North America and the West Indies. In 1717, the Mississippi Company received a royal grant with exclusive trading rights for 25 years. The rise and fall of the company is connected with the activities of the Scottish financier and economist John Law who was then the Controller General of Finances of France. When the speculation in French financial circles, and the land development in the region became frenzied and detached from economic reality, the Mississippi bubble became one of the earliest examples of an economic bubble. History The ''Compagnie du Mississippi'' was originally chartered in 1684 by the request of Renee-Robert Cavelier (La Salle) who sailed in that year from France with a large expedition with the intention of founding a colony at the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Panic Of 1825
The Panic of 1825 was a stock market crash that started in the Bank of England, arising in part out of speculative investments in Latin America, including an imaginary country: Poyais. The crisis was felt most acutely in Britain, where it led to the closure of twelve banks. It was also manifest in the markets of Europe, Latin America and the United States. Nation wide gold and silver confiscation ensued and an infusion of gold reserves from the Banque de France saved the Bank of England from collapse. The panic has been called the first modern economic crisis not attributable to an external event, such as a war, and so the start of modern economic cycles. The Napoleonic Wars had been highly profitable for all sectors of the British financial system, and the expansionist monetary actions taken during transition from war to peace brought a surge of prosperity and speculative ventures. The stock market boom became a bubble and banks caught in the euphoria made risky loans. Bank im ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Panic Of 1819
The Panic of 1819 was the first widespread and durable financial crisis in the United States that slowed westward expansion in the Cotton Belt and was followed by a general collapse of the American economy that persisted through 1821. The Panic heralded the transition of the nation from its colonial commercial status with Europe toward an independent economy. Though the downturn was driven by global market adjustments in the aftermath of the Napoleonic Wars, its severity was compounded by excessive speculation in public lands, fueled by the unrestrained issue of paper money from banks and business concerns. The Second Bank of the United States (SBUS), itself deeply enmeshed in these inflationary practices, sought to compensate for its laxness in regulating the state bank credit market by initiating a sharp curtailment in loans by its western branches, beginning in 1818. Failing to provide gold specie from their reserves when presented with their own banknotes for redemption b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Danish State Bankruptcy Of 1813
The Danish state bankruptcy of 1813 was a domestic economic crisis that began in January 1813 and had consequential effects until 1818. As Denmark-Norway struggled with the financial burden that the Napoleonic Wars had on the economy, the devaluation of the currency had negative effects on merchants, citizens and businesses alike. As Denmark-Norway allied with France in 1807 in the aftermath of British attacks on Copenhagen, it incurred costs of rearmament as machinery, equipment and supplies were required for wartime efforts. As a result, when the economic burden placed on the state began to take its toll, the collapse of the currency became imminent. The loyalty shown to Napoleon and France by Frederik VI and Denmark-Norway was eventually cause for great loss. The Treaty of Kiel The Treaty of Kiel ( da, Kieltraktaten) or Peace of Kiel (Swedish and no, Kielfreden or ') was concluded between the United Kingdom of Great Britain and Ireland and the Kingdom of Sweden on one s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Panic Of 1796–1797
The Panic of 1796–1797 was a series of downturns in credit markets in both Great Britain and the newly established United States in 1796 that led to broader commercial downturns. In the United States, problems first emerged when a land speculation bubble burst in 1796. The crisis deepened when the Bank of England suspended specie payments on February 25, 1797 under the Bank Restriction Act of 1797. The Bank's directors feared insolvency when English account holders, who were nervous about a possible French invasion, began withdrawing their deposits in sterling rather than bank notes. In combination with the unfolding collapse of the U.S. real estate market's speculative bubble, the Bank of England's action had deflationary repercussions in the financial and commercial markets of the coastal United States and the Caribbean at the start of the 19th century. The scandals associated with these and other incidents prompted the U.S. Congress to pass the Bankruptcy Act of 1800, mod ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Panic Of 1792
The Panic of 1792 was a financial credit crisis that occurred during the months of March and April 1792, precipitated by the expansion of credit by the newly formed Bank of the United States as well as by rampant speculation on the part of William Duer, Alexander Macomb, and other prominent bankers. Duer, Macomb, and their colleagues attempted to drive up prices of United States (U.S) debt securities and bank stocks, but when they defaulted on loans, prices fell, causing a bank run. Simultaneous tightening of credit by the Bank of the United States served to heighten the initial panic. Secretary of the Treasury Alexander Hamilton was able to deftly manage the crisis by providing banks across the Northeast United States with hundreds of thousands of dollars to make open-market purchases of securities, which allowed the market to stabilize by May 1792. Bank of the United States and the crisis of 1791 In December 1790, Hamilton called for the creation of the Bank of the United ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
War Of American Independence Financing Crisis
War is an intense armed conflict between states, governments, societies, or paramilitary groups such as mercenaries, insurgents, and militias. It is generally characterized by extreme violence, destruction, and mortality, using regular or irregular military forces. Warfare refers to the common activities and characteristics of types of war, or of wars in general. Total war is warfare that is not restricted to purely legitimate military targets, and can result in massive civilian or other non-combatant suffering and casualties. While some war studies scholars consider war a universal and ancestral aspect of human nature, others argue it is a result of specific socio-cultural, economic or ecological circumstances. Etymology The English word ''war'' derives from the 11th-century Old English words ''wyrre'' and ''werre'', from Old French ''werre'' (also ''guerre'' as in modern French), in turn from the Frankish *''werra'', ultimately deriving from the Proto-Germanic *' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crisis Of 1772
The British credit crisis of 1772-1773 also known as the crisis of 1772, or the panic of 1772, was a peacetime financial crisis which originated in London and then spread to Scotland and the Dutch Republic.Sheridan, R.B. (1960) "The British Credit Crisis of 1772 and the American Colonies" ''The Journal of Economic History'' It has been described as the first modern banking crisis faced by the Bank of England. New colonies, as Adam Smith observed, had an insatiable demand for capital. Accompanying the more tangible evidence of wealth creation was a rapid expansion of credit and banking lea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
East India Company
The East India Company (EIC) was an English, and later British, joint-stock company founded in 1600 and dissolved in 1874. It was formed to trade in the Indian Ocean region, initially with the East Indies (the Indian subcontinent and Southeast Asia), and later with East Asia. The company seized control of large parts of the Indian subcontinent, colonised parts of Southeast Asia and Hong Kong. At its peak, the company was the largest corporation in the world. The EIC had its own armed forces in the form of the company's three Presidency armies, totalling about 260,000 soldiers, twice the size of the British army at the time. The operations of the company had a profound effect on the global balance of trade, almost single-handedly reversing the trend of eastward drain of Western bullion, seen since Roman times. Originally chartered as the "Governor and Company of Merchants of London Trading into the East-Indies", the company rose to account for half of the world's trad ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bengal Bubble Of 1769
The Bengal Bubble, caused by the increasing overvaluation of the East India Company stock between 1757 and 1769, led to the Great East Indian Crash, a major financial crisis that occurred in 1769. The bubble and crash occurred in the wake of the conquest of Bengal by the East India Company in 1757 by Robert Clive. Following the battle, Clive and the company acquired increasing powers in Bengal, through the installation of the puppet regime of Mir Jafar, including control of the tax collection rights for the province from the weak and declining Mughal Empire. By 1769, the East India Company stock was trading at £284. By 1784, the stock had declined to £122, a fall of 55%, and a series of bailout measures and increasing control by the crown led to the demise of the company. Several historical events, including the attack on Company holdings by Hyder Ali in 1769, the Bengal famine of 1770, and growing revelations of the company's actions, were the immediate causes of the crash, but th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
_obverse.jpg "Click for more on -> Financial Crisis Of 33")
_1.463_-_Dividend_Day_at_the_Bank%2C_1770.jpg "Click for more on -> Crisis Of 1772")
