American business: depressions, recessions, panics.

Every sector of the American business community was affected by the stock market crash of 1929, which eliminated more than half of the value of all American assets in thirty months.

The recession demonstrated that the New Deal was having problems, and President Franklin D. Roosevelt blamed business for the economic downturn.

The Panic of 1907 led to the creation of the Federal Reserve system.

The Panic of 1893 marked a major shift in investment techniques, as investors began to place more money in stocks than in bonds.

The Panic of 1873 represented the first great crisis of industrial capitalism in the United States, and it altered the nature of economic enterprise, political ideology, and labor rights.

The Panic of 1857 was linked to the absence of a central banking system in the United States.

The Panic of 1837 undermined the state banking system established during President Andrew Jackson’s administration.

The Panic of 1819 revealed the consequences of the lack of a national currency system controlled effectively by a federal bank.

The most pervasive and sustained event ever to affect American business, the Great Depression brought about the end of the laissezfaire approach that had characterized the American business world from the nineteenth century through the 1920’s and paved the way for government intervention in business and finance.

The crisis disrupted housing markets, mortgage markets, and finance and credit markets generally.

During the 1990’s, Internet-related businesses were viewed as a way for investors to make quick profits, and millions of dollars were pumped into nascent businesses.

The depression of 1808-1809, brought on by an embargo that cut off international markets for U.S. business, led to the development of a number of domestic industries.

The Depression of 1784 helped convince the nation that the central government created by the Articles of Confederation was too weak and that a new, stronger federal government with the power to issue currency, create tariffs, and regulate commerce was essential to national prosperity.

The financiers’ attempt to control the gold market failed when the U.S. government released $4 million in gold on Friday, September 24, 1869, known as Black Friday.

The Asian financial crisis emerged when traders in foreign currencies became convinced that several Asian currencies were overvalued.

The Great Depression (1929–41) was the most severe period of economic decline in the history of the United States. During the Great Depression, U.S. output declined by one-third, the unemployment rate reached 25 percent, the STOCK MARKET declined by 40 percent, and over 9,000 banks failed.