America's first Great Depression [electronic resource] : economic crisis and political disorder after the Panic of 1837 / Alasdair Roberts.

9780801464201 (electronic book)
0801450330
9780801450334

Ithaca : Cornell University Press, 2012.

English

1 online resource (255 p.) : ill., maps.

HB3717 1837 .R63 2012eb

330.973/057

Roberts examines the financial, political, and social upheavals that occurred in the United States in the decade following the Panic of 1837, which he calls the First Great Depression. The years leading up to the panic, he says, were a time of boom marked by geographic expansion, the near elimination of the national debt, states borrowing large sums for improvement projects, and land values that appeared to be rising without end. He explains that the panic caused a deep economic depression that resulted in loan defaults by nine states, federal gridlock, a breakdown of law and order, a loss of faith in banks, and a slow recovery for the U.S. economy, which came back only after the Mexican War. Parallels to the country's current economic recession are clear throughout the text, and Roberts makes explicit comparisons in his conclusion.

Includes bibliographical references and index.

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