Panic of 1857とは 意味・読み方・使い方

The Panic of 1857 was a financial panic in the United States caused by the declining international economy and overexpansion of the domestic economy. Beginning in September 1857, the financial downturn did not last long; however, a proper recovery was not seen until the American Civil War. After the failure of Ohio Life Insurance and Trust Company, the financial panic quickly spread as business began to fail, the railroad industry experienced financial declines and hundreds of workers were laid off. Since the years immediately preceding the Panic of 1857 were prosperous, many banks, merchants, and farmers had seized the opportunity to take risks with their investments and as soon as market prices began to fall, they quickly began to experience the effects of financial panic.