What Caused the Crisis of 1839?
The 1830s were a decade of enormous importance in American economic history. A disproportionate amount of attention has been paid to the Panic of 1837. The Crisis of 1839, however, led to four years of deflation and depression. This paper shows that events in 1839 followed a different path than events in 1837. Domestic, rather than international forces, played a key role in the origins and duration of the crisis. The critical element was the massive increase in state borrowing after 1836, and the subsequent collapse of internal improvement projects in the west and south in the summer 1839. This was an American cycle of events.
|Date of creation:||Apr 2001|
|Date of revision:|
|Contact details of provider:|| Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.|
Web page: http://www.nber.org
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:nbr:nberhi:0133. See general information about how to correct material in RePEc.
If references are entirely missing, you can add them using this form.