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Author:

Roberts, Alasdair (Alasdair Scott)

Title:

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

Publisher:

Cornell University Press,

Copyright Date:

2012

Description:

255 p. : ill., maps ; 25 cm.

Subject:

Depressions--1836-1837.
Depressions--1847.
Financial crises--History--19th century.
United States--Economic conditions--To 1865.
United States--Politics and government--1815-1861.

Notes:

Includes bibliographical references and index.

Contents:

Boom and bust -- The states' crisis -- The federal government's crisis -- Law and order -- The end of the crisis.

Summary:

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.

ISBN:

0801450330 (cloth : alk. paper)
9780801450334 (cloth : alk. paper)

LCCN:

2012000694

Locations:

USUX851 -- Iowa State University - Parks Library (Ames)

UQAX771 -- Des Moines Area Community College Library - Ankeny (Carroll)

OVUX522 -- University of Iowa Libraries (Iowa City)

OPAX566 -- Southeastern Community College - Keokuk - Fred Karre Memorial Library (Keokuk)