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The Panic of 1847 was a major British commercial and banking crisis, possibly triggered by the announcement in early March 1847 of government borrowing to pay for relief to combat the Great Famine in Ireland.^[1]^[2] It is also associated with the end of the 1840s railway industry boom and the failure of many non-bank lenders.^[3]^[4] The crisis was composed of two phases, one in April 1847 and one in October 1847, which was more serious and known as 'The Week of Terror'.^[5]^[6]

Background

As an attempt at stabilizing the British economy, the ministry of Robert Peel passed the Bank Charter Act of 1844.^[7] This Act fixed a maximum quantity of Bank of England banknotes that could be in circulation at any one time, and guaranteed that definite reserve funds of gold and silver would be held in reserve to back up the money in circulation.^[8] Furthermore, the Act required that the supply of money in circulation could be increased only when gold or silver reserves were proportionately increased after the fiduciary allowance. The Bank of England and the British currency were therefore at risk from drains of gold leaving the country or being withdrawn internally, which reduced the backing for its banknotes. In 1847, heavy drains occurred, and the Act was 'suspended' when the Bank of England was presented with a letter from the government indemnifying the Bank for a breach of the Act.^[9] The crisis in the money market ended almost immediately, without any breach of the Act.^[10]

The panic of 1847 cleared away a vast number of business houses and commercial firms, documented at the time by David Morier Evans, a correspondent for The Times.^[11]

Progress of the Crises

From around £15m at the beginning of 1847, the bullion reserve of the Bank of England drained away, falling particularly sharply after the announcement of the Irish loan on 1 March 1847 to a trough of around £9m on 17 April 1847.^[12] The Bank's reserve of notes it could legally circulate also reached low levels. On 17 April 1847 it was announced that the cost of famine relief would be transferred to local taxes in Ireland and the bullion reserve and note reserve began to rise.^[13] However, capital outflows for investment in America and to pay for food imports to the United Kingdom overwhelmed the recovery, and both measures reached new low levels by October 1847.^[14] Recovery only commenced when the government 'suspended' the Bank Charter Act 1844 by the letter from the Prime Minister and Chancellor of the Exchequer to the Governor of the Bank dated 25 October 1847.^[15]

Explanations

Supporters of the gold standard and Monetarist theory have sought to minimize the impact of the 1847 crisis and relate it to the money supply. In particular, Neville Ward-Perkins described the crisis as artificial and overemphasized by those who had a direct interest.^[16]^[17] The following explanation by Spanish economist Jesus Huerta de Soto of the Austrian School is based in the Austrian Theory of the Business Cycle:

As of 1840 credit expansion resumed in the United Kingdom and spread throughout France and the United States. Thousands of miles of railroad track were built and the stock market entered upon a period of relentless growth which mostly favored railroad stock. Thus began a speculative movement which lasted until 1846, when economic crisis hit in Great Britain. It is interesting to note that on July 19, 1844, under the auspices of Peel, England had adopted the Bank Charter Act, which represented the triumph of Ricardo’s Currency School and prohibited the issuance of bills not completely backed by gold. Nevertheless this provision was not established in relation to deposits and loans, the volume of which increased five fold in only two years, which explains the spread of speculation and the severity of the crisis which erupted in 1846. ^[18]

Other explanations focus on the Banking School theory of financial crises, and relate the crisis to the Bank of England's management of interest rates, particularly in the situation of the apprehension in the money markets to the raising of the Irish loan.^[19]

Outcomes

David Morier-Evans listed over 450 firms that failed between August 1847 and December 1848.^[20]^[21]

Frustrated that plans for a loan to relieve the Irish famine had failed Henry Grey, 3rd Earl Grey developed his plans for an alternative currency system to the Bank of England central bank model. It became known as a currency board and Grey set up the first one in cooperation with James Wilson and the Mauritian colonial government in Mauritius.^[22]^[23]

Notes

^ Read, Charles (2022). "Chapter 4". The Great Famine in Ireland and Britain's Financial Crisis. The Boydell Press. ISBN 9781800106284.
^ Evans, D. Morier (1848). The Commercial Crisis 1847-1848. London: Letts. p. 56.
^ Turner, John (2014). Banking in crisis : the rise and fall of British banking stability, 1800 to the present. Cambridge University Press. pp. 72–75. ISBN 9781139380874.
^ Campbell, Gareth. (2010) “Two Bubbles and a Crisis : Britain in the 1840 s.”
^ Read, Charles (2023). Calming the Storms: The Carry Trade, the Banking School and British Crises Since 1825. Switzerland: Palgrave Macmillan. pp. 138–142, 156. ISBN 9783031119132.
^ R, Dornbusch, J. A. Frenkel (1984). The Gold Standard and the Bank of England on the Crisis of 1847 in A Retrospective on the Classical Gold Standard. Chicago: University of Chicago Press. pp. 233–276.{{cite book}}: CS1 maint: multiple names: authors list (link)
^ See note 238 contained in the Collected Works of Karl Marx and Frederick Engels: Volume 12 (International Publishers: New York, 1979) pp. 669-670.
^ See note 238 contained in the Collected Works of Karl Marx and Frederick Engels: Volume 12 pp. 669-670.
^ John Turner, Banking in Crisis (Cambridge U. Press, 2014) pp. 74.
^ id.; Glasner, David (1997). "Crisis of 1847". In Glasner, David; Cooley, Thomas F. (eds.). Business cycles and depressions: an encyclopedia. New York: Garland Publishing. pp. 125–28. ISBN 0-8240-0944-4.
^ Evans, David Morier (1849). The Commercial Crisis, 1847-1848: Being Facts and Figures. London.
^ C. Read., Calming the Storms (Palgrave Macmillan, 2023) pp. 145-146
^ Read, C. (2022). The Great Famine in Ireland and Britain's Financial Crisis. London: The Boydell Press. pp. 148–149. ISBN 9781783277278.
^ C. Read., Calming the Storms (Palgrave Macmillan, 2023) pp. 146-147.
^ C. Read., Calming the Storms (Palgrave Macmillan, 2023) p. 157.
^ C. Read., Calming the Storms (Palgrave Macmillan, 2023) p. 75.
^ C. N. Ward-Perkins, 'The Commercial Crisis 1847' Oxford Economic Papers (1950) 2 pp. 75-94.
^ "Money, Bank Credit, and Economic Cycles" (PDF). 18 August 2014.
^ C. Read., Calming the Storms (Palgrave Macmillan, 2023) p. 154.
^ D. M. Evans, The Commercial Crisis of 1847 (London: Letts, 1848) Appendix.
^ Read, Charles (2022). Calming the storms : the carry trade, the banking school and British financial crises since 1825. Cham, Switzerland. p. 153. ISBN 978-3-031-11914-9. OCLC 1360456914.{{cite book}}: CS1 maint: location missing publisher (link)
^ Grey, Henry, 3rd Earl (1842). Thoughts on the Currency. London: Ridgeway.{{cite book}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
^ Read, Charles (2022). The Great Famine in Ireland and Britain's financial crisis. Woodbridge. pp. 236–244. ISBN 978-1-80010-627-7. OCLC 1365041253.{{cite book}}: CS1 maint: location missing publisher (link)

References

Mike Anson, David Bholat, Miao Kang, Kilian Rieder and Ryland Thomas. 2019. "The Bank of England and central bank credit rationing during the crisis of 1847: frosted glass or raised eyebrows?"
Evans, David Morier (1849). The Commercial Crisis, 1847-1848: Being Facts and Figures. London.
Glasner, David (1997). "Crisis of 1847". In Glasner, David; Cooley, Thomas F. (eds.). Business cycles and depressions: an encyclopedia. New York: Garland Publishing. pp. 125–28. ISBN 0-8240-0944-4.
Michael Bordo (2003). Stock Market Crashes, Productivity Boom Busts and Recessions: Some Historical Evidence.
Arthur Crump, The English Manual Of Banking, Longmans, Green & Co, 2nd edition (1877).
Kynaston, David (2017). Till Time's Last Sand: A History of the Bank of England, 1694–2013. New York: Bloomsbury. pp. 145–152. ISBN 978-1408868560.

[1] Read, Charles (2022). "Chapter 4". The Great Famine in Ireland and Britain's Financial Crisis. The Boydell Press. ISBN 9781800106284.

[2] Evans, D. Morier (1848). The Commercial Crisis 1847-1848. London: Letts. p. 56.

[3] Turner, John (2014). Banking in crisis : the rise and fall of British banking stability, 1800 to the present. Cambridge University Press. pp. 72–75. ISBN 9781139380874.

[4] Campbell, Gareth. (2010) “Two Bubbles and a Crisis : Britain in the 1840 s.”

[5] Read, Charles (2023). Calming the Storms: The Carry Trade, the Banking School and British Crises Since 1825. Switzerland: Palgrave Macmillan. pp. 138–142, 156. ISBN 9783031119132.

[6] R, Dornbusch, J. A. Frenkel (1984). The Gold Standard and the Bank of England on the Crisis of 1847 in A Retrospective on the Classical Gold Standard. Chicago: University of Chicago Press. pp. 233–276.{{cite book}}: CS1 maint: multiple names: authors list (link)

[7] See note 238 contained in the Collected Works of Karl Marx and Frederick Engels: Volume 12 (International Publishers: New York, 1979) pp. 669-670.

[8] See note 238 contained in the Collected Works of Karl Marx and Frederick Engels: Volume 12 pp. 669-670.

[9] John Turner, Banking in Crisis (Cambridge U. Press, 2014) pp. 74.

[10] .; Glasner, David (1997). "Crisis of 1847". In Glasner, David; Cooley, Thomas F. (eds.). Business cycles and depressions: an encyclopedia. New York: Garland Publishing. pp. 125–28. ISBN 0-8240-0944-4.

[11] Evans, David Morier (1849). The Commercial Crisis, 1847-1848: Being Facts and Figures. London.

[12] C. Read., Calming the Storms (Palgrave Macmillan, 2023) pp. 145-146

[13] Read, C. (2022). The Great Famine in Ireland and Britain's Financial Crisis. London: The Boydell Press. pp. 148–149. ISBN 9781783277278.

[14] C. Read., Calming the Storms (Palgrave Macmillan, 2023) pp. 146-147.

[15] C. Read., Calming the Storms (Palgrave Macmillan, 2023) p. 157.

[16] C. Read., Calming the Storms (Palgrave Macmillan, 2023) p. 75.

[17] C. N. Ward-Perkins, 'The Commercial Crisis 1847' Oxford Economic Papers (1950) 2 pp. 75-94.

[18] "Money, Bank Credit, and Economic Cycles" (PDF). 18 August 2014.

[19] C. Read., Calming the Storms (Palgrave Macmillan, 2023) p. 154.

[20] D. M. Evans, The Commercial Crisis of 1847 (London: Letts, 1848) Appendix.

[21] Read, Charles (2022). Calming the storms : the carry trade, the banking school and British financial crises since 1825. Cham, Switzerland. p. 153. ISBN 978-3-031-11914-9. OCLC 1360456914.{{cite book}}: CS1 maint: location missing publisher (link)

[22] Grey, Henry, 3rd Earl (1842). Thoughts on the Currency. London: Ridgeway.{{cite book}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)

[23] Read, Charles (2022). The Great Famine in Ireland and Britain's financial crisis. Woodbridge. pp. 236–244. ISBN 978-1-80010-627-7. OCLC 1365041253.{{cite book}}: CS1 maint: location missing publisher (link)

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+{{short description|Minor British banking crisis}}
-The '''Panic of 1847''' was a minor British banking crisis associated with the end of the [[Railway Mania|1840s railway industry boom]] and the failure of many non-banks.<ref>John Turner, Banking in Crisis (Cambridge U. Press, 2014) pp. 72-75.</ref>
+The '''Panic of 1847''' was a major British commercial and banking crisis, possibly triggered by the announcement in early March 1847 of government borrowing to pay for relief to combat the [[Great Famine (Ireland)|Great Famine]] in Ireland.<ref>{{cite book |first=Charles |last=Read |title=The Great Famine in Ireland and Britain's Financial Crisis |publisher=The Boydell Press |date=2022 |isbn=9781800106284 |chapter= Chapter 4}}</ref><ref>{{Cite book |last=Evans |first=D. Morier |title=The Commercial Crisis 1847-1848 |publisher=Letts |year=1848 |edition= |location=London |pages=56 |language=English}}</ref> It is also associated with the end of the [[Railway Mania|1840s railway industry boom]] and the failure of many non-bank lenders.<ref>{{cite book |first=John |last=Turner |title=Banking in crisis : the rise and fall of British banking stability, 1800 to the present |publisher= Cambridge University Press |year=2014 |pages=72–75 |isbn=9781139380874}}</ref><ref>Campbell, Gareth. (2010) “Two Bubbles and a Crisis : Britain in the 1840 s.”</ref> The crisis was composed of two phases, one in April 1847 and one in October 1847, which was more serious and known as 'The Week of Terror'.<ref>{{Cite book |last=Read |first=Charles |title=Calming the Storms: The Carry Trade, the Banking School and British Crises Since 1825 |publisher=Palgrave Macmillan |year=2023 |isbn=9783031119132 |location=Switzerland |pages=138–142, 156 |language=English}}</ref><ref>{{Cite book |last=R, Dornbusch, J. A. Frenkel |title=The Gold Standard and the Bank of England on the Crisis of 1847 in A Retrospective on the Classical Gold Standard |publisher=University of Chicago Press |year=1984 |location=Chicago |pages=233–276 |language=English}}</ref>
 ==Background==
-As a means of stabilizing the British economy the ministry of [[Robert Peel]] had passed the [[Bank Charter Act of 1844]].<ref>See note 238 contained in the ''Collected Works of Karl Marx and Frederick Engels: Volume 12'' (International Publishers: New York, 1979) pp. 669-670.</ref>  This Act fixed a maximum quantity bank notes that could be in circulation at any one time and guaranteed that definite reserve funds of gold and silver would be held in reserve to back up the money in circulation.<ref>See note 238 contained in the ''Collected Works of Karl Marx and Frederick Engels: Volume 12'' pp. 669-670.</ref>  Furthermore, the Act required that the supply of money in circulation could only be increased when gold or silver reserves were proportionately increased.  However, in 1847, the Peel Banking Act was suspended when the [[Bank of England]] was presented with a letter from the Prime Minister and Chancellor of the Exchequer indemnifying the Bank for a breach of the [[Bank Charter Act]].<ref>John Turner, Banking in Crisis (Cambridge U. Press, 2014) pp. 74.</ref> The crisis in the money market ended almost immediately without any breach of the Act.<ref>id.; {{Cite book | title = Business cycles and depressions: an encyclopedia |editor1=Glasner, David |editor2=Cooley, Thomas F. | year = 1997 | location = New York | publisher = Garland Publishing | chapter = Crisis of 1847 | author = Glasner, David | pages = 125–28 | isbn = 0-8240-0944-4}}</ref>
+As an attempt at stabilizing the British economy, the ministry of [[Robert Peel]] passed the [[Bank Charter Act of 1844]].<ref>See note 238 contained in the ''Collected Works of Karl Marx and Frederick Engels: Volume 12'' (International Publishers: New York, 1979) pp. 669-670.</ref>  This Act fixed a maximum quantity of [[Bank of England]] banknotes that could be in circulation at any one time, and guaranteed that definite reserve funds of gold and silver would be held in reserve to back up the money in circulation.<ref>See note 238 contained in the ''Collected Works of Karl Marx and Frederick Engels: Volume 12'' pp. 669-670.</ref>  Furthermore, the Act required that the supply of money in circulation could be increased only when gold or silver reserves were proportionately increased after the [[Fiduciary currency|fiduciary]] allowance. The Bank of England and the British currency were therefore at risk from drains of gold leaving the country or being withdrawn internally, which reduced the backing for its banknotes. In 1847, heavy drains occurred, and the Act was 'suspended' when the [[Bank of England]] was presented with a letter from the government indemnifying the Bank for a breach of the Act.<ref>John Turner, Banking in Crisis (Cambridge U. Press, 2014) pp. 74.</ref> The crisis in the money market ended almost immediately, without any breach of the Act.<ref>id.; {{Cite book | title = Business cycles and depressions: an encyclopedia | editor1 = Glasner, David | editor2 = Cooley, Thomas F. | year = 1997 | location = New York | publisher = Garland Publishing | chapter = Crisis of 1847 | author = Glasner, David | pages = 125–28 | isbn = 0-8240-0944-4 | chapter-url-access = registration | chapter-url = https://archive.org/details/businesscyclesde00glas }}</ref>
+The panic of 1847 cleared away a vast number of business houses and commercial firms, documented at the time by [[David Morier Evans]], a correspondent for ''The Times''.<ref>{{cite book |last=Evans |first=David Morier |url=https://archive.org/details/commercialcrisi01evangoog |title=The Commercial Crisis, 1847-1848: Being Facts and Figures |year=1849 |location=London}}</ref>
-The panic of 1847 cleared away a vast number of unsound business houses, and trade generally became much more sound and healthy;{{Citation needed|reason=Unverified claim. Also unclear what this statement means with respect to the panic; it what quantifiable ways was trade 'more sound and healthy' after the panic|date=March 2018}} this lasted until the year 1855.  The following explanation by Spanish economist [[Jesús Huerta de Soto|Jesus Huerta de Soto]] of the [[Austrian School]] is based in Austrian Theory of the Business Cycle:<blockquote>As of 1840 credit expansion resumed in the United Kingdom and spread throughout France and the United States. Thousands of miles of railroad track were built and the stock market entered upon a period of relentless growth which mostly favored railroad stock. Thus began a speculative movement which lasted until 1846, when economic crisis hit in Great Britain.</blockquote><blockquote>It is interesting to note that on July 19, 1844, under the auspices of Peel, England had adopted the Bank Charter Act, which represented the triumph of Ricardo’s Currency School and prohibited the issuance of bills not backed 100 percent by gold. Nevertheless this provision was not established in relation to deposits and loans, the volume of which increased five-fold in only two years, which explains the spread of speculation and the severity of the crisis which erupted in 1846. <ref>http://mises.org/books/desoto.pdf</ref></blockquote>
+== Progress of the Crises ==
+From around £15m at the beginning of 1847, the bullion reserve of the Bank of England drained away, falling particularly sharply after the announcement of the Irish loan on 1 March 1847 to a trough of around £9m on 17 April 1847.<ref>C. Read., ''Calming the Storms'' (Palgrave Macmillan, 2023) pp. 145-146</ref> The Bank's reserve of notes it could legally circulate also reached low levels. On 17 April 1847 it was announced that the cost of famine relief would be transferred to local taxes in Ireland and the bullion reserve and note reserve began to rise.<ref>{{Cite book |last=Read |first=C. |title=The Great Famine in Ireland and Britain's Financial Crisis |publisher=The Boydell Press |year=2022 |isbn=9781783277278 |location=London |pages=148–149 |language=English}}</ref> However, capital outflows for investment in America and to pay for food imports to the United Kingdom overwhelmed the recovery, and both measures reached new low levels by October 1847.<ref>C. Read., ''Calming the Storms'' (Palgrave Macmillan, 2023) pp. 146-147.</ref> Recovery only commenced when the government 'suspended' the [[Bank Charter Act 1844]] by the letter from the [[Prime Minister of the United Kingdom|Prime Minister]] and [[Chancellor of the Exchequer]] to the [[Governor of the Bank of England|Governor of the Bank]] dated 25 October 1847.<ref>C. Read., ''Calming the Storms'' (Palgrave Macmillan, 2023) p. 157.</ref>
+== Explanations ==
+Supporters of the [[gold standard]] and [[Monetarism|Monetarist]] theory have sought to minimize the impact of the 1847 crisis and relate it to the money supply. In particular, Neville Ward-Perkins described the crisis as artificial and overemphasized by those who had a direct interest.<ref>C. Read., ''Calming the Storms'' (Palgrave Macmillan, 2023) p. 75.</ref><ref>C. N.  Ward-Perkins, 'The Commercial Crisis 1847' ''Oxford Economic Papers'' (1950) 2 pp. 75-94.</ref> The following explanation by Spanish economist [[Jesús Huerta de Soto|Jesus Huerta de Soto]] of the [[Austrian School]] is based in the Austrian Theory of the Business Cycle:<blockquote>As of 1840 credit expansion resumed in the United Kingdom and spread throughout France and the United States. Thousands of miles of railroad track were built and the stock market entered upon a period of relentless growth which mostly favored railroad stock. Thus began a speculative movement which lasted until 1846, when economic crisis hit in Great Britain. It is interesting to note that on July 19, 1844, under the auspices of Peel, England had adopted the Bank Charter Act, which represented the triumph of Ricardo’s Currency School and prohibited the issuance of bills not completely backed by gold. Nevertheless this provision was not established in relation to deposits and loans, the volume of which increased five fold in only two years, which explains the spread of speculation and the severity of the crisis which erupted in 1846. <ref>{{Cite web | url=http://mises.org/books/desoto.pdf | title=Money, Bank Credit, and Economic Cycles| date=18 August 2014}}</ref></blockquote>Other explanations focus on the [[British Banking School|Banking School]] theory of [[Financial crisis|financial crises]], and relate the crisis to the Bank of England's management of interest rates, particularly in the situation of the apprehension in the money markets to the raising of the Irish loan.<ref>C. Read., ''Calming the Storms'' (Palgrave Macmillan, 2023) p. 154.</ref>
+== Outcomes ==
+David Morier-Evans listed over 450 firms that failed between August 1847 and December 1848.<ref>D. M. Evans, ''The Commercial Crisis of 1847'' (London: Letts, 1848) Appendix.</ref><ref>{{Cite book |last=Read |first=Charles |url=https://www.worldcat.org/oclc/1360456914 |title=Calming the storms : the carry trade, the banking school and British financial crises since 1825 |date=2022 |isbn=978-3-031-11914-9 |location=Cham, Switzerland |pages=153 |oclc=1360456914}}</ref>
+Frustrated that plans for a loan to relieve the Irish famine had failed [[Henry Grey, 3rd Earl Grey]] developed his plans for an alternative currency system to the Bank of England central bank model. It became known as a [[currency board]] and Grey set up the first one in cooperation with [[James Wilson (businessman)|James Wilson]] and the Mauritian colonial government in [[Mauritius]].<ref>{{Cite book |last=Grey |first=Henry, 3rd Earl |title=Thoughts on the Currency |publisher=Ridgeway |year=1842 |location=London |language=English}}</ref><ref>{{Cite book |last=Read |first=Charles |url=https://www.worldcat.org/oclc/1365041253 |title=The Great Famine in Ireland and Britain's financial crisis |date=2022 |isbn=978-1-80010-627-7 |location=Woodbridge |pages=236–244 |oclc=1365041253}}</ref>
 ==See also==
+* {{anli|Gold standard}}
-*[[Great Depression]]
+*{{anli|Great Depression}}
+*{{anli|Long Depression}}
 ==Notes==
@@ Line 13: / Line 29: @@
 ==References==
+*[https://www.bankofengland.co.uk/working-paper/2019/the-bank-of-england-and-central-bank-credit-rationing-during-the-crisis-of-1847 Mike Anson, David Bholat, Miao Kang, Kilian Rieder and Ryland Thomas. 2019. "The Bank of England and central bank credit rationing during the crisis of 1847: frosted glass or raised eyebrows?"]
-* {{cite book |title=The Commercial Crisis, 1847-1848: Being Facts and Figures|last=Evans |first=David Morier |year=1849 |publisher= |location=London |isbn= |pages= }}
+*{{cite book |title=The Commercial Crisis, 1847-1848: Being Facts and Figures|url=https://archive.org/details/commercialcrisi01evangoog|last=Evans |first=David Morier |year=1849 |location=London }}
-* {{Cite book | title = Business cycles and depressions: an encyclopedia |editor1=Glasner, David |editor2=Cooley, Thomas F. | year = 1997 | location = New York | publisher = Garland Publishing | chapter = Crisis of 1847 | author = Glasner, David | pages = 125–28 | isbn = 0-8240-0944-4}}
+* {{Cite book | title = Business cycles and depressions: an encyclopedia | editor1 = Glasner, David | editor2 = Cooley, Thomas F. | year = 1997 | location = New York | publisher = Garland Publishing | chapter = Crisis of 1847 | author = Glasner, David | pages = 125–28 | isbn = 0-8240-0944-4 | chapter-url-access = registration | chapter-url = https://archive.org/details/businesscyclesde00glas }}
 *Michael Bordo (2003). [http://econweb.rutgers.edu/bordo/WEO.doc ''Stock Market Crashes, Productivity Boom Busts and Recessions: Some Historical Evidence.'']
 *Arthur Crump, ''The English Manual Of Banking'', Longmans, Green & Co, 2nd edition (1877).
+*{{cite book|last=Kynaston|first=David|author-link=David Kynaston|title=Till Time's Last Sand: A History of the Bank of England, 1694–2013|year=2017|publisher=[[Bloomsbury Publishing|Bloomsbury]]|place=New York|pages=145–152|isbn=978-1408868560}}
+{{United States–Commonwealth of Nations recessions}}
-{{Stock market crashes}}
+{{Financial crises}}
 [[Category:Economic history of the United Kingdom]]
-[[Category:19th-century economic history]]
+[[Category:19th century in economic history]]
 [[Category:1847 in the United Kingdom]]
 [[Category:Financial crises]]
-[[Category:1847 in economics]]
+[[Category:1847 in economic history]]

v t e Economic expansions and recessions in the United States and Commonwealth of Nations countries
Aggregate demand/Supply Effective demand General glut Model Overproduction Paradox of thrift Price-and-wage stickiness Underconsumption Business cycle Deflation/Inflation Chronic Classical dichotomy Disinflation Money supply/demand Neutrality of money Price level Real and nominal values Velocity of money Economic expansion Recovery Stagnation U.S. expansions Interest rate Nominal interest rate Real interest rate Yield curve/Inverted Recession Balance sheet Depression Global Rolling Shapes Stagflation U.K. recessions U.S. recessions Shock Demand Supply Unemployment Sahm rule
Commercial revolution (1000–1760)	Great Slump (1430–1490) Slump of 1706 Great Frost of 1709
1st Industrial Revolution (1760–1840)	British credit crisis of 1772–1773 1772–1774; England Scotland American Colonies 1785–1788 Copper Panic of 1789/Panic of 1792 (1789–1793) Panic of 1796–1797 (1796–1799) 1802–1804 1807–1810 1812 Post-Napoleonic Depression (1815–1821) 1822–23 Panic of 1825 (1825–1826) 1828–29 1833–34 Panic of 1837 (1836–1838 and 1839–1843)
Early Victorian Britain/ Civil War-era United States (1840–1870)	1845–46 Panic of 1847 (1847–1848) 1853–54 Panic of 1857 (1857–1858) 1860–61 Panic of 1866 (1865–1867) Black Friday (1869–1870)
Gilded Age/ 2nd Industrial Revolution (1870–1914)	Long Depression/Great Deflation 1873–1879; United Kingdom United States Depression of 1882–1885 1887–88 Baring crisis (1890–1891) Panic of 1893 (1893–1897) 1899–1900 Panic of 1901 (1902–1904) Panic of 1907 (1907–1908) Panic of 1910–11 (1910–1912) Financial crisis of 1914 (1913–14)
Interwar period (1918–1939)	Post–World War I recession (1918–1919) Depression of 1920–1921 Roaring Twenties 1923–1924 1926–1927 Great Depression 1929–1939; Australia Canada India New Zealand South Africa United Kingdom United States Recession of 1937–1938
Post–WWII expansion (1945–1973)	1945 Recession of 1949 (1948–1949) Recession of 1953 (1953–1954) Recession of 1958 (1957–1958) Recession of 1960–1961 Recession of 1969–1970
Great Inflation (1973–1982)	1973–1975 recession United Kingdom United States Early 1980s recession 1980–1982; Canada United Kingdom United States
Great Moderation/ Great Regression (1982–2007)	1990s United States boom Early 1990s recession 1990–1991; Australia Canada United Kingdom United States 1997 Asian financial crisis Early 2000s recession (2001)
Information Age (2007–present)	Great Recession 2007–2009; Australia Bangladesh Canada India Malaysia New Zealand Pakistan South Africa Sri Lanka United Kingdom United States COVID-19 recession 2020–2022; Australia Bangladesh Belize Botswana Canada India Malaysia Namibia New Zealand Singapore United Kingdom United States Zambia

v t e Financial crises
Bank run Commodity price shocks Credit crunch Credit cycle Currency crisis Debt crisis Energy crisis Financial contagion Social contagion Flash crash Hyperinflation Liquidity crisis Accounting Capital Funding Market Minsky moment Social crisis Stock market crash
Pre-1000	Financial crisis of 33 CE Crisis of the Third Century (235–284 CE)
Commercial revolution (1000–1760)	Great Bullion Famine (c. 1400–c. 1500) The Great Debasement (1544–1551) Dutch Republic stock market crashes (c. 1600–1760) Kipper und Wipper (1621–1623) Tulip mania crash (1637) South Sea bubble crash (1720) Mississippi bubble crash (1720)
1st Industrial Revolution (1760–1840)	Amsterdam banking crisis of 1763 Bengal bubble crash (1769–1784) British credit crisis of 1772–1773 Dutch Republic financial collapse (c. 1780–1795) Copper Panic of 1789 Panic of 1792 Panic of 1796–1797 Danish state bankruptcy of 1813 Post-Napoleonic Irish grain price and land use shocks (1815–1816) Panic of 1819 Panic of 1825 Panic of 1837
1840–1870	European potato failure (1845–1856) Great Irish Famine Highland Potato Famine Panic of 1847 Panic of 1857 Panic of 1866 Black Friday (1869)
2nd Industrial Revolution (1870–1914)	Panic of 1873 Paris Bourse crash of 1882 Panic of 1884 Arendal crash (1886) Baring crisis (1890) Encilhamento (1890–1893) Panic of 1893 Australian banking crisis of 1893 Black Monday (1894) Panic of 1896 Panic of 1901 Panic of 1907 Shanghai rubber stock market crisis (1910) Panic of 1910–11 Financial crisis of 1914
Interwar period (1918–1939)	Early Soviet hyperinflation (1917–1924) Weimar Republic hyperinflation (1921–1923) Shōwa financial crisis (1927) Wall Street Crash of 1929 Panic of 1930 Chinese hyperinflation (1937-1950)
Wartime period (1939–1945)	Greek hyperinflation (1941–1946) Chinese hyperinflation (1937-1950)
Post–WWII expansion (1945–1973)	Hungarian pengő hyperinflation (1945–1946) Kennedy Slide of 1962 1963–1965 Indonesian hyperinflation Chinese hyperinflation (1937-1950)
Great Inflation (1973–1982)	1970s energy crisis (1973–1980) 1973 oil crisis 1973–1974 stock market crash Secondary banking crisis of 1973–1975 Steel crisis (1973–1982) Latin American debt crisis (1975–1982) 1976 British currency crisis 1979 oil crisis Brazilian hyperinflation (1980–1982)
Great Moderation/ Great Regression (1982–2007)	Brazilian hyperinflation (1982–1994) Souk Al-Manakh stock market crash (1982) Chilean crisis of 1982 1983 Israel bank stock crisis Black Saturday (1983) Savings and loan crisis (1986–1995) Cameroonian economic crisis (1987–2000s) Black Monday (1987) 1988–1992 Norwegian banking crisis Japanese asset price bubble crash (1990–1992) Rhode Island banking crisis (1990–1992) 1991 Indian economic crisis 1990s Swedish financial crisis 1990s Finnish banking crisis 1990s Armenian energy crisis Cuban Special Period (1991–2000) Black Wednesday (1992 Sterling crisis) Yugoslav hyperinflation (1992–1994) 1994 bond market crisis Venezuelan banking crisis of 1994 Mexican peso crisis (1994–1996) 1997 Asian financial crisis October 1997 mini-crash 1998 Russian financial crisis 1998–1999 Ecuador economic crisis 1998–2002 Argentine great depression Samba effect (1999) Dot-com bubble crash (2000–2004) 9/11 stock market crash (2001) 2001 Turkish economic crisis South American economic crisis of 2002 Stock market downturn of 2002 2002 Uruguay banking crisis 2003 Myanmar banking crisis 2000s energy crisis (2003–2008) 2004 Argentine energy crisis 2007 Chinese stock bubble crash Zimbabwean hyperinflation (2007–present)
Great Recession (2007–2009)	2007–2008 financial crisis September 2008 October 2008 November 2008 December 2008 2009 Subprime mortgage crisis 2000s U.S. housing market correction U.S. bear market of 2007–2009 2008 Latvian financial crisis 2008–2009 Belgian financial crisis 2008–2009 Russian financial crisis 2008–2009 Ukrainian financial crisis 2008–2011 Icelandic financial crisis 2008–2011 Irish banking crisis 2008–2014 Spanish financial crisis Blue Monday Crash 2009 European debt crisis Greek government-debt crisis
Information Age (2009–present)	2009 Dubai debt standstill Venezuelan banking crisis of 2009–2010 2010–2014 Portuguese financial crisis Energy crisis in Venezuela (2010–present) Syrian economic crisis (2011–present) August 2011 stock markets fall 2011 Bangladesh share market scam 2012–2013 Cypriot financial crisis 2013 Chinese banking liquidity crisis Venezuela economic crisis (2013–present) 2014–2016 Brazilian economic crisis Puerto Rican government-debt crisis (2014–2022) Russian financial crisis (2014–2016) 2015 Nepal blockade 2015–2016 Chinese stock market turbulence 2015–2016 stock market selloff Brexit stock market crash (2016) Venezuelan hyperinflation (2016–2022) 2017 Sri Lankan fuel crisis Ghana banking crisis (2017–2018) Turkish economic crisis (2018–present) Lebanese liquidity crisis (2019–present) Sri Lankan economic crisis (2019–present) COVID-19 pandemic Financial market impact 2020 stock market crash Recession Chinese property sector crisis (2020–present) 2021–2023 inflation surge 2022 Russian financial crisis Pakistani economic crisis (2022–present) 2022 stock market decline 2022–2024 German economic crisis 2023 United States banking crisis 2023–2024 Egyptian financial crisis
List of banking crises List of economic crises List of sovereign debt crises List of stock market crashes and bear markets