Panic of 1847

From Wikipedia, the free encyclopedia

The Panic of 1847 was started as a collapse of British financial markets associated with the end of the 1840s railroad boom. The Bank of England had to request a suspension of the Bank Charter Act to end the crisis. It was caused by excessive monetary inflation due to the Bank of England and fractional reserve banking.

The panic of 1847 cleared away a vast number of unsound business houses, and trade generally became much more sound and healthy; this lasted until the year 1855.

[edit] See also

• Great Depression

[edit] References

• Michael Bordo. Stock Market Crashes, Productivity Boom Busts and Recessions: Some Historical Evidence. January 2003. [1]
• Arthur Crump, The English Manual Of Banking, Longmans, Green & Co, 2nd edition (1877).

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