as the Bessemer converter were being rapidly applied; railroads were booming. 1 (Winter 1956. . This essentially ended the bimetallic standard of the United States, forcing it for the first time onto a pure gold standard. In Europe, the end of the Franco-Prussian War yielded a new political order in Germany, and the 200 million reparations imposed on France led to an inflationary investment boom in Germany and Central Europe. 21 Another response to the economic crisis, according to Jorge Pinto Rodrguez, was the new pulse of conquest of indigenous lands that took place in Araucana in the 1870s.
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48 In fact, from 1869 to 1879, wanderers by choice eva hoffman thesis the US economy grew at a rate.8 for real net national product (NNP) and.5 for real NNP per capita. Wells gives an account of the changes in the world economy transitioning into the Second Industrial Revolution in which he documents changes in trade, such as triple expansion steam shipping, railroads, the effect of the international telegraph network and the opening of the Suez Canal. Historian Allan Nevins says of the end of Grant's presidency: 37 Various administrations have closed in gloom and weakness. 15 Many countries experienced significantly lower growth rates relative to what they had experienced earlier in the 19th century and to what they experienced afterwards: GNP of the Great Powers of Europe (in billions USD, 1960 prices) Russia.126.96.36.199.9.2.1. 57 See also edit Footnotes edit The Long Depression the First Great Depression What actually constitutes the Long Depression has been debatable, for at first it was called the Great Depression, and then that title was transferred to the 1930s. The Crime of 1873, bit Milton Friedman Friedman, Schwartz. Consequently, some limit the term Long Depression to the worldwide price recession beginning in 1873 and running through the spring of 1879. It has even been suggested that the trough of this business cycle may have occurred as early as 1875. Depression, One Small Change at a Time. Studies of other countries where prices also tumbled, including the US, Germany, France, and Italy, reported more markedly positive trends in both nominal and real per-capita income figures. The Rise and Fall of the Great Powers.