The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America lasting from 1873 to 1877, and until 1879 in France and the UK. In Britain, it began the 'Long Depression', weakening economic leadership. In the US, it was called the 'Great Depression' until the 1930s.

Causes included American inflation, speculative railroad investments, demonetization of silver in Germany and the US, economic dislocation from the Franco-Prussian War, and major property losses from the Great Chicago Fire and Great Boston Fire. Bank reserves in New York City plummeted from $50 million to $17 million between September and October 1873. The first symptoms appeared in Vienna, spreading to most of Europe and North America.

Germany and Austria-Hungary experienced a speculative boom (Gründerjahre) fueled by French war reparations and liberalized incorporation laws. The Vienna Stock Exchange crashed on May 9, 1873, unable to sustain false expansion and manipulations. In Berlin, the railway empire of Bethel Henry Strousberg collapsed, bursting the speculation bubble. The Bank of England raised interest rates to 9 percent to contain the crisis, though Britain avoided severe financial mayhem.

Recovery in Europe was faster than in the US. German businesses avoided deep wage cuts, but the crash fueled anti-Semitism as small investors blamed Jews for their losses. The Suez Canal's opening in 1869 also contributed by disrupting British trade routes.