Question

The panic of 1857 helped start the American Civil War.

Select one:

True

False

Answer 1

Option 1 - True

Explanation : The Panic of 1857 was a sudden downturn in the economy of the United States that occurred in 1857. A general recession first emerged late in 1856 , but the successive failure of banks and businesses that characterized the panic began in mud 1857. More than 5000 American businesses failed within a year, and unemployment was accompanied by protest meetings in urban areas. The world economy was also more interconnected by the 1850s , which also made the Panic of 1857 the first worldwide economic crisis. No recovery was evident in the northern parts of the United States for a year and a half, and the full impact did not dissipate until the American civil war.