America's First Great Depression

the long version

For the first 50 years after achieving independence, Americans had every reason to believe theirs to be the most fortunate of nations. Then came the Panic of 1837, which caused a hopelessness rendered worse by the optimism that had preceded it and resulted in a crisis that lasted until 1848. . . . Alasdair Roberts reveals how this disaster led to epochal shifts in policy and culture, and his lively narrative and commitment to character ensure that the human cost is never out of sight. Roberts is especially keen to demonstrate how this mid-19th century ordeal relates to America's current woes. The 'hard times' of the 1830s led to financial ruin for state governments, a near-cessation of federal aid, and an outbreak of violent protests in many major cities.