What Caused the "Panic of 1873" and Subsequent Four-Year "Long

question 29

Multiple Choice

What caused the "Panic of 1873" and subsequent four-year "Long Depression"?

• A)Speculation in cotton futures
• B)Political graft in New York City
• C)Failure of a Philadelphia banking firm
• D)A strike by Pennsylvania railroad workers

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Definitions:

Wagner Act

A foundational piece of labor legislation in the United States that established the rights of workers to unionize and engage in collective bargaining.

Scare Tactics

Strategies intended to frighten or intimidate people into behaving in a desired way, often used in advertising, politics, or health campaigns.

Forming Unions

The process of organizing workers into a collective group to negotiate with employers about working conditions, wages, and other employment-related issues.

Sustainable-Wage Jobs

Employment positions that pay wages sufficient for a worker and their family to live a decent and dignified life, ensuring long-term economic sustainability.