What significant event caused a depression that lasted almost four years in the 1890s?

The Panic of 1893 was a significant economic downturn that led to a depression lasting almost four years. This event was characterized by a sharp decline in the stock market, bank failures, and widespread unemployment. Triggered primarily by the collapse of the Philadelphia and Reading Railroad, the Panic spread rapidly, exacerbated by a lack of confidence in the U.S. economy. It highlighted underlying issues such as over-speculation, a weak banking system, and excessive railroad expansion. The resulting depression caused immense hardship for many Americans, leading to social unrest, labor strikes, and a demand for economic reform, impacting the political landscape of the United States in subsequent years.

While other events mentioned, such as the Great Depression of the 1930s and the Panic of 1907, were also significant, they occurred in different contexts and had different causes and effects. The Long Depression refers to a protracted economic downturn that extended from 1873 to 1879 and is distinct from the specific events of the Panic of 1893 and its aftermath.