The Panic of 1837 was a vast economic depression that occurred in the U.S. in the early 1800s. It largely affected people in the trading industry, and specifically the New York Port areas. Unfair lending and falling land and crop prices are mostly to blame. Despite a slight economic recovery in 1838, the recession continued or 7 years. Many farmers and business owners went bankrupt and lost everything.
Many people blamed Andrew Jackson for the hard times. He had not regulated the economy properly enough to keep it stable. While that may be true, the main cause was an unpredictable fall in prices and value. It was only considered a panic rather than a full depression, because unemployment, prices, and value of the dollar could have been considerably
Many people blamed Andrew Jackson for the hard times. He had not regulated the economy properly enough to keep it stable. While that may be true, the main cause was an unpredictable fall in prices and value. It was only considered a panic rather than a full depression, because unemployment, prices, and value of the dollar could have been considerably