Final answer:
The recessions of 1873-78, 1893, and 1896 were major economic downturns caused by crises such as the fall in silver value and over-speculation in railroads, leading to widespread financial panic, bank failures, and high unemployment.
Step-by-step explanation:
The recessions of 1873-78, 1893, and 1896 were significant economic downturns that affected the global economy and resulted in widespread financial distress. The Long Depression of 1873, which lasted until 1878, was triggered by a fall in the value of silver, causing a financial panic around the world. Banks and over a hundred railroads in the United States collapsed within the first year, severely impacting economies and workers in several countries, including Germany, France, and Britain.
The Panic of 1893 was spurred by railroad speculation, leading to another severe depression with high unemployment and lasting for several years. This panic was a result of overinvestment in railroads and related industries, which collapsed when railroads failed, causing a chain reaction that brought down banks and businesses. Likewise, the economic downturn beginning in 1896 was influenced by these same factors, as the economy continued to suffer from the after-effects of speculative bubbles and excessive railroad expansion.