Final answer:
The economic downturn from 1873 to 1879, originally known as the "Great Depression", is now referred to as the Long Depression. It was a global crisis with significant effects in Europe and the US, precipitated by a decline in the value of silver. This event is distinct from the Great Depression of the 1930s, which began with the 1929 Wall Street Crash.
Step-by-step explanation:
The worldwide economic recession that occurred from 1873 to 1879, initially called the "Great Depression", is now known as the Long Depression. This period was characterized by a severe downturn in the global economy with particularly significant impacts in Europe and the United States.
The catalyst for the Long Depression was a decline in the value of silver, which led to a widespread financial panic. Banks failed, unemployment soared, and numerous businesses, including over a hundred railroads in the United States, went under. The impact was felt across various industries and countries, with high unemployment rates and economic instability.
The term "Great Depression" was later reassigned to describe the economic crisis that began with the Wall Street Crash of 1929 and lasted until the United States' entry into World War II. The Great Depression of the 1930s was a period of even more severe economic hardship, featuring extremely high unemployment and widespread financial woes both in the US and internationally.
Thus, it's important to distinguish between the two economic depressions, the Long Depression of the late 19th century and the Great Depression of the 1930s, as both had far-reaching effects but occurred under different circumstances and are separate historical events.