Eighteen hundred and nineteen crisis (1819 panic)

First great depression in the U.S. in 1819, which had a favorable effect on the hitherto rather neglected theory of the business cycle; however, many of the ideas put forward at the time were not taken up by economic theory until 100 years later. At the time, most believed that free trade was the main cause of the economic crisis. A bill to protect agriculture (cotton, wool) and industry (textiles, glass, iron) from imports was therefore approved by the House of Representatives in 1820 and failed in the Senate by a single vote. – See prohibition system, protectionism.

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