The Panic of 1866 was an international financial downturn that accompanied the failure of Overend, Gurney and Company in London, and the corso forzoso abandonment of the silver standard in Italy. In Britain, the economic impacts are held partially responsible for public agitation for political reform in the months leading up to the 1867 Reform Act. The crisis led to a sharp rise in unemployment to 8% and a subsequent fall in wages across the country. Similar to the "knife and fork" motives of Chartism in the late 1830s and 1840s, the financial pressure on the British working class led to rising support for greater representation of the people. Groups such as the Reform League saw rapid increases in membership and the organisation spearheaded multiple demonstrations against the political es
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| - Crisis de 1866 (es)
- Crise de 1866 (fr)
- Panic of 1866 (en)
- Panika roku 1866 (pl)
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| - La crise de 1866 est l'une des crises monétaires et financières du XIXe siècle, qui a en particulier causé la faillite d'importants agents de change sur les places de Londres et Paris. (fr)
- Panika roku 1866 – kryzys gospodarczy, spowodowany m.in. nadmierną ekspansją kredytową, który w 1866 roku dotknął kilka państw Europy zachodniej i południowej. (pl)
- La crisis de 1866 fue una de las crisis económicas del siglo XIX, una de las primeras de la época del capitalismo industrial, generalizada a toda Europa, aunque particularmente causó la quiebra de los principales de las bolsas de Londres y de París. (es)
- The Panic of 1866 was an international financial downturn that accompanied the failure of Overend, Gurney and Company in London, and the corso forzoso abandonment of the silver standard in Italy. In Britain, the economic impacts are held partially responsible for public agitation for political reform in the months leading up to the 1867 Reform Act. The crisis led to a sharp rise in unemployment to 8% and a subsequent fall in wages across the country. Similar to the "knife and fork" motives of Chartism in the late 1830s and 1840s, the financial pressure on the British working class led to rising support for greater representation of the people. Groups such as the Reform League saw rapid increases in membership and the organisation spearheaded multiple demonstrations against the political es (en)
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| - La crise de 1866 est l'une des crises monétaires et financières du XIXe siècle, qui a en particulier causé la faillite d'importants agents de change sur les places de Londres et Paris. (fr)
- La crisis de 1866 fue una de las crisis económicas del siglo XIX, una de las primeras de la época del capitalismo industrial, generalizada a toda Europa, aunque particularmente causó la quiebra de los principales de las bolsas de Londres y de París. A comienzos del año 1866, se constató un frenazo de las operaciones bursátiles que no tardó en propagarse por toda Europa. Los inversores más temerosos comenzaron a deshacerse de sus carteras de valores, desconfiando especialmente de los sectores punteros como el ferrocarril. Además de los factores financieros, tuvo un gran peso el escenario político internacional, caracterizado por las tensiones entre el imperio austro-húngaro, el reino de Prusia y el joven reino de Italia. (es)
- The Panic of 1866 was an international financial downturn that accompanied the failure of Overend, Gurney and Company in London, and the corso forzoso abandonment of the silver standard in Italy. In Britain, the economic impacts are held partially responsible for public agitation for political reform in the months leading up to the 1867 Reform Act. The crisis led to a sharp rise in unemployment to 8% and a subsequent fall in wages across the country. Similar to the "knife and fork" motives of Chartism in the late 1830s and 1840s, the financial pressure on the British working class led to rising support for greater representation of the people. Groups such as the Reform League saw rapid increases in membership and the organisation spearheaded multiple demonstrations against the political establishment such as the Hyde Park riot of 1866. Ultimately the popular pressure that arose from the banking crisis and the recession that followed can be held partly responsible for the enfranchisement of 1.1 million people as a result of Disraeli's reform bill. The Panic decimated shipbuilding in London, and the Millwall Iron Works holding company collapsed. Less than 17% of the joint-stock banks formed since 1844 weathered this tumult. The Companies Act 1862 created a financial boom which laid the groundwork for the larger banks of British finance during the latter half of the 19th century. The primary importance of the expansion of credit was its role in foreign trade. Historians P. J. Cain and A. G. Hopkins note that "gentlemanly capitalism" (a class-conscious form of white-collar work in finance, insurance, shipping and the Empire) was the key to the growth of the Empire and its economic growth beginning in 1850. Historian David Kynaston notes the shift in the discount bills in the 1860s, particularly to finance supplies for the American Civil War, and Richard Roberts describes the 1860s, 1870s and 1880s as the "internationalisation of the discount market". According to a 2022 study, "countries exposed to bank failures in London immediately exported significantly less and did not recover their lost growth relative to unexposed places. Their market shares within each destination also remained significantly lower for four decades." (en)
- Panika roku 1866 – kryzys gospodarczy, spowodowany m.in. nadmierną ekspansją kredytową, który w 1866 roku dotknął kilka państw Europy zachodniej i południowej. (pl)
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