Professor/Lecturer Ellmann's Course Materials Page

Sample list of crises
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On the Origin of Facts

This A Timeline Of Re-Coinage, Coin-Clipping, Debasements,
Bankruptcies, Manias, Panias, Crashes, Recessions, & Depressions Since
1278 A.D.

1278 A.D  Coin clipping
1557  State bankruptcy (France & Spain)
1558  Re-coinage of 1558
1557  Spain bankrupt
1607  Spain bankrupt
1614  Bankruptcy (Augsburg)
02/1622 (February 1622)  Debasement of coin
02/1637 (February 1637)  Market debasement (first recorded joint-stock
debasement)
1696  New-coinage in England (carried out by John Locke and Issac
Newton; speculation: East India Company, treasure, new companies,
lotteries) (silver-re-coinage in England til 1698)
1720  Object of speculation: Selected companies: South Sea Company,
Compagnie d'Occident, Sword Blade Bank, Bank Generale, Bank Royale
(Isaac Newton is said to have lost 20,000 English pounds in public
funds in the South Sea Bubble; Newton is Master of the London Mint
until 1727)
04/1720 (April 1720) England speculative peak
05/1720 (May 1720) France Crisis (crash, panic) Failure of John Law's
Mississippi Company leads to French national bankruptcy
09/1720 (September 1720) England Crisis (crash, panic) South Sea
Bubble
1740 Gradually the British government began to restrict the rights of
the colonies to issue paper money. A dispute arose involving a "Land
Bank or Manufactury Scheme" in Boston, and the following year the
British parliament ruled that the bank was illegal in that it
transgressed the provisions of the Bubble Act of 1720 passed after the
collapse of the South Sea Bubble
09/1763 (September 1763) Amsterdam Crisis (crash, panic)
01/1773 (January 1773) Market Crash Amsterdam (note:  Britain?) East
India Company, Housing, Turnpikes, Canals
03/1792 (March 1792) Market Crash (U.S.)
02/1793 (February 1793) Market Crash (England) Reign of Terror,
France, Canal Mania
02/1797-06/1979  (February-June 1797) Market Crash (England) Collapse
of assignats, French landing, Fishguard, securities, canals
08/1799-11/1799 (August-November 1799) Market Crash (Hamburg)
1810  Market Crash (England)
1811  Austria bankrupt
01/1811 (January 1811) Market Crash (England)
1816  Market Crash (England)
11/1818 (November 1818) Beginning of Market Crash (U.S.)
06/1819 (June 1819) End of Market Crash (U.S.)
1819  Depression
12/1825 (December 1825) (note: "early") Market Crash (England) Latin
American Bonds, Mines, Cotton, Bonds sold in installments, country
banks
12/1827 (December 1827) Market Crash (France, Paris Banks) Canals,
cotton, building sites
1828  Depression
12/1836 (December 1836) Market Crash; England
06/1837 (June 1837) Market Crash (France)
09/1837 (September 1837) Market Panic/Crash (U.S.)
1837  Depression
10/1847 (October 1847) Market Crash (England) Railways, Railroad
shares, wheat, installment sale of railway securities, 1846 potatoe
blight, wheat failure
03/1848 (March 1848) Market (Continent) Railways, wheat, building
(Cologne?)
30/08/1857 (August 30 1857) Market Crash (U.S.) Railroads, public
lands; Objects of speculation: Railroad shares (France & United
States)
10/1857 (October 1857) Market Crash (England) Railroads, wheat, bank
mergers, clearinghouse
11/1857 (November 1857) Market Crash (Continent) Lender of last
resort: Silberzug (Hamburg)
01/1864 (January 1864) Market Crash (France) End of Civil War
05/1866 (April 1866) Market Crash (England, Italy) Suspension of Bank,
Italy abandoned fixed parity
24/09/1869 (September 24 1869) Black Friday
05/1873 (April 1873) Market Crash (Germany, Austria)
20/09/1873 (September 20 1873) Panic of 1873; Market Crash (U.S.)
Fraud exposed in 1872 campaign, railroads, homesteading, Chicago
(Peshtigo) building
1873  Depression
01/1882 (January 1882) Market Crash (France)
11/1890 (November 1890) Market Crash (England) Lender of last resort:
Baring Liabilities, Bank of France, Russian gold loans to Britain,
Argentine clearing of southern lands, Brazil, coffee, Chile, nitrates,
South Africa, gold, Argentine securities, private companies going
public, Goshen conversion
20-21/03/1893 (Spring) (March 20-21 1893) Market Crash (Australia)
05/05/1893 (April 05 1893) Market Crash (U.S.) Panic of 1893; Repeal
of Sherman Silver Act
27/06/1893 (June 27 1893) New York Stock Market Crash
1893  Depression
09/11/1903 (November 09 1893) End of crash of 1901-1903
08/1907 (August 1907) Market Crash (France, Italy)
15/11/1907 (November 15 1907) End of crash (U.S.)
19/12/1917 (December 19 1917) End of current crash (U.S.?)
20-21/03/1921 (Spring) (March 20-21 1921) Market Crash (Britain &
U.S.)
24/08/1921 (August 24 1921) End of 5th worst market crash in 20th
century
1921  Depression
1927  "Black Friday" in Germany; economic system collapses
1927 Brazil's economy collapses owing to over-production of coffee
29/10/1929 (October 29 1929) Stock Market Crash
1929  Depression
17/04/1930 (April 17 1930) Start of worst market crash of 20th
century; Starting DJIA: 294.07; Ending DJIA: 41.22; Total loss: 86.0%;
Number of days: 813
05/1931 (May 1931) Market Crash (Austria)
06/1931 (June 1931) Market Crash (Germany)
09/1931 (September 1931) Market Crash (Britain)
12/1931 (December 1931) Market Crash (Japan)
10/03/1937 (March 10 1937) Start of 2nd worst market crash of 20th
century; Starting DJIA: 194.40; Ending DJIA: 98.95; Total loss: 49.1%;
Total days: 386
1937  Recession
31/03/1938 (March 31 1938) End of crash
12/09/1939 (September 12 1939) Beginning of 8th worst stock market
crash in 20th century; Starting DJIA: 155.92; Ending DJIA: 92.92;
Total loss: 40.4%; Total days: 959
28/04/1942 (April 28 1942) End of 8th worst market crash in 20th
century
1958  Market Panic/Crash (France) Speculation in currencies
1962  Market Panic/Crash (Canada)
1963  Market Panic/Crash (Italy)
1964  Market Panic/Crash (Britain)
1968  Market Panic/Crash (France)
1972  Recession
11/01/1973 (January 01 1973) Beginning of 7th worst market crash in
the 20th century; Starting DJIA: 1,051.70; Ending DJIA: 577.60; Total
loss: 45.1%; Related to: Collapse of Bretton Woods, OPEC 1973 price
rise, stocks, REITs, office buildings, tankers, Boeing 747s,
Eurodollar market flooding in 1970-1971
12/1974 (December 1974) On the last trading day of 1974, Gold reaches
a high of $195
31/12/1974 (December 31 1974) The U.S. government ends its ban on
individual ownership of gold.
01/1975 (January 1975) U.S. government legalizes gold ownership for
American citizens
30/08/1976 (August 30 1976) Gold bottom at $102
1979  Market Crisis/Panic; dollar, farmland
1980  Market Crisis/Panic; related to: oil
21/01/1980 (January 21 1980) Gold reaches intra-day high price of $870
in New York
1982  Market Crisis/Crash/Panic; related to: third world debt
1982  Deep Recession
 21/06/1982 (June 21 1982) Gold bottom at $296
19/10/1987 (October 19 1987) Market Crash; market falls more than 500
points; related to stocks
01/1990 (January 1990) Market Panic/Crisis; (Japan)
1994-1995  Market Crash (Mexico) related to: deregulation, capital
inflow and outflow, domestic boom, bank lending, domestic new banks
1991, nationalized banks privatized 1991
1997-1998  Market Panic/Crisis (Thailand, Indonesia, Malaysia, Korea,
Russia, Brazil; related to: deregulation, capital inflow and outflow,
borrowing abroad, bank lending, construction boom, crony capitalism
02/2000 (February 2000) Start of worst market crash of 21st century;
related to: Kenneth Lay was greedy?
10/03/2000 (March 10 2000) Nasdaq closes at 5048.62 after hitting an
intra-day high of 5,132.52
15/03/2008 Start of 2nd worst market crash of 21st century

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