What year was the first economic crisis?

Many believe that the first world crisis was the period from 1857-1858. But this crisis affected only the UK, to a lesser extent Germany and France, although it began from the United States. A larger crisis is considered the period from 1900-1903. It affected a much larger part of the countries. It is important to understand here that the causes of the crisis lie in the fact that the economy was not regulated by the state, and there was a tendency in industry to overproduction of goods. The crisis has led to massive layoffs of workers and the closure of factories.

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