What effect did the Panic of 1837 have on the American labor movement?
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Correct answer: The resulting unemployment and wage cuts largely decimated early labor unions
The severe economic depression following the panic led to massive unemployment and business failures. With jobs scarce, workers lost their bargaining power, causing most of the fledgling trade unions of the 1830s to collapse.
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More Panic of 1837 questions
- Whig politicians used the economic distress of the Panic of 1837 to argue for which policy?
- Which statement best describes the impact of the Panic of 1837 on state governments?
- The Specie Circular was most unpopular among which of the following groups?
- In the 'Bank War,' Andrew Jackson's primary reason for opposing the Second Bank of the United States was his belief that it was:
- The economic depression following the Panic of 1837 lasted approximately how long?
- Why did the 'Specie Circular' lead to a contraction of credit in the U.S. economy?