The collapse of the Vienna Stock Exchange causes the Long Depression, which affects much of the world from the early 1870s until the mid-1890s, and is contemporary with the Second Industrial Revolution.

At the time it is regarded as the Great Depression, and will remain so until the more severe Great Depression occurs in the 1930s.

It is most notable in Western Europe and North America, but this is in part because reliable data from the period is most readily available in those parts of the world.

The United Kingdom is often considered to have been the hardest hit by the Long Depression, and during this period it loses much of its large industrial lead over the economies of Continental Europe.

It is important to note that during this period, the global industrial production greatly increases.

In the United States, for example, industrial output increases fourfold.

The Depression is usually believed to have ended by 1897.

The global economy grows at an impressive rate from this year to the start of the First World War.