The economic depression of 1893 was one of the worst economic crisis in the history of USA. It hit hard on the presidency of Grover Cleveland. He failed to reverse the extreme fiscal depression. The unemployment rate was at its peak. This economic depression even led to the ruining of his party.
Grover Cleveland served as the 22nd and 24th president of the United States, and was the only president in history to serve two non-consecutive terms in office (1885–1889 and 1893–1897).
During his second administration, the Panic of 1893 began, which produced a severe depression. This affected every aspect of the economy.
The depression and Cleveland's inability to reverse it ruined the Democratic Party, opening the way for a Republican landslide in 1894. The result was a political realignment that launched the Progressive Era.
There was one dual foundation on which the rest was built; that foundation was: <u>Speed and steam.</u>
Explanation:
Industry was most beneficieted with the notions of speed, and the invention of steam. This dual foundation was the reason why industry could developed faster and also promoted transportation.
