Measured by its impact on global economic output, the recession that had engulfed the world by the end of 2008 figured to be sharper than any other since the Great Depression. The two periods of hard times had little else in common, however; the Depression started in the manufacturing sector, while the current crisis had its origins in the financial sector. Perhaps a more apt comparison could be found in the Panic of 1873. Then, as in 2008, a real estate boom (in Paris, Berlin, and Vienna, rather than in the U.S.) went sour, loosing a cascade of misfortune. The ensuing collapse lasted four years.
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