Looking into a Distant Mirror: The 1870s

Abstract

This article examines the financial dislocations that were occurring at the time of the iconic Edgar Degas 1873 painting, “The Cotton Exchange at New Orleans” and draws parallels to financial events of the 21st century. One can find some potentially useful historical lessons to draw on from that era. The article concludes that there is much to learn from the 1870s, whether it is (a) in how to anticipate financial dislocations, or (b) in how to avoid social disruptions that have historically followed financial dislocations, or (c) in how to persevere amidst adverse economic conditions.