This chapter discusses four major financial crises that broke out in the core industrial countries from the late 19th century to the Second World War: the Baring Crisis of 1890 in Britain, and the American Panic of 1907 in the United States, both with international repercussions; the Financial Crisis of July–August 1914, in all the leading financial centres; and the financial crises of the Great Depression, between 1929 and 1933. These four crises hit the advanced economies hardest during what has come to be known as the first globalization, an era that started around 1880 and ended with the Great Depression of the 1930s.
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