What caused the econimic downturns in the late 1800s?

The economic downturns in the late 1800s were largely caused by a combination of factors, including over-speculation in railroads and other industries, leading to financial collapses such as the Panic of 1893. Additionally, deflationary pressures due to a gold-standard monetary policy restricted the money supply, exacerbating the economic struggles. Agricultural overproduction and falling prices also contributed to widespread financial distress among farmers and rural communities. These factors collectively led to significant unemployment and economic instability during this period.