The Panic of 1796–1797 in Britain and the US
Poets involved
What happened
The Panic of 1796–1797 in Britain and the United States was triggered by a sudden collapse in speculative land investments, leading to a commercial credit crunch. This financial turmoil resulted in the Bank Restriction Act of 1797, which allowed banks to suspend cash payments, reflecting the government's response to stabilize the economy. The panic underscored the interconnectedness of financial markets and the potential for rapid economic downturns.
Literary impact
Directly influenced the first generation of English Romantic poets; William Wordsworth and Samuel Taylor Coleridge began writing verses focusing on rural displacement and the cold mechanical nature of trade. Their works often reflected a longing for nature and a critique of industrialization's impact on society.
Source: Wikipedia
