Editing Long Depression (section)

===United Kingdom===
{{Self-contradictory|othersection|talksection=Contradiction re UK|date=January 2018}}
{{further|Great Depression of British Agriculture}}
The United Kingdom, which had previously experienced crises every decade since the 1820s, was initially less affected by this financial crisis, even though the [[Bank of England]] kept interest rates as high as 9 percent in the 1870s.<ref name="cycles-4"/>

The 1878 failure of the [[City of Glasgow Bank]] in Scotland arose through a combination of fraud and speculative investments in Australian and New Zealand companies (agriculture and mining) and in American railroads. 

Building on an [[Land War#Irish Land Act 1870|1870 reform]], and the [[Irish Famine (1879)|1879 famine]], thousands of Irish [[tenant farmer]]s affected by depressed producer prices and high rents launched the [[Land War]] in 1879, which resulted in the reforming [[Irish Land Acts]].