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This economic panic in 1837 was caused by the interconnected global economic system that was present in the 1830s. The open economy allowed for Pennsylvania's financial crisis to be transmitted to other states. This caused monetary policies to be weakened and a panic spread throughout the Midwest. The hegemonic power of the United States government at this time had weak trade barriers, allowing for the spread of panic from Pennsylvania to Indiana, Ohio, and Illinois. This lack of regulation and free trade created an environment where banking crises could easily be transmitted across state lines.

https://www.ncpedia.org/panics-economic 0

https://economic-historian.com/2020/11/panic-of-1837/ 11

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