Every dog with a PhD and a blog has been comparing the current crisis ("what crisis?" you ask---this one) to the Great Depression. In steps Scott Reynolds Nelson to say No, wrong there lads and lasssies, it's the panic of 1873 you should be looking at for instruction, education, and enlightenment. The article is short, jargon free, and well written, and so perfect for students of EC4004 who will be imbibing the current crisis every which way over the next 6 weeks. Hat tip for Mr Ronan Lyons for the link.
In the end, the Panic of 1873 demonstrated that the center of gravity for the world's credit had shifted west — from Central Europe toward the United States. The current panic suggests a further shift — from the United States to China and India. Beyond that I would not hazard a guess.