What economic event marked the beginning of a worldwide recession and was associated with the failure of J.Cook and Co.?

The Panic of 1873 is considered the event that marked the beginning of a worldwide recession, often referred to as the Long Depression. This financial turmoil originated in the United States and was closely linked to the failure of the banking firm J. Cooke & Company, which had heavily invested in railroad construction. When it declared bankruptcy in September 1873, it triggered a financial panic that led to a series of bank failures and a steep decline in investments, causing widespread economic distress.

The Panic of 1873 set off a prolonged period of economic stagnation, impacting not only the U.S. economy but also those of Europe and other regions due to interconnected financial systems. This resulted in high unemployment rates and significant hardship for many workers and families. The repercussions were felt for years, leading many historians to label the period that followed as the Long Depression, a term that underscores the extended nature of the economic downturn.

While the Great Depression and the Economic Crash of 1893 also represent significant economic crises in U.S. history, the Panic of 1873 is specifically tied to the events surrounding J. Cooke & Co., making it the most accurate choice within the context of the question.