Panic of 1857 in the context of "Ohio Life Insurance and Trust Company"

The Grundrisse der Kritik der Politischen Ökonomie (Rohentwurf) (German: [ˈɡʁʊntˌʁɪsə]; lit. "Foundations/Outlines of the Critique of Political Economy (Rough Draft)") is a lengthy, unfinished manuscript written by Karl Marx in the winter of 1857–1858. Comprising seven notebooks of economic studies, the work represents the first major draft of Marx's critique of political economy and is widely considered the preparatory work for his magnum opus, Das Kapital. The text was written for self-clarification during the Panic of 1857, and remained unpublished during his lifetime. A first edition was published in German in Moscow in 1939 and 1941, but the work only became widely available and influential in the 1960s and 1970s; a full English translation appeared in 1973.

The manuscript's scope is vast, covering all six sections of Marx's intended economic project. It explores key themes such as alienation, the nature of capital as a self-expanding process or "value in motion," and an analysis of pre-capitalist economic forms. It contains the well-known "Fragment on Machines," in which Marx analyses the effects of automation, foreseeing a point where social knowledge becomes a direct productive force, a concept he termed the "general intellect." The work also outlines the dialectical method Marx considered "scientifically correct," which proceeds from simple abstract categories to an understanding of the concrete world as a "rich totality of many determinations and relations."

The origins of the American Civil War were rooted in the desire of the Southern states to preserve and expand the institution of slavery. Historians in the 21st century overwhelmingly agree on the centrality of slavery in the conflict, but they disagree on the North's reasons for refusing to allow the Southern states to secede. The negationist Lost Cause ideology denies that slavery was the principal cause of the secession, a view disproven by historical evidence, notably some of the seceding states' own secession documents. After leaving the Union, Mississippi issued a declaration stating, "Our position is thoroughly identified with the institution of slavery—the greatest material interest of the world."

Background factors in the run up to the Civil War were partisan politics, abolitionism, nullification versus secession, Southern and Northern nationalism, expansionism, economics, and modernization in the antebellum period. As a panel of historians emphasized in 2011, "while slavery and its various and multifaceted discontents were the primary cause of disunion, it was disunion itself that sparked the war."

There have been as many as 48 recessions in the United States dating back to the Articles of Confederation, and although economists and historians dispute certain 19th-century recessions, the consensus view among economists and historians is that "the [cyclical] volatility of GNP and unemployment was greater before the Great Depression than it has been since the end of World War II." Cycles in the country's agricultural production, industrial production, consumption, business investment, and the health of the banking industry contribute to these declines. U.S. recessions have increasingly affected economies on a worldwide scale, especially as countries' economies become more intertwined.

The unofficial beginning and ending dates of recessions in the United States have been defined by the National Bureau of Economic Research (NBER), an American private nonprofit research organization. The NBER defines a recession as "a significant decline in economic activity spread across the economy, lasting more than two quarters which is 6 months, normally visible in real gross domestic product (GDP), real income, employment, industrial production, and wholesale-retail sales".

SS Central America, known as the Ship of Gold, was a 280-foot (85 m) sidewheel steamer that operated between Central America and the East Coast of the United States during the 1850s. She was originally named the SS George Law, after George Law of New York. The ship sank in a hurricane in September 1857, along with 425 of her 578 passengers and crew and 30,000 pounds (13,600 kg) of gold, contributing to the Panic of 1857.