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The Great Panic of 1908 was a massive economic collapse in England in 1908, which was caused by the precipitous drop in stock value after a negative growth season in England's various colonies during the summer. The London Stock Exchange shed over half its value over the course of a week before reaching a temporary bottom, followed by factory closings, a run on the bank, food rationing and the near-collapse of the English economy. The Panic of 1908 and the ensuing raft of unemployment, depletion of food resources and the hellish winter of 1908-09 is directly attributed to the continued decline of the English economy and the subsequent Revolution of 1909.