What is titanic contraction?

Titanic contraction refers to the economic crisis and recession that occurred after the sinking of the Titanic in 1912. The event had a profound impact on global economic stability, as the loss of jobs, investment, and trade caused a significant decline in consumer confidence and market growth. The contraction coincided with other economic and political events of the time, such as the Balkan Wars, and contributed to a wider sense of instability across Europe and North America. Although the Titanic tragedy is now seen as a seminal event in popular culture, it is also remembered for its economic impact and the prolonged period of uncertainty that followed.