 The economic depression of 1873 hit Morgan hard, resulting in 15 months of unemployment.This systemic economic failure made a particular impact upon Morgan, causing him to turn to the ideas of socialism in his effort to understand the crisis.Morgan joined the Social Democratic Workingmen's Party of North America in 1876 and continued membership in its successor organization, the Workingmen's Party of the United States, which had changed its name to the Socialist Labor Party of America before the decade was out.