In the absence of central bank and other public policy actions, the immediate impact of the crisis on pension funds would have been far worse. Indeed, a repeat of the Great Depression was avoided.
Similarly, with Germany under Bismarck and most notably the United States of America, which was created from thirteen former colonies. Such was the case of Italy under Garibaldi. Customs Unions were formed by the new states to protect their embryonic manufacturing sectors while actively trying to compete in export markets.