Economists who adhere to Keynesian economic theory suggest that the Panic of 1819 was the early Republic's first experience with the boom-bust cycles common to all modern economies. Clyde Haulman, Professor of Economics at the College of William and Mary, argues that the Panic was partly caused by a decision to call in loans of the Second Bank of the US. Combined with the issue of the depression and overspeculation, the Panic marked the beginning of a new phase of American economic history, in which mature market institutions would continue to move cyclically from boom to bust.