▁industry . ▁Publish ers ▁who ▁followed ▁the ▁Rom antic - era ▁trad itions ▁of ▁offering ▁authors ▁hand some ▁adv ances ▁were ▁often ▁in ▁deb t ▁to ▁banks ▁and ▁other ▁credit ors , ▁and ▁this ▁practice ▁left ▁them ▁vulner able ▁during ▁the ▁crisis . ▁Like ▁many ▁business es , ▁many ▁major ▁publishing ▁houses ▁were ▁forced ▁to ▁declare ▁bank rupt cy . ▁Old er ▁publish ers ▁such ▁as ▁John ▁Murray , ▁Const able ▁and ▁Ball ant y ne , ▁Hur st ▁and ▁Robinson , ▁and ▁Taylor ▁and ▁H esse y ▁suffered ▁during ▁the ▁crisis , ▁and ▁some ▁even ▁col lapsed ▁entirely . ▁ ▁The ▁set back ▁of ▁the ▁established ▁publishing ▁houses ▁allowed ▁newer ▁and ▁less - re put able ▁publish ers ▁to ▁change ▁the ▁market . ▁High ▁end ▁works ▁were ▁in ▁decl ining ▁demand , ▁but ▁the ▁market ▁for ▁che aper ▁produ ctions , ▁pam ph lets , ▁and ▁children ' s ▁books ▁was ▁rapidly ▁developing . ▁Sm aller ▁publish ers ▁bought ▁up ▁the ▁stock s ▁of ▁their ▁former ▁compet itors ▁at ▁a ▁disc ount ▁and ▁issued ▁cheap ▁ed itions . ▁This ▁led ▁to ▁a ▁demand ▁for ▁cheap ▁fiction ▁and ▁inspired ▁the ▁tr end ▁of ▁serial ization . ▁ ▁Reg ulation ▁The ▁crisis ▁of ▁ 1 8 2 5 , ▁although ▁it ▁did ▁sh ake ▁public ▁confidence , ▁did ▁not ▁destroy ▁the ▁market ▁but ▁ultimately ▁worked ▁to ▁strength en ▁and ▁central ize ▁it . ▁ ▁Many ▁believed ▁at ▁the ▁time ▁that ▁the ▁crash , ▁along ▁with ▁a ▁series ▁of ▁subsequent , ▁less ▁serious ▁cr ises