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An economic depression is a period of carried long-term economic downturn that is the result of lowered economic activity in one or more major national economies. It is often understood in economics that economic crisis and the following recession that may be named economic depression are part of economic cycles where the slowdown of the economy follows the economic growth and vice versa.
The Great Depression was a severe global economic downturn from 1929 to 1939 that affected many countries across the world. It became evident after a sharp decline in stock prices in the United States, the largest economy in the world at the time, leading to a period of economic depression. [1]
Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of the Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great ...
The Depression Dilemmas of Rural Iowa, 1929–1933 (University of Missouri Press, 2012) Rauchway, Eric. The Great Depression and the New Deal: A Very Short Introduction (2008) excerpt and text search; Roose, Kenneth D. "The Recession of 1937–38" Journal of Political Economy, 56#3 (1948), pp. 239–248 in JSTOR; Rose, Nancy.
The economy had a strong recovery following the recession. [33] 1923–1924 recession May 1923 – June 1924 1 year 2 months 2 years −25.4% −22.7% From the depression of 1920–1921 until the Great Depression, an era dubbed the Roaring Twenties, the economy was generally expanding. Industrial production declined in 1923–24, but on the ...
There is no official definition of a recession, according to the IMF. [3] In the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."
Whig cartoon showing the effects of unemployment on a family that has portraits of Democratic Presidents Andrew Jackson and Martin Van Buren on the wall. The Panic of 1837 was a financial crisis in the United States that began a major depression (not to be confused with the Great Depression), which lasted until the mid-1840s.
Golden Fetters: The gold standard and the Great Depression, 1919–1939. 1992. Feinstein. Charles H. The European Economy between the Wars (1997) Garraty, John A. The Great Depression: An Inquiry into the causes, course, and Consequences of the Worldwide Depression of the Nineteen-Thirties, as Seen by Contemporaries and in Light of History (1986)