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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.
Bank run on the Seamen's Savings Bank during the panic of 1857. There have been as many as 48 recessions in the United States dating back to the Articles of Confederation, and although economists and historians dispute certain 19th-century recessions, [1] the consensus view among economists and historians is that "the [cyclical] volatility of GNP and unemployment was greater before the Great ...
Indian economic crash of 1865; Panic of 1866, was an international financial downturn that accompanied the failure of Overend, Gurney and Company in London; Great depression of British agriculture (1873–1896) Long Depression (1873–1896) Panic of 1873, a US recession with bank failures, followed by a four-year depression; Depression of 1882 ...
Economic collapse, also called economic meltdown, is any of a broad range of poor economic conditions, ranging from a severe, prolonged depression with high bankruptcy rates and high unemployment (such as the Great Depression of the 1930s), to a breakdown in normal commerce caused by hyperinflation (such as in Weimar Germany in the 1920s), or even an economically caused sharp rise in the death ...
Iceland fell into an economic depression in 2008 following the collapse of its banking system (see 2008–2011 Icelandic financial crisis). By mid-2012 Iceland is regarded as one of Europe's recovery success stories largely as a result of a currency devaluation that has effectively reduced wages by 50%--making exports more competitive. [129]
The Panic of 1893 was an economic depression in the United States. It began in February 1893 and officially ended eight months later, but the effects from it continued to be felt until 1897. [ 1 ] It was the most serious economic depression in history until the Great Depression of the 1930s.
The term "The Great Depression" is most frequently attributed to British economist Lionel Robbins, whose 1934 book The Great Depression is credited with formalizing the phrase, [230] though Hoover is widely credited with popularizing the term, [230] [231] informally referring to the downturn as a depression, with such uses as "Economic ...
This is the most severe of the different shapes of recession. Alternative terms for long periods of underperformance include "depression" and "lost decade"; compare also "malaise". A classic example of an L-shaped recession occurred in Japan following the bursting of the Japanese asset price bubble in 1990. From the end of World War II ...