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The NBER defines an expansion as a period when economic activity rises substantially, spreads across the economy, and typically lasts for several years. [1] During the 19th century, the United States experienced frequent boom and bust cycles. This period was characterized by short, frequent periods of expansion, typically punctuated by periods ...
Therefore, expenditure on imported goods and services falls during a recession and rises during an economic expansion or boom. [54] Import expenditures are commonly considered to be procyclical and cyclical in nature, coincident with the business cycle. [54]
The upheaval associated with the transition from a wartime to peacetime economy contributed to a depression in 1920 and 1921. The Depression of 1920–1921 was a sharp deflationary recession in the United States, United Kingdom and other countries, beginning 14 months after the end of World War I. It lasted from January 1920 to July 1921. [1]
The impact of the boom would extend beyond Miami and southern Florida. Tampa saw growth during this period as well, but had a more diversified economy than Miami which included manufacturing and tourism. Miami's economy was primarily based on tourism despite failed attempts during the 1920s to diversify the city economically. [13]
Hans Sennholz argued that most boom and busts that plagued the American economy, such as those in 1819–20, 1839–1843, 1857–1860, 1873–1878, 1893–1897, and 1920–21, were generated by government creating a boom through easy money and credit, which was soon followed by the inevitable bust.
Four businessmen were emblematic of the 1920s and 30s boom years – H. Roy Cullen, H. L. Hunt, Sid W. Richardson, and Clint Murchison. [123] Cullen was a self-educated cotton and real-estate businessman who moved to Houston in 1918 and soon began oil prospecting. [ 124 ]
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 ...
The psychological damage inflicted by the stupifying bombardments of World War I was called shell shock, a term that aptly described the feeling of the post-war world.This program illustrates America's reluctant emergence as a world power and analyzes the impact of the wholesale sense of loss – of life, of husbands and fathers, and of sacred ideals such as honor, patriotism, and glory ...
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