Post–World War I recessionThe post–World War I recession was an economic recession that hit much of the world in the aftermath of World War I. In many nations, especially in North America, economic growth continued and even accelerated during World War I as nations mobilized their economies to fight the war in Europe. After the war ended, the global economy began to decline. In the United States, 1918–1919 saw a modest economic retreat, but the second part of 1919 saw a mild recovery.
Great DepressionThe Great Depression was a severe global economic downturn from 1929 to 1939. The period was marked by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States, the largest economy in the world, with the devastating Wall Street crash of 1929 often considered the beginning of the Depression.
DeflationIn economics, deflation is an increase in the real value of the monetary unit of account, as reflected in a decrease in the general price level of goods and services exchanged, measurable by broad price indices. Deflation is a monetary phenomenon, explainable in terms of changes in money supply and velocity relative to spending on output.
RecessionBusiness cycle contractionIn economics, a recession is a business cycle contraction that occurs when there is a period of broad decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock, the bursting of an economic bubble, or a large-scale anthropogenic or natural disaster (e.g. a pandemic).
Panic of 1907The Panic of 1907, also known as the 1907 Bankers' Panic or Knickerbocker Crisis, was a financial crisis that took place in the United States over a three-week period starting in mid-October, when the New York Stock Exchange suddenly fell almost 50% from its peak the previous year. The panic occurred during a time of economic recession, and there were numerous runs affecting banks and trust companies.
World War IGlobal conflict from 1914 to 1918BelligerentsAllied Powers: France United Kingdom and Empire:Australia Canada Ceylon EgyptNewfoundlandNew Zealand India South Africa Russia (until 1917) Italy (from 1915) United States(from 1917) Japanand others ...Central Powers: GermanyAustria-HungaryOttoman Empire Bulgaria (from 1915)and others ...Commanders and leadersCasualties and losses 15–22 million deaths (military and civilian)World War I, or the First World War (28 July 1914 – 11 November 1918), also known as the Great War, was a global conflict between two coalitions: the Allies (or Entente) and the Central Powers.
Milton FriedmanMilton Friedman (; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy.
Fiscal policyIn economics and political science, fiscal policy is the use of government revenue collection (taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables developed in reaction to the Great Depression of the 1930s, when the previous laissez-faire approach to economic management became unworkable.
Roaring TwentiesThe Roaring Twenties, sometimes stylized as Roaring '20s, refers to the 1920s decade in music and fashion, as it happened in Western society and Western culture. It was a period of economic prosperity with a distinctive cultural edge in the United States and internationally, particularly in major cities such as Berlin, Buenos Aires, Santiago, Chicago, London, Los Angeles, Mexico City, New York City, Paris, and Sydney.
Spanish fluThe 1918–1920 flu pandemic, also known as the Great Influenza epidemic or by the misleading name Spanish flu, was an exceptionally deadly global influenza pandemic caused by the H1N1 subtype of the influenza A virus. The earliest probable cases were documented in March 1918 in Haskell County, Kansas, United States, with further cases recorded in France, Germany and the United Kingdom in April.Monetary policyPolicy of interest rates or money supplyMonetary policy is the policy adopted by the monetary authority of a nation to affect monetary and other financial conditions to accomplish broader objectives like high employment and price stability (normally interpreted as a low and stable rate of inflation). Further purposes of a monetary policy may be to contribute to economic stability or to maintain predictable exchange rates with other currencies.
Wall Street crash of 1929The Wall Street crash of 1929, also known as the Great Crash, was a major stock market crash in the United States which began in October1929 with a sharp decline in prices on the New York Stock Exchange (NYSE).
Trade unionOrganisation of workers with common goalsA trade union (British English) or labor union (American English), often simply referred to as a union, is an organization of workers whose purpose is to maintain or improve the conditions of their employment, such as attaining better wages and benefits, improving working conditions and safety standards, establishing complaint procedures, developing rules governing the status of employees (including rules on promotions and just-cause conditions for termination), and protecting and increasing the bargaining power of workers.*As an Amazon Associate I earn from qualifying purchases.