Routledge Dictionary of Economics, Second Edition
A fall in national output continuing for a few years. Over the past 200 years, there have been several depressions, especially in the nineteenth century, in the economies of Western countries. The term is often used loosely to refer to a period of extensive unemployment and business failures.
The start of the 1930s is usually cited as the major recent example of a depression in the strict sense.
See also: Great Depression; recession
References
Bernanke, B.S. (2000) Essays on the Great Depression, Princeton, NJ: Princeton University Press.
Hall, T.E. and Ferguson, J.D. (1998) The Great Depression: An international disaster of perverse economic policies, Ann Arbor: University of Michigan Press.
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