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Early years of the Great Depression
The Great Contraction, as characterized by economist Milton Friedman, was the recessionary period from 1929 until 1933, i.e., the early years of the Great
Great_Contraction
Worldwide economic depression (1929–1939)
shareholder wealth, and more importantly, a monetary contraction of 35%, which they called "The Great Contraction". This caused a price drop of 33% (deflation)
Great_Depression
Period in American history, 1929–1939
caused the money supply to shrink and the economy to contract (the Great Contraction), resulting in a significant decline in aggregate investment. The
Great Depression in the United States
Great_Depression_in_the_United_States
a total of 12 FOMC members. Great Contraction Criticism of the Federal Reserve Political philosophy Timeline of the Great Depression Humphrey, Thomas
Causes of the Great Depression
Causes_of_the_Great_Depression
American economist and statistician (1912–2006)
severely. Friedman wrote extensively on the Great Depression, and he termed the 1929–1933 period the Great Contraction. He argued that the Depression had been
Milton_Friedman
1963 book by Milton Friedman and Anna Schwartz
chapter dealing with the causes of the Great Depression was published as a standalone book titled The Great Contraction, 1929–1933. Friedman and Schwartz were
A Monetary History of the United States
A_Monetary_History_of_the_United_States
Major stock market crash in the United States
portal Banking Act of 1935 Causes of the Great Depression Criticism of the Federal Reserve Great Contraction (1929–1933) List of largest daily changes
Wall_Street_crash_of_1929
Concept asserting ongoing stock market bubble
1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938
AI_bubble
Business cycle contraction
In economics, a recession is a business cycle contraction that occurs when there is a period of broad decline in economic activity. Recessions generally
Recession
Worldwide economic recession from 1873 to 1879
longest-lasting contraction identified by the NBER, eclipsing the Great Depression's 43 months of contraction. In the United States, from 1873 to 1879, 18,000 businesses
Long_Depression
Shortening of words or phrases
A contraction is a shortened version of the spoken and written forms of a word, syllable, or word group, created by omission of internal letters and sounds
Contraction_(grammar)
Period of rapid progress in AI
AI Arms Race Is Changing Everything". Time. "A Race to Extinction: How Great Power Competition Is Making Artificial Intelligence Existentially Dangerous"
AI_boom
United States financial crisis
exacerbated the recession into what became known as the Great Contraction and later the Great Depression. Failures occurred predominantly among state-chartered
Panic_of_1930
Early 1940s wage compression in the United States
The Great Compression refers to the period of substantial wage compression in the United States that began in the early 1940s. During that time, economic
Great_Compression
School of thought in monetary economics
argued that the Great Depression of the 1930s was caused by a massive contraction of the money supply (they deemed it "the Great Contraction"), and not by
Monetarism
Coldest recorded winter in Europe
The Great Frost, as it was known in England, or Le Grand Hiver ("The Great Winter"), as it was known in France, was an extraordinarily cold winter in Europe
Great_Frost_of_1709
American economist (born 1953)
from the Great Inflation to COVID-19 (Reprint ed.). W. W. Norton & Company. ISBN 978-1324064879. Causes of the Great Depression Great Contraction Greenspan
Ben_Bernanke
standard – Monetary system based on the value of gold Great Contraction – Early years of the Great Depression Murray Rothbard – American economist (1926–1995)
Criticism of the Federal Reserve
Criticism_of_the_Federal_Reserve
production, and increases state tax revenues. 1930s Causes of the Great Depression Great Contraction Interwar period, worldwide International relations (1919–1939)
Timeline of the Great Depression
Timeline_of_the_Great_Depression
History of railways in Great Britain between 1830 and 1922
The history of rail transport in Great Britain 1830–1922 covers the period between the opening of the Liverpool and Manchester Railway (L&MR), and the
History of rail transport in Great Britain 1830–1922
History_of_rail_transport_in_Great_Britain_1830–1922
Aspect of the topic
The Great Depression in the United Kingdom also known as the Great Slump, was a period of national economic downturn in the 1930s, which had its origins
Great Depression in the United Kingdom
Great_Depression_in_the_United_Kingdom
American economist (1915–2012)
Depression-related chapter of A Monetary History was titled "The Great Contraction" and was republished as a separate book in 1965. Some editions include
Anna_Schwartz
as a result of the surging gold price. Because of the severe economic contraction, the reduction of purchasing goods, employers couldn't afford to keep
Great_Depression_in_Australia
Election of Franklin D. Roosevelt
United States (1917–1945) Timeline of the Great Depression Causes of the Great Depression Great Contraction First inauguration of Franklin D. Roosevelt
1932 United States presidential election
1932_United_States_presidential_election
2008. Retrieved February 29, 2008. "NBER Business Cycle Expansions and Contractions". NBER. Retrieved October 1, 2008. Moore, Geoffrey H.; Zarnowitz, Victor
List of recessions in the United States
List_of_recessions_in_the_United_States
Impact of the worldwide economic depression in Canada
The worldwide Great Depression of the early 1930s was a social and economic shock that left millions of Canadians unemployed, hungry and often homeless
Great_Depression_in_Canada
1930s programs of U.S. president Franklin D. Roosevelt
decreased by one third, which economist Milton Friedman later called the Great Contraction. Prices fell by 20%, causing deflation that made repaying debts much
New_Deal
Decrease in the general price level
since 1938. Causes of the Great Depression Debt deflation Degrowth Depopulation Economic inequality Glut Great Contraction Inflation targeting Kondratiev
Deflation
Tech stock speculative craze, c. 1995–2003
the bubble burst, said about the dot-com bubble: A friend of mine has a great line. He says "Nothing important has ever been built without irrational
Dot-com_bubble
Shortage of gold and silver in 15th-century Europe
The Great Bullion Famine was a shortage of precious metals that struck Europe in the 15th century, with the worst years of the famine being 1457 to 1464
Great_Bullion_Famine
Economies of South Korea, Taiwan, Singapore and Hong Kong
November 2025. Lind, Jennifer (August 2023). "Authoritarian Adaptation and Great Power Competition". Henry A. Kissinger Center for Global Affairs. Johns
Four_Asian_Tigers
The Seven Years' War (1756-1763) brought great financial burdens on Great Britain, Kingdom of Prussia, Austria, France, and Sweden. The costs of fighting
Financial costs of the Seven Years' War
Financial_costs_of_the_Seven_Years'_War
The railway system of Great Britain started with the building of local isolated wooden wagonways starting in the 1560s. A patchwork of local rail links
History of rail transport in Great Britain
History_of_rail_transport_in_Great_Britain
Industrial shift to information technology
type printing press by Johannes Gutenberg. The Industrial Age began in Great Britain in 1760 and continued into the mid-19th century. The invention of
Information_Age
The Great Depression in India was a period of economic depression in the Indian subcontinent, then under the British Raj. Beginning in 1929 in the United
Great_Depression_in_India
European economic recession
reported a contraction in GDP of 1.5 percent, its first economic contraction since it began reporting by quarter and first recorded contraction since 1983
Great_Recession_in_Europe
Global stock market crash
severity sparked fears of extended economic instability or a reprise of the Great Depression. Possible explanations for the initial fall in stock prices include
Black_Monday_(1987)
1992 UK financial crisis
1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938
Black_Wednesday
Major economic downturn in the United States
of economic historians believe the Great Recession was the second worst contraction in US history, after the Great Depression. Some economists, including
Great Recession in the United States
Great_Recession_in_the_United_States
Regional financial crisis that struck East and Southeast Asia in 1997–1998
funding aggressive expansions. During that time, there was a haste to build great conglomerates to compete on the world stage. Many businesses ultimately
1997_Asian_financial_crisis
parities causing deflationary pressures and the Great Contraction through tight monetary policy, causing the Great Depression. Credit theory of money Radical
The_End_of_Alchemy
increased to 37% of GDP. The deficit continued to grow and, following the Great Recession beginning in early 2008, both government borrowing and the national
History of the British national debt
History_of_the_British_national_debt
Phenomenon in economies of developed nations since the mid-1980s
panic, and the great contraction." Journal of the European Economic Association 8.2-3 (2010): 289-325 online. Bernanke, Ben. (2004) "The great moderation"
Great_Moderation
Government management of money
Bretton Woods system Causes of the Great Depression Credit theory of money Criticism of the Federal Reserve Great Contraction Imperial minting ordinance Imperial
Monetary_system
1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938
List_of_recessions_in_Canada
19th-century economic revolution in the United States
1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938
Market_Revolution
Practice of lowering the intrinsic value of coins
Franklin Jameson. New York: Macmillan. pp. 165–171. Retrieved 26 June 2017. Great Britain. Treasury. Information Division (1986). Economic Progress Report
Debasement
16th-century English currency policy
The Great Debasement (1544–1551) was a currency debasement policy introduced in 1544 England under the order of Henry VIII which saw the amount of precious
The_Great_Debasement
located far from coal deposits, and so were shipped to ports on the southern Great Lakes that were closer to the coal mines of Pennsylvania, Ohio, Indiana
History of the iron and steel industry in the United States
History_of_the_iron_and_steel_industry_in_the_United_States
the Industrial Revolution began to transform Britain; by the time of the Great Exhibition in 1851 the country was described as the "workshop of the world"
Economy_of_the_British_Empire
Informal economic term
1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938
Economic_miracle
Government finance
activity naturally recedes, reinforcing collapse. Economists would say that contraction is "sticky," on the downside. Thus, deflation was a far bigger threat
Debt_monetization
American physician (1852–1943)
has been shown by extensive observation among the Jews that very great contraction of the meatus, or external orifice of the urethra, is exceedingly
John_Harvey_Kellogg
Type of regulation on commercial banks
Financial repression Fractional-reserve banking Full-reserve banking Great Contraction Islamic banking Monetary policy of central banks Money creation Money
Reserve_requirement
Natural rate of unemployment, Sequential analysis, Helicopter money, Great Contraction, Friedman rule, Friedman–Savage utility function, Friedman test 1977
List of Nobel Memorial Prize laureates in Economic Sciences
List_of_Nobel_Memorial_Prize_laureates_in_Economic_Sciences
1760–1840 agrarian to industrial era shift
processes, succeeding the Second Agricultural Revolution. Beginning in Great Britain around 1760, the Industrial Revolution had spread to continental
Industrial_Revolution
GDP. Decreased tax revenues and spending on social programs during the Great Depression increased the debt and by 1936, the public debt had increased
History of the United States public debt
History_of_the_United_States_public_debt
Global financial crisis
to the Fed's meeting in February, many investors weren't expecting a contraction. In fact, five years earlier, the Fed's decision to keep short-term interest
1994_bond_market_crisis
18th-century British company involved in a major financial scandal
charter, was promoted by the South Sea Company itself before its collapse. In Great Britain, many investors were ruined by the share-price collapse, and as
South_Sea_Company
1918–1939 period between the world wars
populations in the first world. The era's indulgences were followed by the Great Depression, an unprecedented worldwide economic downturn that severely damaged
Interwar_period
Balance-of-payments crisis in India
1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938
1991_Indian_economic_crisis
History of British rail transport since 1995
The period from 1995 covers the history of rail transport in Great Britain following the privatisation of British Rail. During this period, passenger
History of rail transport in Great Britain 1995 to date
History_of_rail_transport_in_Great_Britain_1995_to_date
Economies of the five dominant countries in Southeast Asia
1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938
Tiger_Cub_Economies
Method of determining when the economy has entered a recession
1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938
Sahm_rule
The history of rail transport in Great Britain to 1830 covers the period up to the opening of the Liverpool and Manchester Railway, the world's first
History of rail transport in Great Britain to 1830
History_of_rail_transport_in_Great_Britain_to_1830
Percentage of a sum of money charged for its use
1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938
Interest_rate
expansion in Canada, coming on the heels of three consecutive quarters of contraction. March growth came in at 0.6%, ahead of the 0.5% estimate. 215,900 new
Great Recession in the Americas
Great_Recession_in_the_Americas
1933 U.S. executive order prohibiting the hoarding of gold currency
pertaining to silver, signed in 1934 Fiat money Gold Gold Clause Cases Great Contraction Gold Standard Richardson, Gary. "Roosevelt's Gold Program". Federal
Executive_Order_6102
Global oil shortage due to geopolitics
Money. Retrieved 2 November 2009. "NBER Business Cycle Expansions and Contractions". NBER. Archived from the original on 2007-07-05. Retrieved 2008-10-01
1970s_energy_crisis
Biological tissue that allows movement
nervous system, albeit not engaging cortical structures until after the contraction has occurred.[citation needed] The different muscle types vary in their
Muscle
Rail transport in Great Britain between 1923 and 1947
The history of rail transport in Great Britain 1923–1947 covers the period when the British railway system was run by the Big Four group of companies
History of rail transport in Great Britain 1923–1947
History_of_rail_transport_in_Great_Britain_1923–1947
Worldwide increase in crude oil prices following the Iranian Revolution
Jean-Charles (2010). U.S. Officials and the Fall of the Shah: Some Safe Contraction Interpretations. Lexington Books. ISBN 978-0-7391-3340-8. "1979: Shah
1979_oil_crisis
1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938
Early 1990s recession in the United States
Early_1990s_recession_in_the_United_States
Rapid fall in security prices within a very short time period
1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938
Flash_crash
Financial situation where credit/loans become less available/obtainable
suggesting that borrowers are or were less creditworthy can lead to a sudden contraction of credit. Other causes can include an anticipated decline in the value
Credit_crunch
Commodity price increases following the COVID-19 pandemic
1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938
2020s_commodities_boom
1701–1714 European great power conflict
The War of the Spanish Succession, 1701 to 1714, was a European great power conflict, caused by the death of Charles II of Spain in November 1700 without
War_of_the_Spanish_Succession
The history of rail transport in Great Britain 1948–1994 covers the period when the British railway system was nationalised under the name of 'British
History of rail transport in Great Britain 1948–1994
History_of_rail_transport_in_Great_Britain_1948–1994
Engineering prowess, especially in communication and transportation, made Great Britain the leading industrial powerhouse and trading nation of the world
Economy, industry, and trade of the Victorian era
Economy,_industry,_and_trade_of_the_Victorian_era
Type of economic bubble
1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938
Real-estate_bubble
While beginning in the United States, the Great Recession (late 2000s and early 2010s) spread to Asia rapidly and has affected much of the region. In
Great_Recession_in_Asia
The Great Recession in Oceania was the great recession of the late 2000s and early 2010s in Oceania. The Oceanic countries suffered minimal impact during
Great_Recession_in_Oceania
Washington, D.C. had a Whiggish vision of an industrialized country, with great cities, efficient factories, productive farms, all national banks, all knit
Economic history of the American Civil War
Economic_history_of_the_American_Civil_War
Economic depression in 15th century England
The Great Slump was an economic depression that occurred in England from the 1430s to the 1480s. The Great Slump occurred in England between approximately
Great_Slump_(15th_century)
Financial crisis leading to economic depression in Europe and North America
[citation needed] A series of Viennese bank failures ensued, causing a contraction of the money available for business lending. One of the more famous people
Panic_of_1873
2010s–present technological convergence era
wireless technologies, 3D printing, and fully autonomous vehicles. In The Great Reset proposal by the WEF, The Fourth Industrial Revolution is included
Fourth_Industrial_Revolution
Global stock market crash
investors, declaring on social media: "my policies will never change. This is a great time to get rich, richer than ever before!!!" Treasury Secretary Scott Bessent
2025_stock_market_crash
Periods of currency instability
dollar by repeatedly arranging the printing of further banknotes, often at great expense from overseas suppliers. On 1 March 2008, it was reported that documents
Hyperinflation_in_Zimbabwe
19th-century United States financial crisis
unemployment (such as was used 100 years later by Roosevelt during The Great Depression), was accused by his opponents of contributing further to the
Panic_of_1837
Interest rate without adjusting for inflation
1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938
Nominal_interest_rate
18th century period of speculative canal building in the United Kingdom
1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938
Canal_Mania
1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938
List of recessions in the United Kingdom
List_of_recessions_in_the_United_Kingdom
High inflation, low economic growth, and high unemployment
services (often at the wholesale level). In technical terms, this leads to contraction or negative shift in an economy's aggregate supply curve. In the resource
Stagflation
American gold panic
planted by Gould and Fisk. Boutwell countermanded his own order to sell a great deal of gold, suspending non-routine Treasury gold sales for the rest of
Black_Friday_(1869)
Sudden widespread decline of stock prices
before finally bottoming out in July 1932. The crash was followed by the Great Depression, the worst economic crisis of modern times, which plagued the
Stock_market_crash
European selloff of American securities following the outbreak of WWI
The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy" (PDF). Museum of American Finance. Roberts, Richard. "The Great Financial
Financial_crisis_of_1914
Significant surplus of crude oil
1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938
1980s_oil_glut
International recession in 1890
Economics Kris James Mitchener (September 2006). "The Baring Crisis and the Great Latin American Meltdown of the 1890s" (PDF). Santa Clara University and
Baring_crisis
only a small portion being conscripted. After the long struggle of the Great Depression of the 1930s, the challenges of the Second World War accelerated
Canada_in_World_War_II
Opening of land to settlers in U.S. history
1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938
Land_run
travel, tourism, insurance
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travel, tourism, insurance