Great Depression Vs. The Recession Essay

Great Depression Vs. The Recession Essay-79
The relative optimism of 1930s Americans was undergirded by what today would be regarded as "socialistic" tendencies.Even if only a tiny fraction were ready to describe themselves politically as "socialist," those surveyed after the 1936 election said they supported Roosevelt, architect of the New Deal's expansive programs, over his GOP opponent, Alfred Landon, by more than two-to-one.The United States hasn’t had anything even close to a depression in the post-war period.

The relative optimism of 1930s Americans was undergirded by what today would be regarded as "socialistic" tendencies.Even if only a tiny fraction were ready to describe themselves politically as "socialist," those surveyed after the 1936 election said they supported Roosevelt, architect of the New Deal's expansive programs, over his GOP opponent, Alfred Landon, by more than two-to-one.The United States hasn’t had anything even close to a depression in the post-war period.

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By this definition, the average recession lasts about a year.

Before the Great Depression of the 1930s, any downturn in economic activity was referred to as a depression.

Second, by using quarterly data this definition makes it difficult to pinpoint when a recession begins or ends.

This means that a recession that lasts ten months or less may go undetected.

The Business Cycle Dating Committee at the National Bureau of Economic Research (NBER) provides a better way to find out if there is a recession is taking place.

This committee determines the amount of business activity in the economy by looking at things like employment, industrial production, real income and wholesale-retail sales.But 46% had no telephone, 43% lacked a car, and 38% still preferred the old black-and-white movie variety to color.Perhaps more relevant are some striking differences in economic outlook and preference.Countries such as Finland and Indonesia have suffered depressions in recent memory using this definition. They're unhappy with their economic prospects, convinced the country is headed in the wrong direction, upset with the federal government, and equally annoyed at Congress. After the worst economic downturn since the Depression, who wouldn't be this gloomy? According to a trove of early Gallup surveys compiled by the Roper Center, Americans in the 1930s were not nearly as down on government as we are today.They define a recession as the time when business activity has reached its peak and starts to fall until the time when business activity bottoms out.When the business activity starts to rise again it is called an expansionary period.In the 1930s there was the TVA--but no TV, and, of course, no Internet.More than half of the predominately-male, overwhelmingly-white sample surveyed in a series of polls in 1936-37 by the then-new Gallup organization had average incomes or better.The term recession was developed in this period to differentiate periods like the 1930s from smaller economic declines that occurred in 19.This leads to the simple definition of a depression as a recession that lasts longer and has a larger decline in business activity.

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