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The recession of 1937–1938 was an economic downturn that occurred during the Great Depression in the United States. By the spring of 1937, production, profits, and wages had regained their early 1929 levels. Unemployment remained high, but it was substantially lower than the 25% rate seen in 1933.
In 1937, the American economy unexpectedly fell, lasting through most of 1938. Production declined sharply, as did profits and employment. Unemployment jumped from 14.3% in 1937 to 19.0% in 1938. [70] A contributing factor to the Recession of 1937 was a tightening of monetary policy by the Federal Reserve.
It was argued that government should intervene by an increased taxation of the rich to help make income more equal. With the increased revenue the government could create public works to increase employment and 'kick start' the economy. In the U.S.A. the economic policies had been quite the opposite until 1932.
When Queen Elizabeth II of England asks a question, she gets answers.During a visit to the London School of Economics in November, the queen asked "How come nobody could forsee it? -- meaning ...
The recovery, however, was very slow. The nadir of the Great Depression was 1933, and recovery was rapid until the recession of 1938 proved a setback. There were no major new industries in the 1930s that were big enough to drive growth the way autos, electricity and construction had been so powerful in the 1920s. GDP surpassed 1929 levels in 1940.
The recession of 1937–1938, which slowed down economic recovery from the Great Depression, is explained by fears of the population that the moderate tightening of the monetary and fiscal policy in 1937 were first steps to a restoration of the pre-1933 policy regime.
The 1948 recession was a brief economic downturn; forecasters of the time expected much worse, perhaps influenced by the poor economy in their recent lifetimes. [62] The recession also followed a period of monetary tightening. [40] Recession of 1953: July 1953 – May 1954 10 months 3 years 9 months 6.1% (September 1954) −2.6%
That may be why there's a rabid interest in projecting when the next recession will come. The benefits of such a call vary. It can help, or hurt, political parties amid an election year. It can ...