Great Depression Warning: You are not logged in. Your IP address will be publicly visible if you make any edits. If you log in or create an account, your edits will be attributed to your username, along with other benefits.Anti-spam check. Do not fill this in! ==Naming== {{Further|Economic depression}} The term "The Great Depression" is most frequently attributed to British economist [[Lionel Robbins]], whose 1934 book ''The Great Depression'' is credited with formalizing the phrase,<ref name="hnn">{{cite web|url=https://hnn.us/articles/61931.html|title=When Did the Great Depression Receive Its Name? (And Who Named It?) β History News Network|website=hnn.us|access-date=February 18, 2022|archive-date=January 9, 2022|archive-url=https://web.archive.org/web/20220109204651/http://hnn.us/articles/61931.html|url-status=live}}</ref> though Hoover is widely credited with popularizing the term,<ref name="hnn"/><ref>William Manchester, ''The Glory and the Dream: A Narrative History of America, 1932β1972''.</ref> informally referring to the downturn as a depression, with such uses as "Economic depression cannot be cured by legislative action or executive pronouncement" (December 1930, Message to Congress), and "I need not recount to you that the world is passing through a great depression" (1931). [[File:Schwarzer Freitag Wien 1873.jpg|thumb|upright=1.2|Black Friday, 9 May 1873, Vienna Stock Exchange. The [[Panic of 1873]] and [[Long Depression]] followed.]] The term "[[Depression (economics)|depression]]" to refer to an economic downturn dates to the 19th century, when it was used by varied Americans and British politicians and economists. The first major American economic crisis, the [[Panic of 1819]], was described by then-president [[James Monroe]] as "a depression",<ref name="hnn"/> and the most recent economic crisis, the [[Depression of 1920β21]], had been referred to as a "depression" by then-president [[Calvin Coolidge]]. Financial crises were traditionally referred to as "panics", most recently the major [[Panic of 1907]], and the minor [[Panic of 1910β11]], though the 1929 crisis was called "The Crash", and the term "panic" has since fallen out of use. At the time of the Great Depression, the term "The Great Depression" was already used to refer to the period 1873β96 (in the United Kingdom), or more narrowly 1873β79 (in the United States), which has retroactively been renamed the [[Long Depression]].<ref>{{Cite journal|first=T.W.|last=Fletcher|title=The Great Depression of English Agriculture 1873β1896|journal=The Economic History Review|volume=13|issue=3|year=1961|pages= 417β32|doi=10.2307/2599512|publisher=Blackwell Publishing|jstor=2599512}}</ref> ===Other "great depressions"=== The [[Dissolution of the Soviet Union|collapse of the Soviet Union]], and the breakdown of economic ties which followed, led to a severe economic crisis and catastrophic fall in the [[Standard of living|standards of living]] in the 1990s in [[post-Soviet states]] and the former [[Eastern Bloc]],<ref>[http://news.bbc.co.uk/1/hi/business/966616.stm "Child poverty soars in eastern Europe"], BBC News, October 11, 2000.</ref><ref>{{cite news |title=The wild decade: how the 1990s laid the foundations for Vladimir Putin's Russia |url=https://theconversation.com/the-wild-decade-how-the-1990s-laid-the-foundations-for-vladimir-putins-russia-141098 |work=The Convervation |date=2 July 2020}}</ref> which was even worse than the Great Depression.<ref>See "What Can Transition Economies Learn from the First Ten Years? A New World Bank Report," in ''Transition Newsletter'' [http://worldbank.org/transitionnewsletter/janfeb2002 Worldbank.org] {{Webarchive|url=https://archive.today/20120530044004/http://worldbank.org/transitionnewsletter/janfeb2002 |date=May 30, 2012 }}, [http://www.k-a.kg/?nid=5&value=6 K-A.kg]</ref><ref name=Russia>[https://query.nytimes.com/gst/fullpage.html?res=9B03E4D91E3AF93BA35753C1A9669C8B63 Who Lost Russia?], New York Times, October 8, 2000.</ref> Even before Russia's [[1998 Russian financial crisis|financial crisis]] of 1998, Russia's GDP was half of what it had been in the early 1990s.<ref name=Russia/> Summary: Please note that all contributions to Christianpedia may be edited, altered, or removed by other contributors. If you do not want your writing to be edited mercilessly, then do not submit it here. You are also promising us that you wrote this yourself, or copied it from a public domain or similar free resource (see Christianpedia:Copyrights for details). Do not submit copyrighted work without permission! Cancel Editing help (opens in new window) Discuss this page