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Copper Panic of 1789
There was a loss of confidence in copper coins due to debasement and counterfeiting. This led to a commercial freeze up that halted the economy of several northern States and was not fixed until the introduction of new paper money to restore the confidence. This was a recession because many companies shut down. -
World War 1
World War I was an economic recession that hit much of the world in the aftermath of World War I. In many nations, this growth continued during the war as nations mobilized their economies to fight the war in Europe. After the war ended, the global economy began to decline. -
The Roaring 20s
The Roaring Twenties were the period of sustained economic prosperity with a distinctive cultural edge in many countries. Economically the era saw a lot of automobiles, telephones, motion pictures, electricity, industrial growth, accelerated consumer demand and aspirations, and significant changes in lifestyle and culture. This was a time of expansion for the US. -
The Great Depression
The Great Depression was a severe worldwide economic depression. It started in 1929 and lasted until the late 1930s. It was the longest, deepest, and most widespread depression of the 20th century. This put the US in a huge time of recession. -
World War II
World War II demanded high emplyment and productivity in the US. The annual growth in real GDP during the war was the largest the US had ever seen. When the war ended, real GDP declined again, but that recession lasted only three years. -
The Korean War
The US economy expanded. Real GDP increased from year to year. American suburbs blossomed, the interstate highway systen was modernized, and the myth of the American commuter family was born. -
The OPEC OIl Embargo of 1973
The 1973 oil crisis began in October 1973, when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo. This put the US in a time of recession. The crisis had a major impact on international relations and created a rift within NATO. -
The Gulf War
The US deployed about 540,000 troops during this short time of recession. Although, what followed the war was the longest period of expansion the US has ever had. The new Internet economy was fueled but spanning nearly all economic sectors. It began in 1991 and ended about ten years later. This launched war in Iraq and failed to control domestic spending. The first decade of the 21st century as seen diminished growth. This caused numerous lost jobs, and a dramatic increase in oil prices.
