Long Depression
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The Long Depression was a worldwide economic crisis experienced in the latter half of the Victorian era, though there is some controversy over whether it should be labeled a depression or a series of recessions. The Long Depression was felt most heavily in Europe and the United States, which had been experiencing strong economic growth fueled by the Second Industrial Revolution and the conclusion of the American Civil War. At the time, the episode was labeled the Great Depression, remaining so until the vastly more severe Great Depression of the 1930s. Though a period of general deflation and ...
The Long Depression was a worldwide economic crisis experienced in the latter half of the Victorian era, though there is some controversy over whether it should be labeled a depression or a series of recessions. The Long Depression was felt most heavily in Europe and the United States, which had been experiencing strong economic growth fueled by the Second Industrial Revolution and the conclusion of the American Civil War. At the time, the episode was labeled the Great Depression, remaining so until the vastly more severe Great Depression of the 1930s. Though a period of general deflation and low growth began in 1873, it did not have the severe "economic retrogression [and] spectacular breakdown" of the Great Depression.It was most notable in Western Europe and North America, at least in part because reliable data from the period is most readily available in those parts of the world. The United Kingdom is often considered to have been the hardest hit; during this period it lost some of its large industrial lead over the economies of Continental Europe.
