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The Long Depression was a worldwide price recession, beginning in 1873 and running through the spring of 1879. It was the most severe in Europe and the United States, which had been experiencing strong economic growth fueled by the Second Industrial Revolution in the decade following the American Civil War. The episode was labeled the "Great Depression" at the time, and it held that designation until the Great Depression of the 1930s. Though a period of general deflation and a general contraction, it did not have the severe economic retrogression of the Great Depression. It was most notable in Western Europe and North America, at least in part because reliable data from the period are 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. While it was occurring, the view was prominent that the economy of the United Kingdom had been in continuous depression from 1873 to as late as 1896 and some texts refer to the period as the Great Depression of 1873–96. In the United States, economists typically refer to the Long Depression as the Depression of 1873–79, kicked off by the Panic of 1873, and followed by the Panic of 1893, book-ending the entire period of the wider Long Depression.〔(History of Economic Downturns in the US -- But Now You Know )〕 The National Bureau of Economic Research dates the contraction following the panic as lasting from October 1873 to March 1879. At 65 months, it is the longest-lasting contraction identified by the NBER, eclipsing the Great Depression's 43 months of contraction. In the US, from 1873–1879, 18,000 businesses went bankrupt, including 89 railroads.〔(The Economic Performance Index (EPI), Vadim Khramov and John Ridings Lee )〕 Ten states and hundreds of banks went bankrupt. Unemployment peaked in 1878, long after the panic ended. Different sources peg the peak unemployment rate anywhere from 8.25%〔http://socialdemocracy21stcentury.blogspot.com/2012/01/us-unemployment-18691899.html〕 to 14%.〔The Long Depression of 1873: Parallels and Comparisons. Are we Missing Economic Information from an Important Piece of American Financial History? http://www.mybudget360.com/finance-investing-the-long-depression-of-1873-parallels-and-comparisons-are-we-missing-economic-information-from-an-important-piece-of-american-financial-history/〕 ==Background== The period preceding the depression was dominated by several major military conflicts and a period of economic expansion. In Europe, the end of the Franco-Prussian War yielded a new political order in Germany, and the £200 million reparations imposed on France led to an inflationary investment boom in Germany and central Europe.〔 New technologies in industry such as the Bessemer converter were being rapidly applied; railroads were booming.〔 In the United States, the end of the American Civil War and a brief post-war recession (1865–1867) gave way to such an investment boom, focused especially on railroads on public lands in the West - an expansion funded greatly by foreign investors.〔 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Long Depression」の詳細全文を読む スポンサード リンク
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