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The Great Deflation or the Great Sag refers to the period from 1870 until 1890 in which world prices of goods, materials and labor decreased, although at a low rate of less than 2% annually. This is one of the few sustained periods of deflationary growth in the history of the United States.〔Andrew Atkeson and Patrick J. Kehoe of the Federal Reserve Bank of Minneapolis (Deflation and Depression: Is There an Empirical Link? )〕 This had a negative effect on businesses in established industrial economies such as Great Britain while simultaneously allowing strong growth in the United States which was just beginning to industrialize. See: Long depression There were several so called depressions during the period that were actually profit recessions. Many businesses suffered, such as warehousing, especially in the London area, due to improvements in transportation, like efficient steam shipping and the opening of the Suez Canal, and also because of the international telegraph network. Displaced workers found new employment in the expanding economy as real incomes grew. By contrast to the mild deflation of the so-called Great Deflation, the deflation of the 1930s Great Depression was so severe that deflation today is associated with depressions, although economic data are not quite as clear on the matter.〔 ==Productivity caused deflation== The ''Great Deflation'' occurred at the beginning of the period sometimes called the Second Industrial Revolution. It was characterized by dramatic increases in productivity made possible by the transition from agriculture to industrialization in the leading economies. The new leading industries were Bessemer and open hearth steel, railroads, the machinery industry, efficient steam shipping and animal powered agricultural mechanization. The prices of most basic commodities fell almost continuously; however, wages remained steady. Goods produced by craftsmen, as opposed to in factories, did not decrease in cost.〔〔 〕 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「The Great Deflation」の詳細全文を読む スポンサード リンク
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