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An extended or severe period of recession. Depressions occur infrequently. The most recent Great Depression occurred in the 1930s; prior to that they occurred in the periods 1873–96, 1844–51, and 1810–17. Depressions are usually associated with falling prices (see deflation) and large-scale involuntary unemployment. They are often preceded by major financial crashes, e.g. the Wall Street crash of 1929. See also business cycle.

Subjects: United States History — Australasian and Pacific History.

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