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No, they were smaller in relative terms too (as a percentage of GDP). The Long Depression wasn't even a real depression in modern terms because GDP kept growing
by logicchains 2y ago
No, they were smaller in relative terms too (as a percentage of GDP). The Long Depression wasn't even a real depression in modern terms because GDP kept growing throughout it.
- JumpCrisscross 2y ago> they were smaller in relative terms too (as a percentage of GDP) Where are you getting your GDP numbers from? (Our economic metrics for 19th century America are notoriously shoddy. What with the civil war and frontier and all.) You're correct if we look at GNP. But by that standard, we haven't had a real depression since 1971 [1]. Certainly not one that reduced e.g. steel production by 45% [2][3]. [1] https://fred.stlouisfed.org/series/GDP https://fred.stlouisfed.org/series/GDP [2] https://en.wikipedia.org/wiki/Long_Depression#United_States https://en.wikipedia.org/wiki/Long_Depression#United_States [3] https://crsreports.congress.gov/product/pdf/R/R47107https://en.wikipedia.org/wiki/Long_Depression#United_States https://crsreports.congress.gov/product/pdf/R/R47107https://...