25:
206:
war). However, by 1921, the
British transition from a wartime to a peacetime economy faltered, and a serious recession struck the economy between 1921–1922. With other major economies also mired in recession, the export-dependent economy of Britain was particularly hard-hit. Unemployment reached 17%, with overall exports at only half of their pre-war levels.
205:
Britain initially enjoyed an economic boom between 1919–1920, as private capital pent-up over 5 years of war was invested into the economy. The shipbuilding industry was flooded with orders to replace lost shipping (7.9 million tons worth of merchant shipping stock was destroyed during the
169:, began in January 1920. Several indices of economic activity suggest the recession was moderately severe. The Axe-Houghton Index of Trade and Industrial Activity declined by 14.1% in this recession (compared to a 31% decline in the
574:
173:). The Babson index of physical volume of business activity declined by 28.6% in the immediate postwar recession (compared to a 32.3% decline in the 1921 recession and a 22.7% decline in the Panic of 1907).
218:
pandemic had an adverse economic impact. Many businesses were shuttered during the worst of the outbreak and the sheer numbers killed reduced the workforce population significantly. Work by economists
161:
In North
America, the recession immediately following World War I was extremely brief, lasting for only seven months from August 1918 (even before the war had actually ended) to March 1919. A
567:
560:
1478:
1483:
1468:
438:"The Coronavirus and the Great Influenza Pandemic: Lessons from the "Spanish Flu" for the Coronavirus's Potential Effects on Mortality and Economic Activity"
1458:
1448:
1453:
723:
583:
89:
42:
552:
223:
and Jose Ursua suggests that the flu was responsible for declines in gross domestic product of 6 to 8 percent worldwide between 1919 and 1921.
61:
319:
Karlsson, Martin; Nilsson, Therese; Pichler, Stefan (2014). "The impact of the 1918 Spanish flu epidemic on economic performance in Sweden".
966:
591:
68:
1326:
1273:
75:
1184:
791:
796:
587:
477:
1162:
894:
889:
884:
878:
57:
1167:
696:
232:
190:
137:. In many nations, especially in North America, economic growth continued and even accelerated during World War I as nations
1415:
270:
1526:
1521:
1311:
517:
491:
1516:
108:
1157:
1375:
582:
82:
46:
1137:
853:
532:
1019:
530:(1988). "World War I and the postwar depression A reinterpretation based on alternative estimates of GNP".
1333:
1115:
1047:
509:
483:
162:
1390:
1365:
1220:
1215:
1174:
1142:
929:
847:
1410:
1400:
1147:
378:
150:
1300:
1088:
237:
130:
1405:
1395:
1385:
1380:
1370:
1250:
1245:
1240:
761:
411:
35:
1152:
1082:
914:
149:, 1918–1919 saw a modest economic retreat, but the second part of 1919 saw a mild recovery. A
1338:
1321:
1316:
1305:
1268:
1263:
1257:
868:
837:
735:
904:
749:
186:
8:
1511:
1003:
858:
766:
718:
686:
667:
166:
1488:
1473:
1463:
1443:
1438:
1433:
1428:
1422:
740:
708:
126:
1209:
1203:
1197:
803:
776:
713:
701:
662:
631:
545:
513:
487:
344:
336:
194:
406:
1290:
1285:
1131:
1120:
781:
771:
681:
641:
636:
611:
606:
602:
541:
501:
445:
382:
332:
328:
283:
247:
153:
hit the United States in 1920 and 1921, when the global economy fell very sharply.
1359:
1349:
1099:
1040:
1035:
1029:
621:
527:
469:
648:
626:
185:, the economic recession and inflation was harder due to the imposition of the
182:
142:
266:
1505:
1076:
1070:
1061:
1055:
997:
988:
979:
961:
950:
938:
908:
730:
473:
340:
170:
146:
820:
813:
808:
677:
672:
616:
433:
402:
362:
348:
220:
1230:
786:
745:
691:
215:
138:
134:
1014:
242:
825:
756:
657:
653:
24:
450:
437:
387:
366:
16:
Worldwide economic recession following the end of WWI in 1918
306:
A History of
Britain: Liberal England, World War and Slump
442:
National Bureau of
Economic Research Working Paper Series
299:
297:
506:
A History of the
Federal Reserve – Volume 1: 1913–1951
318:
294:
141:
to fight the war in Europe. After the war ended, the
49:. Unsourced material may be challenged and removed.
479:A Monetary History of the United States, 1867–1960
303:
282:
1503:
468:
432:
568:
436:; Ursúa, José F.; Weng, Joanna (March 2020).
267:US Business Cycle Expansions and Contractions
575:
561:
401:
361:
209:
449:
386:
109:Learn how and when to remove this message
276:
197:and nearly crippled the German economy.
500:
1504:
556:
526:
371:Brookings Papers on Economic Activity
233:Hyperinflation in the Weimar Republic
271:National Bureau of Economic Research
47:adding citations to reliable sources
18:
13:
879:British credit crisis of 1772–1773
462:
273:. Retrieved on September 22, 2008.
163:second, much more severe recession
14:
1538:
592:Commonwealth of Nations countries
367:"Macroeconomic Crises since 1870"
200:
405:; Ursua, Jose F. (May 5, 2009).
156:
23:
588:recessions in the United States
34:needs additional citations for
426:
395:
355:
333:10.1016/j.jhealeco.2014.03.005
312:
290:. University of Chicago Press.
260:
129:that hit much of the world in
1:
533:Journal of Monetary Economics
253:
546:10.1016/0304-3932(88)90171-7
58:"Post–World War I recession"
7:
1334:1997 Asian financial crisis
967:Civil War-era United States
510:University of Chicago Press
484:University of Chicago Press
407:"Pandemics and Depressions"
321:Journal of Health Economics
304:Carter & Mears (2011).
226:
10:
1543:
1110:Post–World War I recession
930:Post-Napoleonic Depression
176:
145:began to decline. In the
123:post–World War I recession
1527:1920s in economic history
1522:1910s in economic history
1348:
1284:
1229:
1183:
1098:
1020:2nd Industrial Revolution
1013:
960:
953:(1836–1838 and 1839–1843)
869:1st Industrial Revolution
867:
836:
637:Price-and-wage stickiness
598:
379:The Brookings Institution
365:; Ursua, Jose F. (2008).
139:mobilized their economies
1517:Aftermath of World War I
1301:1990s United States boom
1089:Financial crisis of 1914
238:Aftermath of World War I
191:period of hyperinflation
1116:Depression of 1920–1921
1048:Depression of 1882–1885
962:Early Victorian Britain
697:Real and nominal values
412:The Wall Street Journal
210:Global pandemic of 1918
1221:Recession of 1969–1970
1216:Recession of 1960–1961
1175:Recession of 1937–1938
193:severely devalued the
165:, sometimes labeled a
1339:Early 2000s recession
1306:Early 1990s recession
1258:Early 1980s recession
838:Commercial revolution
736:Nominal interest rate
327:. Elsevier BV: 1–19.
151:more severe recession
905:Copper Panic of 1789
486:. pp. 221–231.
187:Treaty of Versailles
43:improve this article
1241:1973–1975 recession
1185:Post–WWII expansion
859:Great Frost of 1709
687:Neutrality of money
668:Classical dichotomy
584:Economic expansions
528:Romer, Christina D.
1423:COVID-19 recession
1083:Panic of 1910–1911
915:Panic of 1796–1797
741:Real interest rate
709:Economic expansion
512:. pp. 90–94.
127:economic recession
1499:
1498:
1210:Recession of 1958
1204:Recession of 1953
1198:Recession of 1949
895:Thirteen Colonies
702:Velocity of money
632:Paradox of thrift
502:Meltzer, Allan H.
474:Schwartz, Anna J.
284:Zarnowitz, Victor
119:
118:
111:
93:
1534:
1291:Great Regression
1286:Great Moderation
1132:Great Depression
1121:Roaring Twenties
642:Underconsumption
612:Effective demand
603:Aggregate demand
577:
570:
563:
554:
553:
549:
523:
497:
470:Friedman, Milton
456:
455:
453:
434:Barro, Robert J.
430:
424:
423:
421:
419:
403:Barro, Robert J.
399:
393:
392:
390:
363:Barro, Robert J.
359:
353:
352:
316:
310:
309:
301:
292:
291:
280:
274:
264:
248:Great Depression
114:
107:
103:
100:
94:
92:
51:
27:
19:
1542:
1541:
1537:
1536:
1535:
1533:
1532:
1531:
1502:
1501:
1500:
1495:
1360:Great Recession
1352:
1350:Information Age
1344:
1293:
1289:
1280:
1233:
1231:Great Inflation
1225:
1187:
1179:
1102:
1100:Interwar period
1094:
1030:Long Depression
1022:
1018:
1009:
969:
965:
956:
871:
863:
840:
832:
797:U.S. recessions
792:U.K. recessions
724:U.S. expansions
594:
581:
520:
494:
465:
463:Further reading
460:
459:
431:
427:
417:
415:
400:
396:
360:
356:
317:
313:
302:
295:
288:Business Cycles
281:
277:
265:
261:
256:
229:
212:
203:
179:
159:
115:
104:
98:
95:
52:
50:
40:
28:
17:
12:
11:
5:
1540:
1530:
1529:
1524:
1519:
1514:
1497:
1496:
1494:
1493:
1492:
1491:
1486:
1481:
1479:United Kingdom
1476:
1471:
1466:
1461:
1456:
1451:
1446:
1441:
1436:
1431:
1420:
1419:
1418:
1413:
1411:United Kingdom
1408:
1403:
1398:
1393:
1388:
1383:
1378:
1373:
1368:
1356:
1354:
1353:(2007–present)
1346:
1345:
1343:
1342:
1336:
1331:
1330:
1329:
1324:
1322:United Kingdom
1319:
1314:
1303:
1297:
1295:
1282:
1281:
1279:
1278:
1277:
1276:
1271:
1269:United Kingdom
1266:
1255:
1254:
1253:
1248:
1246:United Kingdom
1237:
1235:
1227:
1226:
1224:
1223:
1218:
1213:
1207:
1201:
1195:
1191:
1189:
1181:
1180:
1178:
1177:
1172:
1171:
1170:
1165:
1163:United Kingdom
1160:
1155:
1150:
1145:
1140:
1129:
1126:
1123:
1118:
1113:
1106:
1104:
1096:
1095:
1093:
1092:
1086:
1080:
1074:
1068:
1065:
1059:
1053:
1050:
1045:
1044:
1043:
1038:
1036:United Kingdom
1026:
1024:
1011:
1010:
1008:
1007:
1001:
995:
992:
986:
983:
977:
973:
971:
958:
957:
955:
954:
948:
945:
942:
936:
933:
927:
924:
921:
918:
912:
902:
899:
898:
897:
892:
887:
875:
873:
865:
864:
862:
861:
856:
851:
844:
842:
834:
833:
831:
830:
829:
828:
818:
817:
816:
811:
801:
800:
799:
794:
789:
784:
779:
774:
769:
764:
754:
753:
752:
743:
738:
728:
727:
726:
721:
716:
706:
705:
704:
699:
694:
689:
684:
675:
670:
665:
651:
649:Business cycle
646:
645:
644:
639:
634:
629:
627:Overproduction
624:
619:
614:
599:
596:
595:
580:
579:
572:
565:
557:
551:
550:
524:
519:978-0226520001
518:
498:
493:978-0691003542
492:
464:
461:
458:
457:
451:10.3386/w26866
425:
394:
388:10.3386/w13940
354:
311:
308:. p. 154.
293:
275:
258:
257:
255:
252:
251:
250:
245:
240:
235:
228:
225:
211:
208:
202:
201:United Kingdom
199:
178:
175:
158:
155:
143:global economy
117:
116:
31:
29:
22:
15:
9:
6:
4:
3:
2:
1539:
1528:
1525:
1523:
1520:
1518:
1515:
1513:
1510:
1509:
1507:
1490:
1487:
1485:
1484:United States
1482:
1480:
1477:
1475:
1472:
1470:
1467:
1465:
1462:
1460:
1457:
1455:
1452:
1450:
1447:
1445:
1442:
1440:
1437:
1435:
1432:
1430:
1426:
1425:
1424:
1421:
1417:
1416:United States
1414:
1412:
1409:
1407:
1404:
1402:
1399:
1397:
1394:
1392:
1389:
1387:
1384:
1382:
1379:
1377:
1374:
1372:
1369:
1367:
1363:
1362:
1361:
1358:
1357:
1355:
1351:
1347:
1340:
1337:
1335:
1332:
1328:
1327:United States
1325:
1323:
1320:
1318:
1315:
1313:
1309:
1308:
1307:
1304:
1302:
1299:
1298:
1296:
1292:
1287:
1283:
1275:
1274:United States
1272:
1270:
1267:
1265:
1261:
1260:
1259:
1256:
1252:
1251:United States
1249:
1247:
1244:
1243:
1242:
1239:
1238:
1236:
1232:
1228:
1222:
1219:
1217:
1214:
1211:
1208:
1205:
1202:
1199:
1196:
1193:
1192:
1190:
1186:
1182:
1176:
1173:
1169:
1168:United States
1166:
1164:
1161:
1159:
1156:
1154:
1151:
1149:
1146:
1144:
1141:
1139:
1135:
1134:
1133:
1130:
1127:
1124:
1122:
1119:
1117:
1114:
1111:
1108:
1107:
1105:
1101:
1097:
1090:
1087:
1084:
1081:
1078:
1077:Panic of 1907
1075:
1072:
1071:Panic of 1901
1069:
1066:
1063:
1062:Panic of 1893
1060:
1057:
1056:Baring crisis
1054:
1051:
1049:
1046:
1042:
1041:United States
1039:
1037:
1033:
1032:
1031:
1028:
1027:
1025:
1021:
1016:
1012:
1005:
1002:
999:
998:Panic of 1866
996:
993:
990:
989:Panic of 1857
987:
984:
981:
980:Panic of 1847
978:
975:
974:
972:
968:
963:
959:
952:
951:Panic of 1837
949:
946:
943:
940:
939:Panic of 1825
937:
934:
931:
928:
925:
922:
919:
916:
913:
910:
909:Panic of 1792
906:
903:
900:
896:
893:
891:
888:
886:
882:
881:
880:
877:
876:
874:
870:
866:
860:
857:
855:
854:Slump of 1706
852:
849:
846:
845:
843:
839:
835:
827:
824:
823:
822:
819:
815:
812:
810:
807:
806:
805:
802:
798:
795:
793:
790:
788:
785:
783:
780:
778:
775:
773:
770:
768:
765:
763:
762:Balance sheet
760:
759:
758:
755:
751:
747:
744:
742:
739:
737:
734:
733:
732:
731:Interest rate
729:
725:
722:
720:
717:
715:
712:
711:
710:
707:
703:
700:
698:
695:
693:
690:
688:
685:
683:
679:
676:
674:
671:
669:
666:
664:
661:
660:
659:
655:
652:
650:
647:
643:
640:
638:
635:
633:
630:
628:
625:
623:
620:
618:
615:
613:
610:
609:
608:
604:
601:
600:
597:
593:
589:
585:
578:
573:
571:
566:
564:
559:
558:
555:
547:
543:
540:(1): 91–115.
539:
535:
534:
529:
525:
521:
515:
511:
507:
503:
499:
495:
489:
485:
481:
480:
475:
471:
467:
466:
452:
447:
443:
439:
435:
429:
414:
413:
408:
404:
398:
389:
384:
380:
376:
372:
368:
364:
358:
350:
346:
342:
338:
334:
330:
326:
322:
315:
307:
300:
298:
289:
285:
279:
272:
268:
263:
259:
249:
246:
244:
241:
239:
236:
234:
231:
230:
224:
222:
217:
207:
198:
196:
192:
188:
184:
174:
172:
171:Panic of 1907
168:
164:
157:North America
154:
152:
148:
147:United States
144:
140:
136:
132:
131:the aftermath
128:
124:
113:
110:
102:
91:
88:
84:
81:
77:
74:
70:
67:
63:
60: –
59:
55:
54:Find sources:
48:
44:
38:
37:
32:This article
30:
26:
21:
20:
1401:South Africa
1158:South Africa
1109:
1004:Black Friday
821:Unemployment
678:Money supply
673:Disinflation
617:General glut
537:
531:
505:
478:
441:
428:
416:. Retrieved
410:
397:
374:
370:
357:
324:
320:
314:
305:
287:
278:
262:
221:Robert Barro
213:
204:
180:
160:
122:
120:
105:
99:January 2009
96:
86:
79:
72:
65:
53:
41:Please help
36:verification
33:
1469:New Zealand
1427:2020–2022;
1391:New Zealand
1364:2007–2009;
1310:1990–1991;
1294:(1982–2007)
1262:1980–1982;
1234:(1973–1982)
1212:(1957–1958)
1206:(1953–1954)
1200:(1948–1949)
1188:(1945–1973)
1153:New Zealand
1136:1929–1939;
1112:(1918–1919)
1103:(1918–1939)
1085:(1910–1912)
1079:(1907–1908)
1073:(1902–1904)
1064:(1893–1897)
1058:(1890–1891)
1034:1873–1879;
1023:(1870–1914)
1006:(1869–1870)
1000:(1865–1867)
991:(1857–1858)
982:(1847–1848)
970:(1840–1870)
941:(1825–1826)
932:(1815–1821)
917:(1796–1799)
911:(1789–1793)
883:1772–1774;
872:(1760–1840)
850:(1430–1490)
848:Great Slump
841:(1000–1760)
787:Stagflation
746:Yield curve
692:Price level
508:. Chicago:
482:. Chicago:
381:: 255–350.
216:Spanish flu
135:World War I
1512:Recessions
1506:Categories
1434:Bangladesh
1371:Bangladesh
1015:Gilded Age
767:Depression
719:Stagnation
254:References
243:Dawes Plan
167:depression
69:newspapers
1474:Singapore
1429:Australia
1406:Sri Lanka
1366:Australia
1312:Australia
1138:Australia
1128:1926–1927
1125:1923–1924
1091:(1913–14)
1067:1899–1900
923:1807–1810
920:1802–1804
901:1785–1788
826:Sahm rule
757:Recession
658:Inflation
654:Deflation
476:(1993) .
341:0167-6296
214:The 1918
1459:Malaysia
1444:Botswana
1396:Pakistan
1386:Malaysia
890:Scotland
750:Inverted
714:Recovery
504:(2003).
418:27 April
349:24721206
286:(1996).
227:See also
1464:Namibia
1052:1887–88
994:1860–61
985:1853–54
976:1845–46
947:1833–34
944:1828–29
935:1822–23
885:England
777:Rolling
663:Chronic
183:Germany
177:Germany
125:was an
83:scholar
1489:Zambia
1449:Canada
1439:Belize
1376:Canada
1341:(2001)
1317:Canada
1264:Canada
1143:Canada
814:Supply
809:Demand
782:Shapes
772:Global
682:demand
607:Supply
516:
490:
347:
339:
85:
78:
71:
64:
56:
1454:India
1381:India
1148:India
804:Shock
622:Model
377:(1).
90:JSTOR
76:books
1194:1945
926:1812
590:and
586:and
514:ISBN
488:ISBN
420:2020
345:PMID
337:ISSN
195:Mark
189:. A
121:The
62:news
542:doi
446:doi
383:doi
329:doi
181:In
133:of
45:by
1508::
538:22
536:.
472:;
444:.
440:.
409:.
375:39
373:.
369:.
343:.
335:.
325:36
323:.
296:^
269:,
1288:/
1017:/
964:/
907:/
748:/
680:/
656:/
605:/
576:e
569:t
562:v
548:.
544::
522:.
496:.
454:.
448::
422:.
391:.
385::
351:.
331::
112:)
106:(
101:)
97:(
87:·
80:·
73:·
66:·
39:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
