Long Depression
In the United States, economists typically refer to the Long Depression as the Depression of 1873–1879, kicked off by the Panic of 1873, and followed by the Panic of 1893, book-ending the entire period of the wider Long Depression. 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 United States, from 1873 to 1879, 18,000 businesses went bankrupt, including 89 railroads. Ten states and hundreds of banks went bankrupt. Unemployment peaked in 1878, long after the initial financial panic of 1873 had ended. Different sources peg the peak U.S. unemployment rate anywhere from 8.25% to 14%.
History of Western civilization
In October 1929 the New York stock market crashed, leading to the Great Depression. Many lost their life's savings and the resulting decline in consumer spending led millions to lose their jobs as banks and businesses closed. In the Midwestern United States, a severe drought destroyed many farmers' livelihoods. In 1932, Americans elected Franklin D. Roosevelt president. Roosevelt followed a series of policies which regulated the stock market and banks, and created many public works programs aimed at providing the unemployed with work. Roosevelt's policies helped alleviate the worst effects of the Depression, although by 1941 the Great Depression was still ongoing. Roosevelt also instituted pensions for the elderly and provided money to those who were unemployed. Roosevelt was also one of the most popular presidents in U.S. history, earning re-election in 1936, and also in 1940 and 1944, becoming the only U.S. president to serve more than two terms.