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%.
1930s
After the Wall Street Crash of 1929, the largest stock market crash in American history, most of the decade was consumed by an economic downfall called the Great Depression that had a traumatic effect worldwide, leading to widespread unemployment and poverty, especially in the United States, an economic superpower, and Germany, who had to deal with the reparations regarding World War I. The Dust Bowl (which gives the nickname the Dirty Thirties) in the United States further emphasised the scarcity of wealth. Herbert Hoover worsened the situation with his failed attempt to balance the budget by raising taxes. Franklin D. Roosevelt was elected, as a response, in 1933, and introduced the New Deal. The founding of the Civilian Conservation Corps (CCC) and the funding of numerous projects (e.g. the Hoover Dam) helped restore prosperity in the US.