Long Depression
In the United States, the Long Depression began with the Panic of 1873. 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. Figures from Milton Friedman and Anna Schwartz show net national product increased 3 percent per year from 1869 to 1879 and real national product grew at 6.8 percent per year during that time frame. However, since between 1869 and 1879 the population of the United States increased by over 17.5 percent, per capita NNP growth was lower. Following the end of the episode in 1879, the U.S. economy would remain unstable, experiencing recessions for 114 of the 253 months until January 1901.
Montana State University
The college suffered greatly during the Great Depression. The price of agricultural products (Montana's economic mainstay) soared during World War I, as European and Russian farms were devastated by military campaigns and American and European armies demanded food. For a few years after the war, these prices stayed high. But as European agriculture got back on its feet, an agricultural depression swamped the United States beginning about 1923. State tax revenues plunged, and fewer buildings were constructed on campus after 1923. The United States entered the Great Depression in 1929. President Franklin D. Roosevelt established the Public Works Administration (PWA) in 1933 to provide federal funding for public works construction as a means of economic stimulus. But President Atkinson was strongly opposed to Roosevelt's New Deal, and refused to accept PWA funds to expand the college. With the state unable to assist, Montana State College stagnated through the 1930s.