Deflation
Deflation occurred periodically in the U.S. during the 19th century (the most important exception was during the Civil War). This deflation was at times caused by technological progress that created significant economic growth, but at other times it was triggered by financial crises — notably the Panic of 1837 which caused deflation through 1844, and the Panic of 1873 which triggered the Long Depression that lasted until 1879. These deflationary periods preceded the establishment of the U.S. Federal Reserve System and its active management of monetary matters. Episodes of deflation have been rare and brief since the Federal Reserve was created (a notable exception being the Great Depression) while U.S. economic progress has been unprecedented.
Latinas and World War II
In the aftermath of World War I, countries of Europe were left in debt from the war, inflation started to rise, and the United States suffered from a Great Depression. The political and social changes around the world proved volatile. The United States opposed the fascist regimes that were gaining ground around the world, but it was not until December 1941 that the U.S. entered into the War after the December 7 attacks on Pearl Harbor incited public support and Congress declared war on Japan on December 8, 1941. This began U.S. involvement in World War II and set the stage for Latina involvement as well.