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%.
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.