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.
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.