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The Long Depression was a worldwide price and economic recession, beginning in 1873 and running either through the spring of 1879, or 1896, depending on the metrics used.[1] It was the most severe in Europe and the United States, which had been experiencing strong economic growth fueled by the Second Industrial Revolution in the decade following the American Civil War. The episode was labeled the "Great Depression" at the time, and it held that designation until the Great Depression of the 1930s. Though a period of general deflation and a general contraction, it did not have the severe economic retrogression of the Great Depression.[2]
长萧条
长萧条是指一场始于1873年的世界性的价格下跌和经济衰退。根据不同衡量标准,长萧条结束时间为1879年春或1896年。其中,欧洲和美国的萧条最严重,因第二次工业革命,它们得到了强劲的经济增长,特别是刚刚经历完南北战争的美国。在当时,人们一直称之为大萧条,直到20世纪30年代的大萧条来临。虽然有普遍性的通货紧缩和衰退,但它并没有出现像大萧条那样的严重经济倒退。
It was most notable in Western Europe and North America, at least in part because reliable data from the period is most readily available in those parts of the world. The United Kingdom is often considered to have been the hardest hit; during this period it lost some of its large industrial lead over the economies of Continental Europe.[3] While it was occurring, the view was prominent that the economy of the United Kingdom had been in continuous depression from 1873 to as late as 1896 and some texts refer to the period as the Great Depression of 1873–1896.[4]
长萧条在西欧和北美最为显著,部分原因是因为当时这些地区的可靠数据最容易获得。通常认为,英国受到的打击最沉重,这段时间英国在欧洲大陆的经济中失去了一些大的工业领先优势。在长萧条发生时,从1873年到1896年,英国经济一直处于持续低迷状态,一些文献将这一时期称为1873年至1896年大萧条时期。
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.[5] 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.[6][7] In the United States, from 1873 to 1879, 18,000 businesses went bankrupt, including 89 railroads.[8] Ten states and hundreds of banks went bankrupt.[來源請求] 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%[9] to 14%.[10]
在美国,经济学家通常将长萧条称为1873年至1879年萧条。美国全国经济研究所认定,此次经济紧缩从1873年10月至1879年3月一共持续了65个月,超过大萧条的43个月。超过18000家企业破产,其中包括了89家铁路公司。