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Melanie Kaminski Term Paper Topic #2 Great Depression Normally, recessions are decreases in real GDP for at least six months, although when they last longer than that and are more detrimental, they are called depressions. In the United States between 1929-1933, there was a recession so deep it was designated The Great Depression. This was the worst economic slump ever in U.S. history, one which spread to virtually all of the industrialized world. It began in late 1929 and lasted for about a decade. It had devastating effects on the country. The Roaring Twenties were an era dominated by Republican presidents: Warren Harding (1920-1923), Calvin Coolidge (1923-1929) and Herbert Hoover (1929-1933). Under their conservative economic philosophy of laissez-faire ("leave it alone"), markets were allowed to operate without government interference. Taxes and regulation were slashed dramatically, monopolies were allowed to form, and inequality of wealth and income reached record levels. The country was...

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