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Some Previous Occurences Of Recession 经济衰退之前发生的事件 1929年10月美国股票市场崩溃，大萧条与黑色星期二联系在了一起，虽然在崩溃之前他们已经进入到了一个经济衰退期。赫伯特胡佛是这一关键时期的美国总统。萧条一直持续到第二次世界大战开始。以下是主要原因： 1937-1938年的经济衰退没有1929年的经济衰退那么严重。它也被称为罗斯福经济衰退，是1933年到1941从年美国经济大萧条中二战前的经济短暂逆转。这场经济衰退的原因是不确定的，经济学家通常会争论引起衰退可能的原因。凯恩斯经济学家归咎于削减联邦政府开支和增税的美国国债，而最引人注目的是货币主义者密尔顿弗里德曼指责在1936年和1937年美联储收紧货币供应量作为增长放缓的原因。 The stock market crash of 29 October 1929 in the United States, the Great Depression is associated with Black Tuesday although they already entered a recession months before the crash. Herbert Hoover was the President of the United States during that critical time. The Depression continued until the starting of World War II. The following were the main causes: The Recession of 1937-1938, was not such a big slowdown as the recession of 1929. It is also called the Roosevelt Recession and was a temporary reversal of the pre-war 1933 to 1941 economic recovery from the Great Depression in the United States. The causes of this recession are not certain and economists usually have argue on the possible causes. Keynesian economists held blame to cuts in Federal spending and increases in taxes at the insistence of the US Treasury, while monetarists, most notably Milton Friedman blamed Federal Reserve's tightening of the money supply in 1936 and 1937 as the reason for slowdown. This recession was characterized by once again high unemployment rates, incredibly high inflation, and a regretful Gross National Product rating. These all worked together to cause consumer confidence in the system to drop sharply and created a state of economy which resulted in closing of many businesses this in turn caused unemployment to rise, and so the cycle began again. The recession came to an end due to the call President Kennedy made on January 30 of 1961 to increase government spending to improve the Gross National Product. This helped reduce unemployment, helped bring back confidence in the economy, helped out many businesses and helped the recession to come to an end that very year. This crisis was unique in itself mainly due to its cause of occurrence brought out the fact that prices of commodities play a vital role in our economy with special reference to oil. As we all know that the world needs a large quantity of oil every day for various purposes which I think I need not mention, and we can pay whatever it costs. A major cause of the 1970s oil crisis was that oil prices were quadrupled by OPEC, and during that time the government has to spend a lot on Vietnam War, stock market crash led to severe stagflation in the United States, stock market crash .All factors have a persistent affect on the United States which is still a lesson for many economies The Dot Com Bubble, 2001—2001年网络泡沫 In 1999, there was an economic boom in computer and software sales caused by the Y2K scare. Many companies and individuals bought new computer systems to make sure their software was "Y2K compliant" This meant that the operating code would be able to understand the difference between 2000 and 1900, since many fields within that code only had two spaces, not the four needed to fully differentiate the two dates. As a result, the stock price of many high tech companies started to increase. This led to a lot of investors' money going to high tech companies, whether they were showing profits or not. The enthusiasm for dot.com companies became diminishing. By January 2000, it became apparent that computer orders were going to decline, since the shelf life of most computers is about two years, and companies had just bought all the equipment they would need. This led to a stock-market sell-off in March 2000. As stock prices declined, so did the value of the dot.com companies and many companies went bankrupt. Role of IT in Magnifying the Great Recession—IT行业加剧了经济大衰退 High interest rates are also a cause of recession. That's because it limits liquidity, or the amount of money available to invest. In spite of the stock market decline in March 2000, the Federal Reserve continued raising interest rates to a high of 6.25% in May 2000. The Fed didn't start lowering rates until January 2001, and lowered them about 1/2 points each month, resting at 1.75% in December 2001. This kept interest rates high when the economy needed low rates for cheap business loans and mortgages. |
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