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business industrial serious

Depression, in economics, major decline in business activity involving sharp reductions in industrial production, a rise in bankruptcies, increased unemployment, and a general loss of business confidence. Although less serious downturns, called recessions, occur regularly in industrial nations, the most serious and widespread depression was the Great Depression that began in 1929 and lasted worldwide through most of the 1930s.

See also: Business cycle.

Depression [next] [back] Depressant

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