America s 2001 recession was one brief, mild double dip.

Economic growth plummeted from 13 in 1936 to 6 in 1937, and GDP shrank 4.5 in 1938, while unemployment rose from 14 to roughly 20 . Although fiscal policy was not the only cause of the double dip, ill timed retrenchment certainly contributed to it.

The story goes back to the recession of 2001.

Robert S. Lopez has contended that it was a period of deep economic recession.

After brief initial success, the store went bankrupt during the recession of 1921.

Are we facing a long global slump, or possibly even a depression?

Together, they account for 42 of world population and one third of global economic growth in the past ten years.

Almost all developed economies have left recession far behind, and the danger of deflation has disappeared.

The second option is for Greece to go through a depression, reducing its wages and prices.

If that were to happen quickly, total spending could decline, pushing the economy into a double dip recession.

Now all of these short term factors have been exhausted, and a Brezhnev like period of stagnation has begun.

BUDAPEST Across Europe, millions are suffering from unemployment and the prospect of a long period of economic stagnation.

Rudd s stimulus worked Australia had the shortest and shallowest of recessions of the advanced industrial countries.

Within the current recession, we have already had a double dip a dip at the beginning of 2008, then some growth, then another long, deep dip, then renewed growth.

While the Great Recession has exacerbated these trends, they were apparent long before its onset.

Americans, on the other hand, are convinced that whatever was lost during the recent recession will eventually be regained.

For a while the policy seemed successful the 1980s, however, were more or less a period of economic stagnation.

Whether or not the euro endures, Europe faces a long period of economic stagnation or worse.

But if the US recession is long and severe, the result could be outright recession in some countries (the United Kingdom, Spain, Ireland, Italy, and Japan), and even financial crises in vulnerable emerging market economies.

Goodhart concedes that banks risk weightings in the pre recession period were subject to political pressure and financial industry capture and manipulation.

In the US, real middle class incomes have not yet recovered to the levels attained before the last recession in 1991.

The interwar economic slump became intractable because it was also a crisis of social stability, democracy, and the international political order.

America had a brief, sharp recession in 1980, followed by a long and severe one in 1981 1982.

During the recession, Ukraine lost 60 of its GDP from 1991 to 1999, and suffered five digit inflation rates.

In terms of US economic history, what is abnormal is not the pace of private sector job growth since the 2008 2009 recession ended, but rather the length and depth of the recession itself.

Bush supporters rightly ask is Bush really to blame for this?

Bush supporters rightly ask is Bush really to blame for this? Wasn't the recession already beginning when he took office?

PARIS With the deepening of the economic crisis and the prospect of another recession looming large on the horizon, growing social inequality has become an increasingly urgent issue.

The rise was mainly caused by the return of commercial customers that had all but stopped buying in 2009 during the recession.

Not this time. The record plunge in consumer demand during the Great Recession has been followed by persistently subpar consumption growth.

All three challenges are interconnected, and mistakes by any of the parties could plunge the global economy into another recession.

Even during the recession of 2001, those assembled in Davos believed that the downturn would be short lived.

Over most of the postwar period, this post recession release of pent up consumer demand has been a powerful source of support for economic recovery.

Economic growth in the United States has remained anemic, at 1.5 2 for most of the year, and Japan is lapsing into a new recession.

The answer depends on the shape of the US recession if it is short and shallow, sufficient growth elsewhere will ensure only a slight global slowdown.

The world s largest economy, the United States, expanded by 3.2 , and growth also recovered in previously sluggish Japan and Europe.

Indeed, the pace of private sector job growth has actually been much stronger during this recovery than during the recovery from the 2001 recession, and is comparable to the recovery from the 1990 1991 recession.

Before the Great Recession, America s economic gurus from the head of the Federal Reserve to the titans of finance boasted that we had learned to master risk.

That analysis both anticipated and explained the combination of rising inflation and rising unemployment of the 1970 s that came to be known as stagflation.

He argues that the period of rapid technological progress that followed the Industrial Revolution may prove to be a 250 year exception to the rule of stagnation in human history.

These could be justified during the recession of 2008 2009, but now they have become counter productive, because they undermine the markets controlling function.

By 2009, the US budget deficit had climbed to more than 10 of GDP, thanks to increased expenditures and plummeting tax revenues during the recession.

Failure to take all four steps outlined above all but guarantees renewed recession in America, even if a good agreement is reached on stretching out the tax hikes and spending cuts.

How could this be? As the economic historian Alexander Field has shown, many firms took the down time created by weak demand for their products to reorganize their operations.

Secular Stagnation for Free