| depression = slump An extended or severe period of recession. Depressions occur infrequently. The most recent Great Depression occurred in the 1930s; prior to that they occurred in the periods 1873-96, 1844-51, and 1810-17. Depressions are usually associated with falling prices (see deflation) and large-scale involuntary unemployment. They are often preceded by major financial crashes, e.g. the Wall Street crash of 1929. |