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The Depression of 1920–1921 was a sharp deflationary recession in the United States, United Kingdom and other countries, beginning 14 months after the end of World War I. It lasted from January 1920 to July 1921. [1]
In the Forgotten Depression, Grant examines what he calls “the recession that cured itself,” the short, sharp depression of 1920-21. In that downturn, the Wilson and Harding administrations and the Federal Reserve both followed policies contrary to current wisdom.
Far from empirically proving the efficacy of austerity, the Depression of 1920-21 may have provided an early, if inadvertent, model for a semi-interventionist response to economic adversity. At the very least, Harding’s policies barely affected a recovery already underway by the time he took office.
"The Most Disasterous and Never-to-be-Forgotten Year": The Panic of 1819 in Philadelphia by J. David Lehman. Hard Time, Loco-Focos, and Buckshot Wars: The Panic of 1837 in Pennsylvania by Sean Patrick Adams. Mother Jones and the Panics of 1873 and 1893 by Andrew B. Arnold. Soothing the People's Panic: The Banking Crisis of the 1930s in Philadelphia
Dec 4, 2015 · The panic spread to financial institutions in Washington, DC, Pennsylvania, New York, Virginia, and Georgia, as well as to banks in the Midwest, including Indiana, Illinois, and Ohio. Nationwide, at least one-hundred banks failed.
The recession lasted from January 1920 to July 1921, or 18 months, according to the National Bureau of Economic Research. This was longer than most post–World War I recessions, but was shorter than recessions of 1910–12 and 1913–1914 (24 and 23 months respectively).
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Pennsylvania and the nation had suffered economic downturns before. During the 1800s, several "panics" had devastated the Commonwealth and the nation's economy. The panic of 1873 had persisted for nearly six years, and a national economic collapse in the 1890s left more than four million people unemployed.
