How do different recessions compare to each other?

How do different recessions compare to each other?

Recessions can vary significantly in their causes, duration, and impact. For instance, the Great Depression of the 1930s was primarily caused by a stock market crash and led to widespread unemployment, while the 2008 recession was triggered by a housing market collapse and financial crisis.

What were the main causes of the 2008 recession?

The 2008 recession was mainly caused by the burst of the housing bubble, risky mortgage lending practices, and the subsequent collapse of financial institutions. These factors led to a severe credit crunch and a significant decline in consumer spending.

How long did the Great Recession last compared to the Great Depression?

The Great Recession lasted about 18 months, from December 2007 to June 2009, while the Great Depression lasted for about a decade, from 1929 to the late 1930s.

What were the long-term effects of these recessions?

The long-term effects of the Great Depression included changes in government policy and social safety nets, while the Great Recession led to increased regulation in the financial sector and a slow recovery in employment and wages.