Naming
Further information: Depression (economics)The term "The Great Depression" is most frequently attributed to British economist Lionel Robbins, whose 1934 book The Great Depression is credited with formalizing the phrase, though Hoover is widely credited with popularizing the term, informally referring to the downturn as a depression, with such uses as "Economic depression cannot be cured by legislative action or executive pronouncement", (December 1930, Message to Congress) and "I need not recount to you that the world is passing through a great depression", (1931).
The term "depression" to refer to an economic downturn dates to the 19th century, when it was used by varied Americans and British politicians and economists. Indeed, the first major American economic crisis, the Panic of 1819, was described by then-president James Monroe as "a depression", and the most recent economic crisis, the Depression of 1920–21, had been referred to as a "depression" by then president Calvin Coolidge.
Financial crises were traditionally referred to as "panics", most recently the major Panic of 1907, and the minor Panic of 1910–1911, though the 1929 crisis was called "The Crash", and the term "panic" has since fallen out of use. At the time of the Great Depression, the term "The Great Depression" was already used to referred to the period 1873–96 (in the United Kingdom), or more narrowly 1873–79 (in the United States), which has retroactively been renamed the Long Depression.
Read more about this topic: Great Depression
Famous quotes containing the word naming:
“Husband,
who am I to reject the naming of foods
in a time of famine?”
—Anne Sexton (19281974)
“The night is itself sleep
And what goes on in it, the naming of the wind,
Our notes to each other, always repeated, always the same.”
—John Ashbery (b. 1927)
“See, see where Christs blood streams in the firmament!
One drop would save my soulhalf a drop! ah, my Christ!
Ah, rend not my heart for naming of my Christ!
Yet will I call on him!O, spare me, Lucifer!
Where is it now? T is gone; and see where God
Stretcheth out his arm, and bends his ireful brows!
Mountains and hills, come, come and fall on me,
And hide me from the heavy wrath of God!”
—Christopher Marlowe (15641593)