The Panic Depression of 1873, was considered the long economic depression followed by years of deflation and instability while the financial crisis of 1929 to 1931 was considered as the Great Depression followed by years of mass unemployment.
The world of today seemed to face a third economic depression, more likely to repeat the previous economic woes of the 19th and 20th centuries respectively. The deteriorating effect of the world economy and millions of people without jobs seem to be unthinkable.

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