Persistent U.S.A deflation between 1879 and the mid-1890s was primarily due to the fact that the Demand for money; was growing faster than the supply of money .
The Long Depression was a worldwide price and economic downturn that began in 1873 and lasted until March 1879 or 1896, depending on the metric used.
It was most severe in Europe and the United States, which had been experiencing strong economic growth in the decade following the American Civil War, fueled by the Second Industrial Revolution.
The episode was dubbed the "Great Depression" at the time, and it remained so until the 1930s Great Depression.
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