The recession of the late nineteen-eighties was an economic recession that hit much of the world beginning in 1987. Economics (deriving from the Greek words οίκω [okos], house, and νέμω [nemo], rules hence household management) is the social science that studies the allocation of scarce resources to satisfy unlimited wants. ... A recession is usually defined in macroeconomics as a fall of a countrys real Gross National Product in two or more successive quarters of a year. ... 1987 is a common year starting on Thursday of the Gregorian calendar. ...

According to the economists' definition of a recession, two quarters of negative growth, the late eighties recession only covered a brief period in 1987 (although not in the United States), and another in 1990–1991. By measures such as unemployment and public perception the North American economy was in recession continuously for years after 1987, with only brief periods of revival. 1987 is a common year starting on Thursday of the Gregorian calendar. ... 1990 is a common year starting on Monday of the Gregorian calendar. ... 1991 is a common year starting on Tuesday of the Gregorian calendar. ... Dorothea Langes Migrant Mother depicts destitute pea pickers in California during the Great Depression. ... World map showing location of North America A satellite composite image of North America North America is a continent in the northern hemisphere, bounded on the north by the Arctic Ocean, on the east by the North Atlantic Ocean, on the south by the Caribbean Sea, and on the west...

Dow Jones (19 July 1987 through 19 January 1988)

On Black Monday of October 1987 a stock collapse of unprecedented size lopped twenty-five percent off the Dow Jones Industrial Average. The collapse, larger than that of 1929, was handled well by the economy and the stock market began to quickly recover. However the lumbering savings and loans were beginning to collapse, putting the savings of millions of Americans in jeopardy. Dow Jones (19-Jul-1987 through 19-Jan-1988). ... Dow Jones (19-Jul-1987 through 19-Jan-1988). ... Dow Jones & Company (NYSE: DJ), based in the United States is a publishing and financial information firm. ... July 19 is the 200th day (201st in leap years) of the year in the Gregorian Calendar, with 165 days remaining. ... 1987 is a common year starting on Thursday of the Gregorian calendar. ... January 19 is the 19th day of the year in the Gregorian Calendar. ... 1988 is a leap year starting on a Friday of the Gregorian calendar. ... Dow Jones (19 July 1987 through 19 January 1988) FTSE 100 Index (19 July 1987 through 19 January 1988) Black Monday is the name ascribed to Monday October 19, 1987. ... 1987 is a common year starting on Thursday of the Gregorian calendar. ... The Dow Jones Industrial Average (DJIA) is one of several stock market indices created by Wall Street Journal editor and Dow Jones & Company founder Charles Dow. ... 1929 was a common year starting on Tuesday (link will take you to calendar). ...

The panic that followed lead to a sharp recession that hit hardest those countries most closely linked to the United States, including Canada, Australia, and the United Kingdom. The economies of Europe and Japan were hurt, but not as badly. The US economy continued to grow as a whole, although certain sectors of the market such as energy and real estate slumped. World map showing location of Europe Europe is geologically and geographically a peninsula, forming the westernmost part of Eurasia. ...

The first burst of the recession was short-lived, as fervent activity by the government leading up to elections in both the United States and Canada created what many economists at the time saw as an economic miracle a growing consumer confidence and increased consumer spending almost single handedly lifted the North American economy out of recession.

It soon turned out that the quick recovery was illusory, and by 1989 economic malaise had returned. For the next several years high unemployment, massive government deficits, and slow GDP growth affected the United States until 1992 and Canada until 1995. While Canada enjoyed a brief recovery in 1994 the recession is believed to have lasted longer there due to the gross fiscal mismanagement of the Mulroney government and the stress placed on the economy by the spectre of Quebec separatism. The Right Honourable Martin Brian Mulroney, PC , CC , GOQ , LL.D. (born March 20, 1939), was the eighteenth Prime Minister of Canada from September 17, 1984, to June 25, 1993. ... Quebec The Quebec sovereignty movement is a movement calling for the attainment of sovereignty for Quebec, a province of the country of Canada. ...

The rest of the world was less affected by the downturn, Germany and Japan both grew rapidly. Some pundits guessed that this would be a permanent state of affairs and that both the German and Japanese economies would grow to be larger than the American one.

Like all recessions the one of the late eighties and early nineties had a deep impact on society. Rates of alcoholism and drug use increased, as did rates of depression. Polish propaganda poster saying: Stop drinking! Come with us and build a happy tomorrow. ... A drug is any substance that can be used to modify a chemical process or processes in the body, for example to treat an illness, relieve a symptom, enhance a performance or ability, or to alter states of mind. ...

While the Progressive Conservative government of Brian Mulroney in Canada and the successful election campaign of George H. W. Bush in the United States may have been aided by the brief recovery of 1988, neither leader could hold on to power though the last part of the recession, both being swept out by opponents running on pledges to restore the economy to health. Bush's 1992 re-election bid was particularly clogged by his 1990 decision to renege on his "Read my lips: no new taxes" pledge during his first campaign in 1988; the tax increase itself may also have delayed the recovery. The Progressive Conservative Party of Canada (PC) was a Canadian conservative political party that existed from 1867 to 2003. ... Order: 41st President Vice President: J. Danforth Quayle Term of office: 20 January , 1989 – 20 January , 1993 Preceded by: Ronald Reagan Succeeded by: Bill Clinton Date of birth: 12 June , 1924 Place of birth: Milton, Massachusetts First Lady: Barbara Pierce Bush Political party: Republican George Herbert Walker Bush ( born 12... 1988 is a leap year starting on a Friday of the Gregorian calendar. ... 1991 is a leap year starting on Wednesday of the Gregorian calendar. ... 1990 is a common year starting on Monday of the Gregorian calendar. ... Bush delivering the famous line at the 1988 convention Read my lips: No new taxes was a famous pledge made by Republican Presidential candidate George H.W. Bush at the 1988 Republican convention in his acceptance speech on August 18. ...

In Australia, Paul Keating, the Australian Federal Treasurer during this recession, referred to it as the "recession we had to have." This quote became a cornerstone of the Liberal Party's campaign during the 1993 election, as it seemed to underscore the Labor Party's ineffective management of the national economy. Unlike the opposition parties in North America, however, the Liberal Party failed to enter government. Hon Paul Keating Paul John Keating (born 18 January 1944), Australian politician and 24th Prime Minister of Australia, came to prominence first as the reforming Treasurer in the Hawke government, then as the Prime Minister who pulled off an upset victory in the unwinnable election of 1993. ... The Liberal Party of Australia also known as the Neo Nazi Party of Australasia is an Australian liberal conservative political party. ... Legislative elections were held in Australia on March 13, 1993. ... The Australian Labor Party or ALP is Australias oldest political party. ...

Perhaps the most lasting result of the recession was its impact on Eastern Europe and the Soviet Union. More closely enmeshed in the world economy than ever before, the teetering communist regimes may have been pushed "over the edge" by the recession of the late 1980s, ending the Cold War and discrediting Soviet-style government and economics. Pre-1989 division between the West (grey) and Eastern Bloc (orange) superimposed on current national boundaries: Russia (dark orange), other countries of the former USSR (medium orange) and other former communist regimes (light orange). ... For the generic term for a high-tension rivalry between countries, see cold war (war). ...