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[[Image:29-50.gif|right|250px|thumb|Dow Jones Industrial Averages, 1929-50.]]

[[Image:29-49.gif|right|250px|thumb|Dow Jones Industrial Averages, 1929-49.]]

[[Image:115yeardowgoldratio.gif|right|200px|thumb|Dow Jones Index in constant dollars relative to the price of gold. The chart is a good reflection of living standards throughout the period.]]

[[Image:115yeardowgoldratio.gif|right|200px|thumb|Dow Jones Index in constant dollars relative to the price of gold. The chart is a good reflection of living standards throughout the period.]]

The '''New Ordeal''' is the period of time between 1929 and 1941, when the American economy finally recovered from the [[Crash of '29]].  It encompasses most of the 1930s, World War II, and the postwar economic recovery.  The New Ordeal also is sometimes referred to as the '''Great Ordeal''' or simply the '''Ordeal'''.   

The '''New Ordeal''' is the period of time between 1929 and 1949, when the American economy finally recovered from the [[Crash of '29]].  It encompasses the four presidential terms U.S. President [[Franklin D. Roosevelt]] had been elected to, the final term having been administered mostly by his successor, President [[Harry S. Truman]].  The New Ordeal also is sometimes referred to as the '''Great Ordeal''' or simply the '''Ordeal'''.   

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During the twenty years of the New Ordeal, America experienced 2 deep recessions, or essentially a second depression within the [[Great Depression]], and [[World War II]], a calamity that claimed the lives of 55 million people worldwide.  Many of the nations involved in World War II resorted to "economic planning", as Economist [[Friedrich Hayek]] referred to it, to address the so-called "crisis in capitalism" in the 1930s.

During the twenty years of the New Ordeal, America experienced 2 deep recessions, or essentially a second depression within the [[Great Depression]], and [[World War II]], a calamity that claimed the lives of 55 million people worldwide.  Many of the nations involved in World War II resorted to "economic planning", as Economist [[Friedrich Hayek]] referred to it, to address the so-called "crisis in capitalism" in the 1930s.

The 1929-1949 period saw two recessions: One beginning in 1929 with the stock market crash and the 1937 "Roosevelt Recession." Manufacturing demand stimulated by WWII, and the postwar demand for durable consumer goods led to the 1942-1949 recovery, where finally, in 1949, the New York Stock Exchange recovered to the level it had been at 1929.

The 1929-1949 recession had within it a recession from 1937-1943; 1933 to 1937 were recovery years stimulated by the [[New Deal]] government spending. However by 1937 the nation had nowhere near recovered to where it was in 1929. Manufacturing demand stimulated by WWII led to the 1943-1949 recovery, where finally, in 1949, the New York Stock Exchange recovered to the level it had been at 1929.

In 1929 the DJIA declined 90.0% over a duration 34 months. Six successive market crashes comprised this famed bear market: (1) September to November 1929 (DJIA fell 40% in this first phase). (2) April to June 1930. (3) September to December 1930. (4) March to May 1931. (5) July to January 1932. (6) March to July 1932. A new bull market then started immediately, as did a business recovery.

In 1929 the DJIA declined 90.0% over a duration 34 months. Six successive market crashes comprised this famed bear market: (1) September to November 1929 (DJIA fell 40% in this first phase). (2) April to June 1930. (3) September to December 1930. (4) March to May 1931. (5) July to January 1932. (6) March to July 1932. A new bull market then started immediately, as did a business recovery.