twenty years of the New Ordeal, America experienced two recessions, and [[World War II]], which 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 Depression had within it a recession from 1937-1938; 1933 to 1937 were recovery years stimulated by the [[New Deal]] government spending. However by 1937 the US economy had not recovered to the levels of 1929. Manufacturing demand stimulated by WWII
led to the 1941-1949 recovery, where finally, in 1949, the New York Stock Exchange recovered to the level it had been at 1929.
Business had topped out mildly, a month before the first crash; a gradual mild decline continued to April 1930, then fell sharply into a depression simultaneously with the end of the 1930 stock market rally. The business decline halted in December 1930, stayed level for 6 months, then plunged again in steep economic decline that
didn’t lose its downward momentum for a full year, until July 1932. Business improved intermittently thereafter but still remained at depression levels through most of the decade of the 1930s except for a short recovery in 1936–37.
In 1934 a fall of 24.1% in the DJIA began again over 9 months. Then the market took seven more months to get back up to where 1934 began.