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During the 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.

During the two decades between 1929 and 1949, 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.

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 and the pent up post-war demand for durable consumer goods fueled the 1941-1949 recovery, until finally, in 1949, the New York Stock Exchange reached the level it had been at prior to the crash of October, 1929.

from 1929-1932, the DJIA declined 90.0% over a duration of 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.

From 1929-1932, the DJIA declined 90.0% over a period of 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.

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.

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 did not 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.

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.

==Economic planning==

==Economic planning==