According to some economic historians, the first true modern recession took place in:
A) the United States in 1854.
B) Britain in 1825.
C) Russia in 1860.
D) Japan in 1890.

Question

Quizplus · Accepted Answer

According to many economic historians, the first true modern recession took place in Britain in 1825. This recession was caused by speculative investing and a subsequent bubble in the South American mining industry. The recession lasted for six years and had widespread effects on the British economy, including bank failures and high unemployment rates.

According to Some Economic Historians, the First True Modern Recession