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1990 91 Recession
1990 91 Recession
Published: 2012/08/15
Channel: Curt5286
Oxford Street Christmas Trade Severely Dented in 1990 Recession | Thames News
Oxford Street Christmas Trade Severely Dented in 1990 Recession | Thames News
Published: 2015/04/23
Channel: Thames News
Recession 1991
Recession 1991
Published: 2014/12/04
Channel: Thames News
Donald Trump on Economic Recovery (1991)
Donald Trump on Economic Recovery (1991)
Published: 2015/07/19
Channel: Citizen Of The Planet
Why Was There Economic Prosperity in the 1990s in the United States? Janet Yellen (1998)
Why Was There Economic Prosperity in the 1990s in the United States? Janet Yellen (1998)
Published: 2013/11/15
Channel: The Film Archives
California Budget Crisis & Budget Delay of the Early 1990s
California Budget Crisis & Budget Delay of the Early 1990s
Published: 2007/10/03
Channel: danieljbmitchell
Ford, Carter, and the Economic Malaise: Crash Course US History #42
Ford, Carter, and the Economic Malaise: Crash Course US History #42
Published: 2013/12/21
Channel: CrashCourse
Early 1980s recession
Early 1980s recession
Published: 2015/10/11
Channel: Audiopedia
Tony Blair talking briefly about the recession 1992
Tony Blair talking briefly about the recession 1992
Published: 2015/02/11
Channel: Thames News
Portrait of High-Consumption, Low-Saving US Economy of the Late 1990s
Portrait of High-Consumption, Low-Saving US Economy of the Late 1990s
Published: 2009/08/28
Channel: danieljbmitchell
Get Back - S1xE1 (Part 1) Ray Winstone, Kate Winslet
Get Back - S1xE1 (Part 1) Ray Winstone, Kate Winslet
Published: 2014/06/06
Channel: flanagan10981
The Recession
The Recession
Published: 2014/08/01
Channel: CRIS X
Election
Election '92 theme and opening segment
Published: 2008/08/31
Channel: endlessraining
Economy of the 1990s
Economy of the 1990s
Published: 2012/02/17
Channel: Saadiq Shaik
Australia
Australia's GDP hits recession-level low
Published: 2011/06/01
Channel: ABC News (Australia)
The Japan Bubble vs The Credit Crisis (CCGL9030)
The Japan Bubble vs The Credit Crisis (CCGL9030)
Published: 2015/11/30
Channel: ckt991177
Australia On The Verge Of Recession in 2017 - Greg Canavan Explains why
Australia On The Verge Of Recession in 2017 - Greg Canavan Explains why
Published: 2016/12/12
Channel: Markets & Money
Banking Terms: The US Recession of 2001
Banking Terms: The US Recession of 2001
Published: 2013/11/25
Channel: Nataly Hari
Interview - Russia
Interview - Russia's economic collapse in the 1990s
Published: 2009/03/06
Channel: lorax2013
Why Was There Economic Prosperity in the 1990s in the United States? Janet Yellen (1998)
Why Was There Economic Prosperity in the 1990s in the United States? Janet Yellen (1998)
Published: 2016/08/01
Channel: Sven Peters
Michael Lewis on the Crash of 1987
Michael Lewis on the Crash of 1987
Published: 2012/04/24
Channel: Big Think
Economic Recession Unfolds in 10 Minutes Bad Economy Financial Disaster
Economic Recession Unfolds in 10 Minutes Bad Economy Financial Disaster
Published: 2009/04/11
Channel: optionmaestro
On Russia
On Russia's Economic Depression in 1990s
Published: 2009/03/06
Channel: Its Ready Freddie
Recalling recession: 10 years on from Russian crisis
Recalling recession: 10 years on from Russian crisis
Published: 2008/08/18
Channel: RT
1990s Sydney, Australia, Street Scenes
1990s Sydney, Australia, Street Scenes
Published: 2015/03/24
Channel: thekinolibrary
BREAKING - Britain on brink of WORST house price collapse since the 1990s, expert warns
BREAKING - Britain on brink of WORST house price collapse since the 1990s, expert warns
Published: 2017/07/05
Channel: News 2U
Leif Pagrotsky on the Swedish Banking Crisis
Leif Pagrotsky on the Swedish Banking Crisis
Published: 2012/04/24
Channel: Big Think
Mickey Levy: Higher Taxes May Cause Recession
Mickey Levy: Higher Taxes May Cause Recession
Published: 2009/08/06
Channel: FORA.tv
KXJB (Fargo, North Dakota) News Open - Early 1990s
KXJB (Fargo, North Dakota) News Open - Early 1990s
Published: 2007/10/13
Channel: Richard58103
Workers
Workers' Compensation Insurance in California: Early 1990s
Published: 2007/09/30
Channel: danieljbmitchell
The plight of Japan
The plight of Japan's homeless
Published: 2009/02/11
Channel: FRANCE 24 English
1980
1980's British Recession. Archive film 97231
Published: 2016/11/29
Channel: HuntleyFilmArchives
Wall Street, the International Monetary Fund, and the Bankrupting of Argentina (2005)
Wall Street, the International Monetary Fund, and the Bankrupting of Argentina (2005)
Published: 2013/08/04
Channel: The Film Archives
Ashford - A Town Hit By The Recession!
Ashford - A Town Hit By The Recession!
Published: 2008/12/22
Channel: JJ's video clips
February 1, 1992 Bugs Bunny and Tweety Show Commercial Block 2 (Halftime)
February 1, 1992 Bugs Bunny and Tweety Show Commercial Block 2 (Halftime)
Published: 2013/05/29
Channel: HamptonRoadsTVFan
1987 Children
1987 Children's Palace/Child World Commercial (Big Bird)
Published: 2014/02/19
Channel: HamptonRoadsTVFan
Korean economy resembles Japan in early stages of recession   한국, 장기불황 초기 일본 닮아,
Korean economy resembles Japan in early stages of recession 한국, 장기불황 초기 일본 닮아,
Published: 2014/12/10
Channel: ARIRANG NEWS
BMW 8 Series 850i V12 (Dealership Training Video
BMW 8 Series 850i V12 (Dealership Training Video '89) Part 1
Published: 2014/02/02
Channel: BMW Alpina
Way-out Parking Lot in Tokyo [iPhone 4S/HD]
Way-out Parking Lot in Tokyo [iPhone 4S/HD]
Published: 2012/09/05
Channel: ohayuni71
America
America's Transition to a Global Economy: 1960s-1990s (AP U.S. History Exam Study Guide)
Published: 2017/04/27
Channel: Bill of Rights Institute
Contextualizing the Recession
Contextualizing the Recession
Published: 2012/04/24
Channel: Big Think
1995 Hills Commercial (Hills is Where the Toys Are)
1995 Hills Commercial (Hills is Where the Toys Are)
Published: 2014/11/20
Channel: HRTVFan2
Obamanation: Crash Course US History #47
Obamanation: Crash Course US History #47
Published: 2014/02/07
Channel: CrashCourse
Recession Shrank Net Worth of U.S. Families to 1992 Levels
Recession Shrank Net Worth of U.S. Families to 1992 Levels
Published: 2012/06/12
Channel: freespeechtv
1991 BMW 850i
1991 BMW 850i
Published: 2012/06/18
Channel: udondave
Alan Greenspan: Economic Perspectives on Russia and Eastern Europe (1990)
Alan Greenspan: Economic Perspectives on Russia and Eastern Europe (1990)
Published: 2015/03/23
Channel: Way Back
George H.W. Bush and a Sluggish Economy
George H.W. Bush and a Sluggish Economy
Published: 2011/12/14
Channel: AmericanExperiencePBS
BMW 8 Series 850i V12 (Dealership Tranning Video
BMW 8 Series 850i V12 (Dealership Tranning Video '89) Part 2
Published: 2014/02/02
Channel: BMW Alpina
5 Reasons Why Japan Faces Economic Crisis RIGHT NOW!
5 Reasons Why Japan Faces Economic Crisis RIGHT NOW!
Published: 2014/08/22
Channel: The Money GPS
Late 1970s, Early 1980s UK Unemployment March, Protest
Late 1970s, Early 1980s UK Unemployment March, Protest
Published: 2015/05/05
Channel: thekinolibrary
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WIKIPEDIA ARTICLE

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The recession of the early 1990s describes the period of economic downturn affecting much of the world in the early 1990s.

Political ramifications[edit]

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. However, neither leader could hold on to power through the last part of the recession; being challenged by political opponents running on pledges to restore the economy to health. Bush initially enjoyed great popularity after the successful Persian Gulf War but this soon wore off as the recession worsened; his 1992 re-election bid was particularly hampered by his 1990 decision to renege on his "Read my lips: no new taxes" pledge during his first campaign in 1988. Mulroney retired as prime minister and party leader in 1993, and the Progressive Conservatives collapsed in the election held later that year winning only two seats.

In Australia, Paul Keating (then Treasurer of Australia, and future Prime Minister), referred to it as "the recession that Australia had to have."[1] This quote became a cornerstone of the opposition Liberal Party's campaign during the 1993 election, designed to underscore alleged mismanagement of the national economy by the incumbent Labor Party. Unlike the opposition parties in North America, however, the Liberal Party failed to enter government.

In neighboring New Zealand, the recession came after the re-election of the reformist Lange Labour government. The impact of economic reforms (known as Rogernomics) in the recession led to deep policy divisions between the Prime Minister, David Lange, and the Minister of Finance, Roger Douglas. In response to the recession, Douglas wanted to increase the pace of reform, whereas Lange sought to prevent further reform. Douglas resigned from Cabinet in 1988, but was re-appointed to Cabinet in 1989, prompting Lange to resign. Labour lost the 1990 general elections by a landslide to the National Party, who continued with Douglas' reforms.

Finland underwent severe economic depression in 1990–93. Badly managed financial deregulation of the 1980s, in particular removal of bank borrowing controls and liberation of foreign borrowing, combined with strong currency and a fixed exchange rate policy led to a foreign debt financed boom. Bank borrowing increased at its peak over 100% a year and asset prices skyrocketed. The collapse of the Soviet Union in 1991 led to a 70% drop in trade with Russia and eventually Finland was forced to devaluate, which increased the private sector's foreign currency denominated debt burden. At the same time authorities tightened bank supervision and prudential regulation, lending dropped by 25% and asset prices halved. Combined with raising savings rate and worldwide economic troubles, this led to a sharp drop of aggregate demand and a wave of bankruptcies. Credit losses mounted and a banking crisis inevitability followed. The number of companies went down by 15%, real GDP contracted about 14% and unemployment rose from 3% to nearly 20% in four years.[2] Recovery has been based on exports, after currency devaluation of 40% and reviving world economy share of exports as percentage of GDP has risen from 20% to 45%,[3] and Finland has been running consistent current account surpluses. Despite this impressive performance and strong growth mass unemployment has remained a problem.[4]

Despite several major economies showing quarterly detraction during 1989, the British economy continued to until the third quarter of 1990. Economic growth was not re-established until early 1993, with the end of the recession being officially declared on 26 April that year, but the Conservative government which had been in power continuously since 1979 managed to achieve re-election in April 1992 after the replacement of long-serving Margaret Thatcher with John Major as prime minister in November 1990 helped fend off a strong challenge from Neil Kinnock and Labour. The early 1990s recession was officially the longest in Britain since the Great Depression some 60 years earlier. However, the recession of the early 1980s brought a sharper fall in output and an even greater rise and level of unemployment. Unemployment in Britain rose from 1.6 million to nearly 3 million between April 1990 and the beginning of 1993 (as opposed to the rise from around 1.5 million to 3.2 million that had occurred as a result of recession between 1979 and 1983), and with the return of economic growth it began to fall from early 1993 and within five years was back to pre-recession levels.

Following the end of this recession the British economy enjoyed a record run of unbroken economic growth lasting more than 15 years, until the economy lurched back into recession during 2008 – an economic downturn that was ultimately even worse than that of the early 1990s.[5][not in citation given]

Influence on culture[edit]

In the United States during the recession more people chose to shop at discount stores. This caused Kmart and Walmart (which became the country's largest retailer in 1989) to outsell the traditional stalwart Sears.[6]

Civil unrest[edit]

In the United Kingdom, there was a significant wave of rioting at the height of the recession in 1991, with unemployment and social discontent being seen as major factors. Areas affected included Handsworth in Birmingham,[7] Blackbird Leys in Oxford, Kates Hill in Dudley, Meadow Well on Tyneside, Ely in Cardiff and Hartcliffe in Bristol. These were isolated communities devastated by poverty and unemployment, separated from urban centres.[8]

See also[edit]

References[edit]

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