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1990 91 Recession
1990 91 Recession
Published: 2012/08/15
Channel: Curt5286
Recession 1991
Recession 1991
Published: 2014/12/04
Channel: Thames News
Recessions of 1990 and 2001
Recessions of 1990 and 2001
Published: 2012/08/16
Channel: Jeff Miller
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
Donald Trump on Economic Recovery (1991)
Donald Trump on Economic Recovery (1991)
Published: 2015/07/19
Channel: Conservative Citizen
The Clinton Years, or the 1990s: Crash Course US History #45
The Clinton Years, or the 1990s: Crash Course US History #45
Published: 2014/01/24
Channel: CrashCourse
George H.W. Bush and a Sluggish Economy
George H.W. Bush and a Sluggish Economy
Published: 2011/12/14
Channel: AmericanExperiencePBS
History of Economic Recessions in the United States: Stock Exchange (1991)
History of Economic Recessions in the United States: Stock Exchange (1991)
Published: 2016/01/24
Channel: Way Back
Early 1980s recession
Early 1980s recession
Published: 2015/10/11
Channel: Audiopedia
What Caused The 1980 Recession?
What Caused The 1980 Recession?
Published: 2017/11/26
Channel: Xerioc Xuj
Recession of 1982
Recession of 1982
Published: 2009/08/27
Channel: Mike Fladlien
UK officially in recession By FinancialMirror.tv
UK officially in recession By FinancialMirror.tv
Published: 2009/01/23
Channel: FinancialMirror
How the Well-to-Do Are Surviving the Recession - 1992
How the Well-to-Do Are Surviving the Recession - 1992
Published: 2012/12/31
Channel: SanibelFilmSchool
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
A price well worth paying  Norman Lamont Tory 1991
A price well worth paying Norman Lamont Tory 1991
Published: 2013/04/30
Channel: John Gray
Former California Governor Deukmejian on the State Budget
Former California Governor Deukmejian on the State Budget
Published: 2007/08/27
Channel: danieljbmitchell
Tony Blair talking briefly about the recession 1992
Tony Blair talking briefly about the recession 1992
Published: 2015/02/11
Channel: Thames News
recession and help from God
recession and help from God
Published: 2007/03/04
Channel: michael weir
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
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
The IMF in Brazil in the late 1990s
The IMF in Brazil in the late 1990s
Published: 2015/05/12
Channel: Jeff Jones
Interview - Russia
Interview - Russia's economic collapse in the 1990s
Published: 2009/03/06
Channel: lorax2013
Officials recall New Jersey
Officials recall New Jersey's economic status during early 1990s
Published: 2017/02/20
Channel: Eagleton Institute of Politics
Rajiv Dixit on causes of recession
Rajiv Dixit on causes of recession
Published: 2017/10/31
Channel: Rajiv Dixit
Subprime Learning
Subprime Learning
Published: 2014/01/30
Channel: New America
Why the Asian Financial Crisis Happened: Diagnosis, Remedies & Prospects (1998)
Why the Asian Financial Crisis Happened: Diagnosis, Remedies & Prospects (1998)
Published: 2014/12/13
Channel: Way Back
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
Economy of the 1990s
Economy of the 1990s
Published: 2012/02/17
Channel: Saadiq Shaik
August 20, 1992 NBC News Republican National Convention Coverage (Partial)
August 20, 1992 NBC News Republican National Convention Coverage (Partial)
Published: 2014/03/05
Channel: HamptonRoadsTVFan
Spain
Spain's Grotesque Recession and Economic Collapse
Published: 2016/04/27
Channel: Daily Voice News
Late 1970s, Early 1980s UK Unemployment March, Protest
Late 1970s, Early 1980s UK Unemployment March, Protest
Published: 2015/05/05
Channel: thekinolibrary
BBC 1997 General Election (2017 Broadcast) -  Part One
BBC 1997 General Election (2017 Broadcast) - Part One
Published: 2017/09/20
Channel: Andy Gordon
Fed Reports How Much Recession Shrank US Wealth
Fed Reports How Much Recession Shrank US Wealth
Published: 2012/06/13
Channel: Associated Press
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
Nostalgic Baseball Cards from the 1980s & Early 1990s - Michael Jordan....? WHAT?!
Nostalgic Baseball Cards from the 1980s & Early 1990s - Michael Jordan....? WHAT?!
Published: 2016/06/24
Channel: BaseballCardJunkiesTV
BBC 1997 General Election (2017 Broadcast) -  Part Two
BBC 1997 General Election (2017 Broadcast) - Part Two
Published: 2017/09/20
Channel: Andy Gordon
Are We Headed for a Soviet-Style Collapse? - Dmitry Orlov
Are We Headed for a Soviet-Style Collapse? - Dmitry Orlov
Published: 2009/03/03
Channel: FORA.tv
Hardcore Valley Part 1 - Ashfield Valley Flats, Rochdale Greater Manchester.
Hardcore Valley Part 1 - Ashfield Valley Flats, Rochdale Greater Manchester.
Published: 2011/05/18
Channel: sidfletcher666
Costs of Inflation: Price Confusion and Money Illusion
Costs of Inflation: Price Confusion and Money Illusion
Published: 2017/02/02
Channel: Marginal Revolution University
On Russia
On Russia's Economic Depression in 1990s
Published: 2009/03/06
Channel: Its Ready Freddie
Popularity of bulk products rises in Korea amid recession
Popularity of bulk products rises in Korea amid recession
Published: 2014/05/12
Channel: ARIRANG NEWS
2017 Los Angeles​ Driving Tour: Rodeo Drive Beverly Hills Fashion Shopping. No music. No talking.
2017 Los Angeles​ Driving Tour: Rodeo Drive Beverly Hills Fashion Shopping. No music. No talking.
Published: 2017/04/01
Channel: Dash Cam Tours
Virginia Foxx Denies Recession
Virginia Foxx Denies Recession
Published: 2008/10/10
Channel: MyFoxxNews
Inspiring Entrepreneurs: Marketing Maestros - Will King
Inspiring Entrepreneurs: Marketing Maestros - Will King
Published: 2013/11/13
Channel: BIPCTV
How Does China Affect the Global Economy? Henry Paulson
How Does China Affect the Global Economy? Henry Paulson's Economic Forecast (2014)
Published: 2014/12/26
Channel: Way Back
The Auto Industry Bailouts: Obama, Financial Crisis and Car Sales in the United States (2009-2010)
The Auto Industry Bailouts: Obama, Financial Crisis and Car Sales in the United States (2009-2010)
Published: 2014/05/23
Channel: Listen Up
Donald Logue on the recession
Donald Logue on the recession
Published: 2008/08/04
Channel: Patriot Ledger
The Decline of Crime in the 1990s
The Decline of Crime in the 1990s
Published: 2013/12/17
Channel: Emma Olcott
Investing in America: Infrastructure, Competition, Roads, Bridges, Railways, Transit (2014)
Investing in America: Infrastructure, Competition, Roads, Bridges, Railways, Transit (2014)
Published: 2014/11/21
Channel: The Film Archives
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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 Western world in the early 1990s.

Political ramifications[edit]

Canada and the United States[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.

Australia[edit]

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.

New Zealand[edit]

In neighbouring 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[edit]

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]

United Kingdom[edit]

Despite several major economies showing quarterly detraction during 1989, the British economy continued to grow 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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