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This was particularly true during the Golden Age of Capitalism (1945/50–1970s), and the period 1945–2008 did not experience a global downturn until the Late-2000s recession.Economic stabilization policy using fiscal policy and monetary policy appeared to have dampened the worst excesses of business cycles, and automatic stabilization due to the aspects of the government's budget also helped mitigate the cycle even without conscious action by policy-makers.The length of a business cycle is the period of time containing a single boom and contraction in sequence.These fluctuations typically involve shifts over time between periods of relatively rapid economic growth (expansions or booms) and periods of relative stagnation or decline (contractions or recessions).For several of these countries the period 1989–2010 has been an ongoing depression, with real income still lower than in 1989.Business cycles are a type of fluctuation found in the aggregate economic activity of nations that organize their work mainly in business enterprises: a cycle consists of expansions occurring at about the same time in many economic activities, followed by similarly general recessions, contractions, and revivals which merge into the expansion phase of the next cycle; in duration, business cycles vary from more than one year to ten or twelve years; they are not divisible into shorter cycles of similar characteristics with amplitudes approximating their own.Business cycles are usually measured by considering the growth rate of real gross domestic product.
There were frequent crises in Europe and America in the 19th and first half of the 20th century, specifically the period 1815–1939.
Business cycles are not merely fluctuations in aggregate economic activity.
The critical feature that distinguishes them from the commercial convulsions of earlier centuries or from the seasonal and other short term variations of our own age is that the fluctuations are widely diffused over the economy – its industry, its commercial dealings, and its tangles of finance.
In the 20th century, Schumpeter and others proposed a typology of business cycles according to their periodicity, so that a number of particular cycles were named after their discoverers or proposers: Others, such as Dmitry Orlov, realize that simple compound interest mandates the cycling of monetary systems.
Since 1960, World GDP has increased by fifty-nine times, and these multiples have not even kept up with annual inflation over the same period.