* The Recession of 1937-1938: The Recession of 1937-1938 was a sharp economic downturn that occurred in the United States and Europe. It was triggered by a number of factors, including the stock market crash of 1937, a decline in consumer spending, and a reduction in investment. The recession led to widespread unemployment and slowed down the recovery from the Great Depression.
* The Depression of the 1940s: The Depression of the 1940s was a period of economic decline that occurred in the United States and Europe during the early years of World War II. It was caused by a number of factors, including the disruption of trade, increased government spending, and a reduction in consumer spending. The depression led to widespread unemployment and shortages of goods.