New York’s Great Depression: The Delayed Fade
Somewhat surprisingly, the initial contraction of the New York City economy during the initial onset of the Great Depression of the 1930s was less severe than that experienced by other large U.S. cities. But the City’s economy recovered more slowly than the nation as a whole between 1933 and 1937, contracted more severely through the renewed downturn in 1937 and 1938, and underperformed the rest of the country during the renewed recovery. By the eve of World War II economic conditions in New York were significantly worse than in the average metropolitan area. This chapter identifies the characteristics of New York’s economy that determined this Depression-era trajectory.
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