recession

recession
   A recession is a period during which a country’s economic output falls below its potential, producing less goods and services than the country has capacity for. Recessions are characterized by negative levels of economic growth and corresponding unemployment. High levels of unemployment alone do not mean recession, as the late 1980s illustrate. The British economy has experienced three recessions since the 1970s. The first came at the end of the Heath government’s (1970– 4) brief economic experiment. The second was at the beginning of the 1980s following Thatcher’s deflationary budgets. The third was at the beginning of the 1990s as the Lawson boom collapsed. In 1998 it was feared that the country was slipping into a fourth recession.
   See also: financial crises; monetarism
   Further reading
    Artis, M.J. (ed.) (1992) The UK Economy, London: Weidenfeld & Nicholson.
   ALASTAIR LINDSLEY

Encyclopedia of contemporary British culture . . 2014.

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  • Recession — Re*ces sion, n. [Pref. re + cession.] The act of ceding back; restoration; repeated cession; as, the recession of conquered territory to its former sovereign. [1913 Webster] …   The Collaborative International Dictionary of English

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