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Today's Economic History: Tim Taylor: Fear of Cheap Foreign Labor in the Long Depression: 1873-1879 (Brad DeLong's Grasping Reality...)

Tim Taylor: Fear of Cheap Foreign Labor in the Long Depression: 1873-1879: "The US economy was in a continuous recession for 65 months from October 1873 to March 1879.... ...Samuel Bernstein offered one of the classic descriptions of the Long Depression in his 1956 article, "American Labor in the Long Depression, 1873-1878" (Science & Society, Winter 1956, 20:1, pp. 59-83, available through JSTOR).... Estimates of the [non-farm] unemployment rate for the later part of this period often exceeded 20%.... For those with a job, real wages fell by half. Even those real wages were often paid in the form of company scrip....
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