Contraction (economics)

A contraction is a period of economic decline marked by falling real GDP.^[1] See Recession. During the 1870s and 1880s, the recalling of paperbacks, due to pressure by "hardmoney" Republicans caused a contraction reducing the amount of money per capita by 5 cents.

References

1. ^ Sullivan, arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 548. ISBN 0-13-063085-3. http://www.pearsonschool.com/index.cfm?locator=PSZ3R9&PMDbSiteId=2781&PMDbSolutionId=6724&PMDbCategoryId=&PMDbProgramId=12881&level=4. 

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