A grand coalition is an arrangement in a multi-party parliamentary system in which the two largest political parties of opposing political ideologies unite in a coalition government .
81-405: Occasionally circumstances arise in which normally opposing parties may find it desirable to form a government together. For example, in a national crisis such as a war or depression , people may feel a need for national unity and stability that overcomes ordinary ideological differences. This is especially true when there is broad agreement about the best policy to deal with the crisis. In this case,
162-742: A downturn than the recession itself, which is a slowdown in economic activity over the course of the normal business cycle of growing economy. Economic depressions may also be characterized by their length or duration, showing increases in unemployment , larger increases in unemployment or even abnormally large levels of unemployment (as with for example some problems in Japan in incorporating digital economy, that such technological difficult resulting in very large unemployment rates or lack of good social balance in employment among population, lesser revenues for businesses, or other economic difficulties, with having signs of financial crisis , that may also reflect on
243-459: A recession in 1990–91 (also fueled by the oil price crisis ), whose effects lasted as late as 1994. This downturn is more remembered for its political effects: British Prime Minister Margaret Thatcher had to resign in November 1990; and while his approval ratings were above 60%, U.S. President George H. W. Bush lost the 1992 election to Bill Clinton because of the domestic malady marked by
324-555: A Grand Coalition in Mongolia is formed for the first time in its history. Turkey's first grand coalition was formed after the 1961 general election , with members of Republican People's Party and Justice Party . At the same time, the grand coalition was also Turkey's first coalition government . In post-war Austria, a "grand coalition" ( German : Große Koalition ) between the Social Democratic Party of Austria (SPÖ) and
405-505: A coincidence of multiple sudden external shocks, including loss of Soviet trade, the savings and loan crisis and early 1990s recession in the West, with the internal overheating that had been brewing throughout the 1980s. Liberalization had resulted in the so-called "casino economy". Persistent structural and monetary policy problems had not been solved, leaving the economy vulnerable to even mild external shocks. The depression had lasting effects:
486-674: A depression that do not normally occur during a recession. In the United States the National Bureau of Economic Research determines contractions and expansions in the business cycle, but does not declare depressions. Generally, periods labeled depressions are marked by a substantial and sustained shortfall of the ability to purchase goods relative to the amount that could be produced using current resources and technology ( potential output ). Another proposed definition of depression includes two general rules: There are also differences in
567-631: A depression. The only two eras commonly referred to at the current time as "depressions" are the 1870s and 1930s. To some degree, this is simply a stylistic change, similar to the decline in the use of "panic" to refer to financial crises, but it does also reflect that the economic cycle – both in the United States and in most OECD countries – though not in all – has been more moderate since 1945. There have been many periods of prolonged economic underperformance in particular countries/regions since 1945, detailed below, but terming these as "depressions"
648-528: A global nosedive in commodities that ruined many developing nations, while servicemen returning from the trenches found themselves with high unemployment as businesses failed, unable to transition into a peacetime economy. Also, the Spanish flu pandemic of 1918–20 brought economic activity to a standstill as even more people became incapacitated. Most developed countries had mostly recovered by 1921–22, however Germany saw its economy crippled until 1923–24 because of
729-666: A governing coalition of the two largest parties, usually the Christian Democrats ( CDU / CSU ) and the Social Democrats (SPD). While Germany has historically tended to favour narrow coalitions of one of the two largest parties with the FDP or with the Greens , four grand coalitions have been formed at a federal level: the Kiesinger cabinet (1966–1969), the first Merkel cabinet (2005–2009),
810-469: A grand coalition may occur even when one party has enough seats to govern alone. An example would be the British national governments during World War I and before and during World War II . Another possibility is that the major parties may find they have more in common ideologically with each other than with the smaller parties. This is often a result of a cordon sanitaire , where the mainstream parties of
891-744: A majority in the European Parliament. Kaja Kallas' first cabinet was a grand coalition between the Reform Party and the Centre Party . Kallas dismissed the Centre ministers from her cabinet in June 2022, leaving it in a minority. She then formed another such coalition with the Social Democrats , in addition to Isamaa , after an agreement between Reform and the two other parties. In post-war Germany, "grand coalition" ( German : Große Koalition ) refers to
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#1732840496942972-470: A recession and a depression will have different ending dates and thus distinct durations. Under this definition, the length of depression will always be longer than that of the recession starting the same date. A useful example is a difference in the chronology of the Great Depression in the U.S. under the view of alternative definitions. Using the second definition of depression, most economists refer to
1053-422: A recession, since the difference between a depression and a recession is the severity of the fall in economic activity. In other words, each depression is always a recession, sharing the same starting and ending dates and having the same duration. Under the second definition, depressions and recessions will always be distinct events however, having the same starting dates. This definition of depression implies that
1134-721: A result of the 2022 Maharashtra political crisis , until the Election Commission recognised the faction led by Eknath Shinde as the legitimate structure of Shiv Sena in February 2023. Thackeray has filed petition against the decision of the ECI at the Supreme Court in New Delhi. The party was formed after a split in Shiv Sena as a result of the 2022 Maharashtra political crisis . The split
1215-514: A simple majority in parliament. Thus, the country had a hung parliament for the first time in its history. A few days after the election, the Conference of Rulers decreed that party leaders must work together to form a government. Pakatan Harapan's Prime Minister candidate, Anwar Ibrahim , was sworn in as the country's 10th Prime Minister after securing the support of Barisan National, its longstanding opponent, together with other parties that make up
1296-749: A statement of intent, which contained the main principles for what it called the Government of National Unity (GNU), were included. In the Indian state of Maharashtra , the Maha Vikas Aghadi alliance was formed between the Indian National Congress , the Nationalist Congress Party (NCP) and the Shiv Sena after the 2019 Maharashtra Legislative Assembly election . While the Congress and
1377-658: A year later. Soon afterwards, in 1994, the JSP negotiated with the LDP to form a grand coalition government. This lasted until January 1996, and the JSP collapsed after losing much of its political support. The Pakatan Harapan coalition and the Barisan National coalition formed the first grand coalition government in Malaysia in 2022, after the country's 15th general election . No major coalition secured enough seats in these elections to secure
1458-467: Is a Hindutva -based, Marathi regionalist , nationalist political party formed in 2022 under the leadership of former Chief Minister of Maharashtra , Uddhav Thackeray . It was allotted a new symbol by the Election Commission , separate from the main Shiv Sena . It was one of two separate factions , the other being the Balasahebanchi Shiv Sena , led by Eknath Shinde , formed as
1539-419: Is a period of carried long-term economic downturn that is the result of lowered economic activity in one or more major national economies. It is often understood in economics that economic crisis and the following recession that may be named economic depression are part of economic cycles where the slowdown of the economy follows the economic growth and vice versa. It is a result of more severe economic problems or
1620-481: Is controversial. The 2008–2009 economic cycle, which has comprised the most significant global crisis since the Great Depression, has at times been termed a depression, but this terminology is not widely used, with the episode instead being referred to by other terms, such as the " Great Recession ". The largest depression of all time occurred during the General Crisis . The Ming Empire of China went bankrupt and
1701-401: Is widely credited with having 'popularized' the term/phrase, informally referring to the downturn as a "depression", with such uses as "Economic depression cannot be cured by legislative action or executive pronouncement", (December 1930, Message to Congress) and "I need not recount to you that the world is passing through a great depression" (1931). Due to the lack of an agreed definition and
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#17328404969421782-615: The Chamber of Deputies . In the Netherlands, there have been several cabinets which can be described as grand coalitions ( grote coalitie ). The Roman/Red coalitions of the 1940s and 1950s under Prime Minister Willem Drees were composed of the Christian democratic Catholic People's Party (KVP) and the social-democratic Labour Party (PvdA) at its core and several smaller parties as backup ( Drees–Van Schaik ). The Purple coalitions in
1863-521: The Socialists & Democrats (S&D). Until 2019, they held a majority in the European Parliament and worked together in a grand coalition. However, advances by green, liberal and right-wing populist parties across Europe in the 2019 European Parliament election led to the EPP-S&;D coalition losing their majority, making Renew Europe support necessary to give Ursula von der Leyen and her commission
1944-535: The Stuart Monarchy fought a civil war on three fronts in Ireland, Scotland, and England . Thomas Hobbes , an English philosopher, created the first recorded explanation of the need for a universal Social Contract in his 1651 book Leviathan based on the general misery within society during this period. This depression is acknowledged to be a worse depression in the United States than the later Great Depression of
2025-645: The Supreme Court of India . Further, in its decision, the ECI allowed the party to keep its maśāl or torch symbol until state assembly by polls . The election symbol has been modified to resemble more like a torch as it was previously alleged that the originally allotted symbol looked more like an icecream. On 26 August 2022, the party announced an alliance with pro-Maratha outfit Sambhaji Brigade . While both parties said that they have come together to "save constitution and fight for regional pride", political analysts pointed out several contradictions in their positions on various core issues. On 23 January 2023,
2106-454: The left and right form a coalition to keep parties of the far left or far right out of government. One such example is Austria, which had grand coalitions from 1945 to 1966 to this effect. It is also possible that so many parties are represented in parliament that no other coalition is stable. This is often done out of political necessity, to prevent an early election. For example, in Israel ,
2187-609: The second Müller cabinet (1928–1930). In Greece there had been two Grand Coalitions known in Greece as National Unity Governments. The first one is the Coalition Cabinet of Xenophon Zolotas composed by the right-wing New Democracy (Greece) and the left-wing PASOK and Synaspismos because of a hung parliament and the second one is the Cabinet of Lucas Papademos composed by the right-wing New Democracy and Popular Orthodox Rally and
2268-822: The third Merkel cabinet (2013-2018), and the fourth Merkel cabinet (2018–2021). Under the Weimar Republic , the Great Coalition included all of the major parties of the left, centre, and centre-right who formed the basis of most governments: the SPD , the Catholic Centre Party , the German Democratic Party (DDP), and the German People's Party (DVP). The two examples were the first and second Stresemann cabinets (August–November 1923) and, less ephemerally,
2349-751: The 1930s. This depression ended in the United States due to the California Gold Rush and its tenfold addition to the United States' gold reserves. As with most depressions, it was followed by a thirty-year period of a booming economy in the United States, which is now called the Second Industrial Revolution (of the 1850s). The Panic of 1837 was an American financial crisis , built on a speculative real estate market. The bubble burst on 10 May 1837 in New York City , when every bank stopped payment in gold and silver coinage . The Panic
2430-494: The 1990s under Prime Minister Wim Kok were between the PvdA, the conservative liberal People's Party for Freedom and Democracy (VVD) and the social-liberal Democrats 66 (D66) party ( First Kok cabinet ). The Second Rutte cabinet , a grand coalition cabinet which can also be described as a purple coalition, was composed of the VVD and the PvdA. A more traditional grand coalition cabinet
2511-401: The 19th and early 20th centuries, financial crises were traditionally referred to as "panics", e.g., the 'major' Panic of 1907 , and the 'minor' Panic of 1910–1911 , though the 1929 crisis was more commonly called "The Crash", and the term "panic" has since fallen out of use. At the time of the Great Depression (of the 1930s), the phrase "The Great Depression" had already been used to refer to
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2592-576: The Borneo Bloc: Gabungan Parti Sarawak (GPS), Gabungan Rakyat Sabah (GRS) and Warisan . This coalition government is commonly referred to as a Unity Government , even in official communication by the government itself, but this is not a commonly-accepted use of the term. A Unity Government is typically defined as a broad coalition government that lacks opposition. In Malaysia's case, the Perikatan Nasional coalition serves as
2673-574: The Federal Council from the CVP to the SVP. However, the government's policies are only supported on a case-by-case basis by the parliamentary groups of the governing parties, so these major parties are in government and opposition at the same time. The UK has had grand coalitions in central government during periods of wartime. They are referred to as the "National Government". The Northern Ireland Executive ,
2754-458: The Finnish markka was floated and was eventually replaced by the euro in 1999, ending decades of government control of the economy, but also high, persistent unemployment. Employment has never returned even close to the pre-crisis level. The late 1910s and early 1920s were marked by an economic depression that unraveled in particularly catastrophic circumstances: World War I and its aftermath led to
2835-531: The Great Depression, as the period between 1929 and 1941. On the other hand, using the first definition, the depression that started in August 1929 lasted until March 1933. Note that NBER, which publishes the recession (instead of depression) dates for the U.S. economy, has identified two recessions during that period. The first between August 1929 and March 1933 and the second starting in May 1937 and ending in June 1938. Today
2916-557: The NCP reflect centre to centre-left policies and have a secular ideology, the Shiv Sena reflects right-wing policies and has a Hindu-nationalist ideology. The alliance formed the government in Maharashtra after a political crisis . The government lasted for 2.5 years, after which in 2022 a rebellion occurred in Shiv Sena regarding the alliance and another political crisis followed. After
2997-616: The PP was not among the two largest political parties in the regional assembly. Switzerland is a Directorial Republic , which means that the role of Head of State is collectively exercised by the Cabinet of Ministers, who are each elected by Parliament and whose chair is primus inter pares . The Federal Council consists of seven members who are elected by the Federal Assembly (both National Council and Council of States ) in joint session, with
3078-597: The Republic ) and the third-placed party ( Ettakatol ), forming the Troika alliance. In the 2014 parliamentary election , the party came in second place, but it formed alliance with Nidaa Tounes which was in first place, despite the tensions in the electoral campaign. In the 2019 parliamentary election , the party returned to first place and allied with the Heart of Tunisia party, until the 2021 political crisis . The 2024 elections in
3159-618: The Republic of South Africa resulted in the African National Congress (ANC), which had been in power since 1994, losing its majority having received less than 41% of the national vote. The ANC formed a grand coalition with the Democratic Alliance (previously the official opposition) and nine other parties. Together the parties had 72% of seats in the South African Parliament . All parties who were prepared to sign
3240-607: The Sena later formed separate political parties, with the secular and progressive group, seeking to move further to the left, led by Uddhav Thackeray forming Shiv Sena (Uddhav Balasaheb Thackeray) whereas the traditional and original Hindu nationalist faction of the Shiv Sena led by Eknath Shinde formed the Balasahebanchi Shiv Sena . On 17 February 2023, Election Commission of India recognised Eknath Shinde's faction as representing Shiv Sena officially. Shiv Sena (Uddhav Balasaheb Thackeray) leader Uddhav Thackeray has filed an appeal with
3321-634: The Soviet planned economy and the transition to a market economy resulted in catastrophic declines in GDP of about 45% from 1990 to 1996 and poverty in the region had increased more than tenfold. Finnish economists refer to the Finnish economic decline during and after the breakup of the Soviet Union (1989–1994) as a great depression ( suuri lama ). However, the depression was multicausal, with its severity compounded by
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3402-458: The United States in the 1930s. Average standards of living registered a catastrophic fall in the early 1990s in many parts of the former Eastern Bloc , most notably in post-Soviet states . Even before Russia's financial crisis of 1998 , Russia 's GDP was half of what it had been in the early 1990s. Some populations are still poorer today than they were in 1989 (e.g. Ukraine , Moldova , Serbia , Central Asia , Caucasus ). The collapse of
3483-420: The biggest group in the opposition bloc. Following the election, the ruling Mongolian People's Party had been reduced from Supermajority to simple majority for the first time in 8 years. Although The Mongolian People's Party could have formed a government of their own, the party leaders of Mongolian People's Party , Democratic Party (Mongolia) and HUN Party met and signed a memorandum to cooperate, thus
3564-538: The centrist Civic Choice (SC) and Union of the Centre (UdC) parties. In November 2013, The People of Freedom (later renamed as Forza Italia ) however dropped out and broke apart, leaving the Letta Cabinet and further Renzi Cabinet (Coalition between PD, NCD, SC and UdC) with a small majority. The Patriotic Union and the Progressive Citizens' Party have often governed Liechtenstein together, including
3645-520: The chair, the President of the Swiss Confederation , and the vice-president elected annually in rotation by Parliament in order of seniority—meaning that Switzerland actually has no Prime Minister and no member of the Federal Council is superior to another. By constitutional convention since 1959, the so-called " Magic Formula " ( German : Zauberformel ) allocates seats in the Federal Council to
3726-463: The conservative Austrian People's Party (ÖVP) has been standard since World War II . Of the 31 governments which have taken office since 1945, 20 have been grand coalitions, including eleven consecutively from 1945 to 1966. Grand coalitions again governed from 1987 to 2000 and 2007 to 2017. Grand coalitions have also been common at the state level: as of July 2020, grand coalitions governed Carinthia , Styria , Lower Austria , and Upper Austria ; in
3807-454: The crisis, and the poor performance of its economy after the introduction of severe austerity measures slowed the entire eurozone's recovery. Greece's troubles led to discussions about its departure from the eurozone . The economic crisis in the 1990s that struck former members of the Soviet Union was almost twice as intense as the Great Depression in the countries of Western Europe and
3888-536: The depression and increasing urban decay . In 2005, the persistent oil price rises and economic overheating caused by deregulation led to a gradual deterioration of the world economy with inflation and unemployment rising as growth slowed: The housing bubble in the U.S. burst in 2007, and the American economy slipped into a recession . This, in turn, provoked the failure of many prominent financial institutions throughout 2008, most notably Lehman Brothers , leading to
3969-547: The devolved administration of Northern Ireland, must by law, be a coalition of the largest Nationalist (also predominantly left of centre) and Unionist (also predominantly right of centre) parties. The chief post, of First Minister and deputy First Minister , is a diarchy . Most recently, this coalition has been led by Sinn Féin and the Democratic Unionist Party since the 2024 Northern Ireland Executive formation . All parties, major and minor, are offered posts in
4050-439: The duration of depression across definitions. Some economists refer only to the period when economic activity is declining. The more common use, however, also encompasses the time until the economic activity has returned close to normal levels. A recession is briefly defined as a period of declining economic activity spread across the economy (according to NBER). Under the first definition, each depression will always coincide with
4131-537: The early-to-mid 2010s. This definition also includes the economic performance of New Zealand from 1974 to 1992 and Switzerland from 1973 to the present, although this designation for Switzerland has been controversial. From 1980 to 2000, Sub-Saharan Africa broadly suffered a fall in absolute income levels. Shiv Sena (UBT) Shiv Sena (Uddhav Balasaheb Thackeray) ( IAST : Śiva Sēnā (Uddhava bāḷāsāhēba ṭhākare) ; lit. ' Army of Shivaji , led by Uddhav Thackeray ' ; abbr. SS (UBT) )
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#17328404969424212-467: The entire period from 1938 to 1997. In Luxembourg, towards the end of World War I , a new Chamber of Deputies was elected in 1918 with the explicit aim of reviewing the constitution . To this end, formalised parties were formed by the main political blocs, so as to increase their bargaining power in the negotiations. The revisions to the constitution introduced universal suffrage and compulsory voting , adopted proportional representation , and limited
4293-521: The escalation of the Croatian War of Independence . It was the 3rd cabinet of Croatia since the first multi-party elections , and its term ended on 12 August 1992 after the first parliamentary election under the 1990 Croatian Constitution . During the term of this cabinet Croatia gained internationally diplomatic recognition and became a member of the United Nations . The government was dominated by
4374-532: The executive, although they may opt to form an opposition . The Cayman Islands, a British overseas territory , had a coalition between the largest parties, the centre-left People's Progressive Movement and centre-right Cayman Democratic Party , from 2017 through 2021. The coalition government ended after the 2021 Caymanian general election as a result of the collapse of the Democratic Party that year. Depression (economics) An economic depression
4455-494: The first time in its history. The former opposition, consisting of parties ranging from the Japan Socialist Party (JSP) to the neoconservative Japan Renewal Party , united around Morihiro Hosokawa as their choice for prime minister . After having passed electoral reform legislation, which was the coalition's raison d'être , the bickering between ideological factions led to the grand coalition falling apart less than
4536-631: The four major parties represented in Parliament. Due to that, these major parties form a de facto perennial "grand coalition" or constant national unity government with a supermajority in both the National Council and the Council of States. This magic formula was adjusted after the Swiss People's Party (SVP) became the largest party represented in Parliament in the 2003 elections , transferring one seat in
4617-433: The fragmentation and intransigence of some of the smaller parties has made it easier to maintain a coherent platform with a grand coalition than with a narrow one. Ennahda Party made an alliance with the parties of opposing political ideologies, and governed Tunisia between 2011 and 2021. After the party won the Constituent Assembly election in 2011, an alliance was established with the second-placed party ( Congress for
4698-491: The government collapsed, the Shiv Sena split into two factions; the relatively moderate and secular group Shiv Sena (Uddhav Balasaheb Thackeray) (SS (UBT)) led by Uddhav Thackeray and the Balasahebanchi Shiv Sena , the Hindu nationalist group led by Eknath Shinde . The alliance still exists between the Congress, the NCP and the SS (UBT), though they sit in the opposition in the Maharashtra Legislative Assembly . Israel has had several grand coalition governments. The first
4779-437: The hyperinflation crisis . The 1973 oil crisis , coupled with the rising costs of maintenance of welfare state in most countries led to a recession between 1973 and 1975 , followed by a period of almost minimal growth and rising inflation and unemployment . The 1980–82 recession marked the end of the period. The savings & loans and the leveraged buyout crises led to a severe depression in mid-to-late 1989, causing
4860-439: The largest parties of the centre-right Independence Party (16), the left-wing Left-Green Movement (9), and the liberal agrarian Progressive Party (8). All of the parties are opposed to EU integration . In Italy, "grand coalition" ( Italian : Grande coalizione ) refers to the first supermajority government formed in April 2013 between center-left Democratic Party (PD), center-right The People of Freedom (PdL) party, and
4941-434: The last two of these, grand coalitions (more specifically, all-party government) are compulsory under the constitution. The Third Government of the Republic of Croatia ( Croatian : Treća Vlada Republike Hrvatske ) or The Government of National Unity ( Croatian : Vlada nacionalnog jedinstva ) was the Croatian Government cabinet led by Prime Minister Franjo Gregurić . It was announced on 17 July 1991 in response to
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#17328404969425022-408: The left-wing PASOK because of the Greek government-debt crisis . There were also grand coalitions during the governments of Tzannis Tzannetakis (New Democracy and Synaspismos), Antonis Samaras (New Democracy, PASOK and Democratic Left (Greece) ) and Alexis Tsipras ( Syriza , Independent Greeks and Ecologist Greens ) In Iceland there has been a grand coalition since 30 November 2017 between
5103-418: The loss of millions of jobs. Several Latin American countries had severe downturns in the 1980s: by the Kehoe and Prescott definition of a great depression as at least one year with output 20% below trend, Argentina , Brazil , Chile , Mexico , and Peru experienced great depressions in the 1980s, and Argentina experienced another between 1998 and 2002. South American countries fell once again into this in
5184-441: The national level, though it was proposed by then Prime Minister Mariano Rajoy during the 2015–2016 government formation process . Rajoy's own investiture on 29 October 2016 was allowed by the abstention of PSOE's MPs, in what was dubbed a "covert grand coalition", in reference to PSOE's tolerance of Rajoy's minority government through punctual agreements until the re-election of Pedro Sánchez as party leader in June 2017. At
5265-422: The party announced an alliance with the Prakash Ambedkar -led Vanchit Bahujan Aaghadi (VBA). However, on 23 March 2024, Prakash Ambedkar announced VBA's decision to end the alliance. In the 2022 Maharashtra gram panchayat polls , the MVA won 457 gram panchayat seats, out of which the NCP got 155 seats, while the SS (UBT) got 153 seats and the Congress got 149 seats. The NDA got 352 seats, out of which
5346-403: The period 1873–96 (in the United Kingdom), or more narrowly 1873–79 (in the United States), which has since been renamed the Long Depression . Common use of the phrase "The Great Depression" for the 1930s crisis is most frequently attributed to British economist Lionel Robbins , whose 1934 book The Great Depression is credited with 'formalizing' the phrase, though US president Herbert Hoover
5427-434: The powers of the monarch . Since the foundation of the party system , only one cabinet (between 1921 and 1925) has included only members of a single party. Most of the time, governments are grand coalitions of the two largest parties, no matter what their ideologies; this has made Luxembourg one of the most stable democracies in the world. Two cabinets (between 1945 and 1947) included members of every party represented in
5508-400: The regional level, grand coalitions between the two largest parliamentary forces have been rare, but examples exist: Additionally, both PSOE and PP formed a joint coalition government—which also included other parties—following a successful vote of no confidence in the Cantabrian regional government of Juan Hormaechea in 1990, enduring until the 1991 regional election . At the time, however,
5589-422: The right-wing Croatian Democratic Union and it contained the Social Democratic Party of Croatia , Croatian Social Liberal Party , Croatian People's Party , Croatian Christian Democratic Party , Socialist Party of Croatia , Social Democrats of Croatia and the Croatian Democratic Party After the Velvet Revolution , there was a government of socialists ( ČSSD ) with Prime Minister Miloš Zeman supported by
5670-406: The right-wing ODS , known as the opposition agreement . After the 2022 Danish general election a grand coalition was formed between the centre-left Social Democrats , the centre-right Venstre and the centrist Moderates , presided over by the social democrat Mette Frederiksen . In the European Parliament , the two main pan-European party groups are the European People's Party (EPP) and
5751-404: The strong negative associations, the characterization of any period as a "depression" is contentious. The term was frequently used for regional crises from the early 19th century until the 1930s, and for the more widespread crises of the 1870s and 1930s, but economic crises since 1945 have generally been referred to as "recessions", with the 1970s global crisis referred to as " stagflation ", but not
5832-657: The term "depression" is most often associated with the Great Depression of the 1930s, but the term had been in use long before then. Indeed, an early major American economic crisis, the Panic of 1819 , was described by then-president James Monroe as "a depression", and the economic crisis immediately preceding the 1930s depression, the Depression of 1920–21 , was referred to as a "depression" by president Calvin Coolidge . However, in
5913-1098: The work of banks, or may result in banking crisis (in various ways that may be for example unauthorized transformations of banks), and further the crisis in investment and credit; that further could reflect on innovation and new businesses investments lessening or even shrinking, or buyers dry up in recession and suppliers cut back on production and investment in technology, in financial crisis that may be more country defaults or debt problems, and further in feared businesses bankruptcies , and overall business slowdown. Other bad signs of economic depression could be significantly reduced amounts of trade and commerce (especially international trade ), as well as in currency markets that maybe fluctuations or unexpected exchange rates with observed highly volatile currency value fluctuations (often due to relative currency devaluations ). Other signs of depression are prices deflation , financial crises , stock market crash or even bank failures , or even specific behaviour of economic agents or population, that are also common or also non common elements of
5994-523: Was caused by Eknath Shinde , who staged a rebellion in the party, getting support of the majority of the MLAs of the Sena and later splitting from the group led by Uddhav Thackeray , forming the Maharashtra government with the Bharatiya Janata Party , in which Shinde got the post of chief minister whereas the Bharatiya Janata Party 's Devendra Fadnavis became deputy chief minister. The two factions in
6075-518: Was continued as a non-rotation grand coalition until 1990). In 2021, a rotation grand coalition government, the Bennett-Lapid government , succeeded another rotation grand coalition in the form of the Netanyahu-Gantz government . Following the 1993 Japanese general elections , the historically hegemonic Liberal Democratic Party (LDP) was narrowly placed into the opposition in the lower house for
6156-532: Was followed by a five-year depression, with the failure of banks and record high unemployment levels. Starting with the adoption of the gold standard in Britain and the United States, the Long Depression (1873–1896) was indeed longer than what is now referred to as the Great Depression, but shallower in some sectors. Many who lived through it regarded it to have been worse than the 1930s depression at times. It
6237-574: Was known as "the Great Depression" until the 1930s. The Great Depression of the 1930s affected most national economies in the world. This depression is generally considered to have begun with the Wall Street Crash of 1929 , and the crisis quickly spread to other national economies. Between 1929 and 1933, the gross national product of the United States decreased by 33% while the rate of unemployment increased to 25% (with industrial unemployment alone rising to approximately 35% – U.S. employment
6318-501: Was national-liberal Nicolae Ciucă . His cabinet was sworn in on 25 November. The coalition supports the Romanian President Klaus Iohannis . In Spain, the term "grand coalition" is typically used to refer to any hypothetical government formed between the centre-right to right-wing People's Party (PP) and the centre-left Spanish Socialist Workers' Party (PSOE). No such a coalition government has ever been formed at
6399-478: Was still over 25% agricultural). A long-term effect of the Great Depression was the departure of every major currency from the gold standard , although the initial impetus for this was World War II (see Bretton Woods Accord ). Beginning in 2009, Greece sank into a recession that, after two years, became a depression . The country saw an almost 20% drop in economic output, and unemployment soared to near 25%. Greece's high amounts of sovereign debt precipitated
6480-613: Was the Third Lubbers cabinet , comprising the Christian-democratic Christian Democratic Appeal (CDA) and the PvdA. After the political crisis in autumn 2021 , PNL , PSD and the UDMR reached an agreement to rule the country together for the next seven years. Thus, it has been agreed that the prime minister and several other important ministries should be changed every 18 months. The prime minister appointed
6561-415: Was the wartime government of Levi Eshkol , formed in 1967 and which lasted until 1970. Subsequent grand coalitions were formed in the 1980s and at several points in the 21st century. Several of Israel's grand coalitions were rotation governments, in which the premiership alternated between center-left and center-right leaders. The first was from 1984 to 1988, led by Shimon Peres and Yitzhak Shamir (which
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