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63-549: In 2003, songwriter and record producer Jason Deere began teaching the Old and New Testament in an early morning seminary class for high school students of the Church of Jesus Christ of Latter-day Saints (LDS Church) in Franklin, Tennessee. His research and teaching inspired him to write an album of songs about the early church history, from 1820 to 1844. The album Joseph: A Nashville Tribute to

126-742: 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

189-491: A general authority seventy , has been the CES commissioner since August 1, 2021. The University of Deseret was established in 1850 to supervise other public schools in the territory. Public taxation instituted in 1851 supported these schools, which were organized by wards , with their teacher employed by the local bishop . These early public schools were often used church meetinghouses as their schoolroom. While Utah's colonization

252-459: 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

315-582: A Marxist, was elected as president, and Church members were uncertain about the future of the LDS Church and Church schools. The minister of education requested using a church building for another session of schooling. In response, Loosle increased enrollment to ensure that the schools were always operating at full capacity. Kindergartens operated in LDS chapels in Arica, Inquique, and La Calera to keep them from being used by

378-505: 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:

441-674: 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

504-631: 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"

567-528: 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

630-470: 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

693-422: 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

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756-419: 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

819-481: 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

882-455: Is so great that it is not feasible to meet on a daily basis. Home-study seminary students study daily, but meet only once a week as a class. Home-study classes are usually held in connection with weekly youth fellowship activities on a weekday evening. The seminary program provides extensive study of theology, using as texts the church's " standard works " ( Old Testament , New Testament , Book of Mormon and Doctrine and Covenants ) throughout

945-478: Is still in operation, with 418 students as of the 2012–2013 school year, and approximately 80% of the students are members of the church. The school now utilizes a unique dual-language program beginning in kindergarten and continuing through high school. The internationalization of the LDS Church in the 1950s and 1960s corresponded with an increase in native Mexican membership. Scholarships for these members to Juárez Academy encouraged its diversification. Additionally,

1008-401: 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

1071-537: The Big Horn Academy . The Juarez Academy in Colonia Juarez, Mexico, is still operated as a secondary school by the LDS Church today. A few church academies eventually evolved into colleges or universities. These include: The LDS Church also established formal colleges and universities: In the mid-20th century, the church established secondary schools outside of the United States to provide education where it

1134-535: 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

1197-751: 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

1260-588: The 1970s, under the leadership of Neal A. Maxwell , church schools in the Pacific started to hire administrators from local members, in contrast to the previously American administrators. Schools established in Chile in the 1960s; at its largest, church schools had 3,000 students across eight elementary schools and one secondary school. The schools closed in the 1980s. Church-sponsored elementary schools opened in Lima in 1966. Over

1323-401: 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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1386-558: The 2008 Pearl Award for Inspirational Instrumental Recording Of The Year ( My People / Come, Come Ye Saints ). Years of touring the world with the Nashville Tribute Band, along with Deere and Truman's own experience serving as LDS Church missionaries , led to the writing and production of the album The Work: A Nashville Tribute to the Missionaries . The album pays tribute to the culture of sending thousands of missionaries into

1449-546: The Church expanded its educational program. It ran elementary schools in various places in Mexico and opened a high school in Mexico City, Centro Escolar Benemerito De Las Americas , in 1964. The curriculum changed in accordance with Mexican law, with off-campus religious instruction. Campus culture changed as schools celebrated Mexican holidays and included Mexican culture in its curriculum. In 1967, Hispanic students made up 50% of

1512-485: The Church when "other educational systems are nonexistent, seriously deficient or inaccessible to our members." Chilean church schools started to close in 1977, with the Church's growth and adequate public schools given as reasons for closure. By 1981, Church schools had completely closed in Chile, Peru, Bolivia, and Paraguay. Some of academies remain historical landmarks, such as the Oneida Stake Academy and

1575-458: 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

1638-578: 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

1701-459: The LDS Church, the word seminary refers to religious education programs designed for secondary students. These are programs of religious education for youth aged 14–18 that accompany the students' secular education. In areas with large concentrations of Latter-day Saints, such as in and around the Mormon Corridor in the United States, instruction is offered on a released time basis during

1764-549: The Prophet was co-produced with Deere's longtime friend, Dan Truman, of Diamond Rio. Truman also wrote one of the songs on the album. The album was released by Deseret Book ’s Highway Records in 2005 and it became one of its best-selling albums, winning Pearl Awards for Contemporary Album Of The Year, Inspirational Recording Of The Year (Emma), Contemporary Instrumental Recorded Song Of The Year (Say Uncle), Songwriter Of The Year (Jason Deere). The LDS Booksellers Association also awarded

1827-573: The Quorum of the Twelve, currently Christofferson, serves as the committee's chairman. Rasband, as the only other member of the Twelve currently serving on the board, is the vice chairman of the executive committee. The office of Church Commissioner of Education was suspended in 1989, when trustees decided to deal directly with individual administrators. The position was reinstated in 1992. Histories Depression (economics) An economic depression

1890-634: 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

1953-687: The US. In an attempt to escape persecution, more than three hundred Latter-day Saints settled in nine different communities in Chihuahua and Sonora. The Academia Juárez was opened in 1887. The Juárez Stake Academy was first established in September 1897 with 291 students. Located within the church's Colonia Juárez in Chihuahua, the school was similar to academies in the Utah territory and provided English-language instruction intended for "an Anglo population." The school

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2016-555: The United States either have institute buildings or active programs near their campuses. Sometimes classes occur in ward buildings, office buildings, or private homes. Teachers can be either volunteers or paid employees. The first Institute of Religion was established in northern Idaho at Moscow , adjacent to the University of Idaho . Currently the largest enrollment is at Utah State University in Logan, Utah . The largest enrollment outside

2079-458: 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

2142-559: The album a 2006 Listener's Choice Award for Album Of The Year and awarded Deere a 2006 Listener's Choice Award for Best New Artist. Deere and Truman co-produced a second Nashville Tribute album released in 2007 called Trek: A Nashville Tribute to the Pioneers . The album covered the Mormon pioneer era of LDS Church history. The album won the 2007 Pearl Award for Group Recording Artist Of The Year (Jason Deere, The Nashville Tribute Band) as well as

2205-496: The classroom, and changed the district superintendent position to one that was appointed instead of elected. The Free School Act of 1890 established that public schools would be "free from sectarian control." This legislation separated the LDS Church from the public schools.  Wilford Woodruff disliked the new public schools, calling them a "great evil," and created the academies system and an after-school program of religious classes for children. The first Church Board of Education

2268-454: 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

2331-575: The curriculum has followed the standard school year for most seminary students. However, in March 2019, the LDS Church announced that the curriculum would be changed to align with the home-centered, church-supported curriculum changes announced in the church's October 2018 general conference. Students who enroll in post-secondary education and young adults ages 18–30 receive religious education through institutes of religion . CES Institutes served over 350,000 students worldwide in 2005. Many colleges throughout

2394-545: The decade due to the depressions of 1893 and 1896 . Some of the stronger academies persisted before being dissolved during church education cutbacks in the 1920s. Release-time seminary classes started in 1912 at Granite High School in Salt Lake City, and grew to serve 26,000 students by 1930. In 2014, the Seminaries and Institutes programs served over 744,000 students in seminaries and institutes in 137 countries. In

2457-536: 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

2520-439: 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

2583-511: The first year, all the children passed their government-administered end-of-year exams, with many performing very well. In 1967, Lyle J. Loosle became the new superintendent. Under his leadership, volunteers supported new elementary schools in Nunoa and Talcahuano. In 1970, the Church Board of Education approved the purchase of a Catholic school near Santiago. Later that year, Salvador Allende ,

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2646-575: The government for other purposes. After Allende was overthrown, the kindergartens closed. In 1972, Jorge Rojas, the new superintendent from Mexico, dismissed two non-member teachers and made other reforms. Other teachers formed a union to protest new policies. Loosle was asked to return as superintendent after Church headquarters reassigned Rojas to a school in Mexico. Loosle dismissed teachers' union leaders when they refused to resign. The union leaders demanded reinstatement. Loosle asked teachers to repent of their unionization; some union members left

2709-437: 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

2772-466: 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

2835-542: The next five years, elementary schools opened in La Paz, Bolivia and Asuncion, Paraguay. Shortly after the first mission was organized in Chile in 1961, Dale Harding became the superintendent of two elementary schools in La Cisterna and Vina del Mar, which were opened in March 1964. Rather than use the traditional lecture-exam format, teachers varied their teaching methods to include group work and in-service training. After

2898-532: The normal school day in meetinghouses, or facilities built specifically for seminary programs, adjacent to public schools . Released-time seminary classes are generally taught by full-time employees. In areas with smaller LDS populations early-morning or home-study seminary programs are offered. Early-morning seminary classes are held daily before the normal school day in private homes or in meetinghouses and are taught by volunteer teachers. Home-study seminary classes are offered where geographic dispersion of students

2961-573: 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

3024-438: The school week, in addition to normal Sunday classes. The four courses are taught, one per year, on a rotating basis. Historically, seminary students were encouraged to study each scriptural text on their own time and to memorize a total of 100 scriptural passages or "scriptural mastery" verses during their participation in the four-year program. In 2016, the focus turned from scripture mastery to doctrinal mastery. For many years,

3087-521: The school, while others left the union. Loosle rehired some of the union leaders. In 1973, Beningno Pantoja Arratia became the new superintendent, and he made several reforms, including requiring ecclesiastical interviews. In 1970, Neal A. Maxwell became the Church Commissioner of Education, a new position overseeing Church schools, seminaries, and institutes. A 1971 policy from Maxwell stated that non-religious education should only be provided by

3150-538: The schools in the Pacific Islands. Wendell B. Mendenhall was the first chairman of the board, with Owen J. Cook as executive secretary. The Pacific Board of Education approved faculty, wrote policies, and defined budgets. Each school in Pacific Islands has its own president/principal and administrative board. The schools under the Pacific Board of Education were transferred to the Church Board of Education in 1964. In

3213-748: The state of Utah is at Idaho State University in Pocatello, Idaho . CES institutions provide elementary and secondary schools in Mexico and in the Pacific Islands . Church schools expanded while David O. McKay was president of the LDS Church, with new schools opening in New Zealand, Tonga, Samoa, and other Pacific islands. The schools relied on volunteers. In 1886, the Mexican state of Chihuahua housed an outpost for Latter-day Saints fleeing anti-polygamy laws in

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3276-404: 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

3339-429: The student body. Benemerito De Las Americas closed in 2013 when the campus was converted into a Missionary Training Center . As of 2014, 400 students attended Juárez Academy. Most students are Latin American, and about seventy-five percent are LDS. Initially, schools in the Pacific Islands were run by missionaries and directed by mission presidents. The Pacific Board of Education was organized in June 1957 to oversee

3402-657: 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

3465-1098: 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

3528-722: The world and all of the experiences associated with the missionaries, their families and friends as they serve. The Nashville Tribute Band consists of: LDS seminary The Church Educational System ( CES ) of the Church of Jesus Christ of Latter-day Saints (LDS Church) consists of several institutions that provide religious and secular education for both Latter-day Saint and non–Latter-day Saint elementary, secondary, and post-secondary students and adult learners . Approximately 700,000 individuals were enrolled in CES programs in 143 countries in 2011. CES courses of study are separate and distinct from religious instruction provided through wards (local congregations). Clark G. Gilbert ,

3591-475: 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

3654-501: Was formed in 1888 to supervise the academies. The board consisted of Wilford Woodruff, Lorenzo Snow, George Q. Cannon, Karl G. Maeser, Horace S. Eldredge, Willard Young, George W. Thatcher, Anthon H. Lund, and Amos Howe. Thirty academies were formed between 1888 and 1895, but many families could not afford the tuition of the private academies. A few academies became junior colleges and trained teachers, and some continued as private Church-sponsored high schools. Most academies closed within

3717-574: 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

3780-528: Was not closed when other academies were closed in the 1920s and 1930s, likely because public school education in Mexico during the Mexican Revolution was inadequate. Settlers from Utah Territory remained isolated and aloof from native Mexicans, celebrating American holidays and teaching in English. Moises de la Pena, a Mexican academic, declared that the school was an "illegal privilege" in 1950. The school

3843-533: Was not fully available. These include: Institutions of higher education run by the church include Brigham Young University , Brigham Young University–Idaho , Brigham Young University–Hawaii , and Ensign College , along with a higher education organization, BYU–Pathway Worldwide . NOTE: Individuals with an asterisk (*) by their names serve as members of the Executive Committee of the Board. The senior member of

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3906-637: Was started by members of the LDS Church (also called Mormons), twenty percent of the territory's residents were not Mormon by 1880. This non-Mormon minority wished for a state government that was less Mormon, including for public schools that were independent from the LDS Church. Non-Mormon schools petitioned for and received federal aid, and the first Protestant missionary school opened in Salt Lake City in 1867. From 1869–1890, there were 90 non-Mormon schools from other Christian denominations. Over half of their students were Mormon. The Edmunds–Tucker Act of 1887 prohibited use of "sectarian" or religious books in

3969-478: 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

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