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Indian annexation of Hyderabad
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Operation Polo

The State of Hyderabad in 1909 (excluding Berar).
Date
13–18 September 1948
Location
Hyderabad State, South India
Result
Decisive Indian victory
Annexation of Hyderabad to Union of India
Belligerents
Dominion of India Hyderabad
Commanders and leaders
Sardar Patel
Roy Bucher
Joyanto Nath Chaudhuri S.A. El Edroos
Qasim Razvi
Strength
35,000 Indian Armed Forces 22,000 Hyderabad State Forces
est. 200,000 Razakars (Irregular forces)[citation needed]
Casualties and losses
32 killed[1]
97 wounded Hyderabad State Forces: 807 killed
unknown wounded
1,647 POWs[2]
Razakars:
1,373 killed
1,911 captured[2]
Sunderlal Committee: 30,000 – 40,000 civilians killed[3]
responsible observers: 200,000 civilians killed[4][5]
Operation Polo is the code name of the Hyderabad "police action" in September 1948, by the newly independent India against the Hyderabad State.[6] It was a military operation in which the Indian Armed Forces invaded the Nizam-ruled princely state, annexing it into the Indian Union.[7]
At the time of Partition in 1947, the princely states of India, who in principle had self-government within their own territories, were subject to subsidiary alliances with the British, giving them control of their external relations. In the Indian Independence Act 1947 the British abandoned all such alliances, leaving the states with the option of opting for full independence. However, by 1948 almost all had acceded to either India or Pakistan. One major exception was that of the wealthiest and most powerful principality, Hyderabad, where the Nizam, Osman Ali Khan, Asif Jah VII, a Muslim ruler who presided over a largely Hindu population, chose independence and hoped to maintain this with an irregular army recruited from the Muslim aristocracy, known as the Razakars.[8]:224 The Nizam was also beset by the Telangana uprising, which he was unable to subjugate.[8]:224
The Indian government, anxious to avoid what it termed a Balkanization of what had been the Indian Empire, was determined to effect the integration of Hyderabad into the new Indian Union.[8]:223 Amidst atrocities by the Razakars, the Indian Home Minister Sardar Patel decided to annex Hyderabad[9][not in citation given] in what was termed a "police action". The operation itself took five days, in which the Razakars and the Hyderabadi Military were defeated swiftly.[10]
The operation led to massive violence on communal lines. The Indian prime minister Jawaharlal Nehru appointed a commission known as the Sunderlal Committee. Its report, which was not released until 2013, concluded that "as a very reasonable & modest estimate...the total number of deaths in the state...somewhere between 30,000 & 40,000."[3] Other responsible observers estimated the number of deaths to be 200,000 or higher.[4]

Contents
[hide]
1 Background
2 Events preceding hostilities
2.1 Political and diplomatic negotiations
2.2 Telangana Rebellion
2.3 Communal violence before the operation
2.4 Hyderabadi military preparations
2.5 Skirmish at Kodar
2.6 Indian military preparations
3 Commencement of hostilities
3.1 Day 1, 13 September
3.2 Day 2, 14 September
3.3 Day 3, 15 September
3.4 Day 4, 16 September
3.5 Day 5, 17 September
4 Capitulation and surrender
4.1 Consultations with Indian envoy
4.2 Radio broadcast after surrender by Nizam
4.3 The surrender ceremony
5 Communal violence during and after the operation
6 Hyderabad after integration
6.1 Detentions and release of people involved
6.2 Overhaul of bureaucracy
7 References
8 Bibliography
9 External links
Background[edit]
Hyderabad state was initially a Subah in the Mughal Empire, in the Deccan Plateau. Nizam-ul-Mulk Asaf Jah was appointed Subahdar in 1713 by the Mughal Empire. Hyderabad's effective independence is dated to 1724, when the Nizam won a military victory over a rival military appointee.[11] In 1798, Hyderabad became the first Indian royal state to accede to British protection under the policy of Subsidiary Alliance instituted by Arthur Wellesley.
The State of Hyderabad under the leadership of its 7th Nizam, Mir Usman Ali, was the largest and most prosperous of all the princely states in India. With annual revenues of over Rs. 9 crore,[12] it covered 82,698 square miles (214,190 km2) of fairly homogenous territory and comprised a population of roughly 16.34 million people (as per the 1941 census) of which a majority (85%) was Hindu. The state had its own army, airline, telecommunication system, railway network, postal system, currency and radio broadcasting service.[2] Hyderabad was a multi-lingual state consisting of peoples speaking Telugu (48.2%), Marathi (26.4%), Kannada (12.3%) and Urdu (10.3%). In spite of the overwhelming Hindu majority, Hindus were severely under-represented in government, police and the military. Of 1765 officers in the State Army, 1268 were Muslims, 421 were Hindus, and 121 others were Christians, Parsis and Sikhs. Of the officials drawing a salary between Rs.600–1200 per month, 59 were Muslims, 5 were Hindus and 38 were of other religions. The Nizam and his nobles, who were mostly Muslims, owned 40% of the total land in the state.[13][2]
When the British departed from the Indian subcontinent in 1947, they offered the various princely states in the sub-continent the option of acceding to either India or Pakistan, or staying on as an independent state. Several large states, including Hyderabad, declined to join either India or Pakistan. Hyderabad had been part of the calculations of all-India political parties since the 1930s.[14] The leaders of the new Union of India were wary of a Balkanization of India if Hyderabad was left independent.[8]:223
Hyderabad state had been steadily becoming more theocratic since the beginning of the 20th century. In 1926, Mahmud Nawazkhan, a retired Hyderabad official, founded the Majlis-e-Ittehadul Muslimeen (also known as Ittehad or MIM) in 1926. "Its objectives were to unite the Muslims in the State in support of Nizam and to reduce the Hindu majority by large-scale conversion to Islam".[15] The MIM became a powerful communal organization, with the principal focus to marginalize the political aspirations of Hindus and moderate Muslims.[15]
Events preceding hostilities[edit]
Main articles: Political Integration of India and Partition of India
Political and diplomatic negotiations[edit]
The Nizam of Hyderabad initially approached the British government with a request to take on the status of an independent constitutional monarchy under the British Commonwealth of Nations. This request was however rejected by the last Governor-General of India, Lord Mountbatten of Burma.[16]
According to writer A. G. Noorani, Indian Prime Minister Nehru's concern was to defeat Hyderabad's secessionist venture, but he favoured talks and considered military option as a last resort. Sardar Patel of the Indian National Congress, however, took a hard line, and had no patience with talks. Noorani states, "Patel hated the Nizam personally, and ideologically opposed Hyderabad's composite culture."[17][18]
Accordingly, the Indian government offered Hyderabad a Standstill agreement which made an assurance that the status quo would be maintained and no military action would be taken for one year. According to this agreement India would handle Hyderabad’s foreign affairs, but Indian Army troops stationed in Secunderabad would be removed.[19]
Hyderabad violated all clauses of the agreement: in external affairs, by carrying out intrigues with Pakistan, to which it secretly loaned 15 million pounds; in defence, by building up a large semi-private army; in communications, by interfering with the traffic at the borders and the through traffic of Indian railways.[20] India was also accused of violating the agreement by imposing an economic blockade. It turned out that the state of Bombay was interfering with supplies to Hyderabad without the knowledge of Delhi. The Government promised to take up the matter with the provincial governments, but scholar Lucien Benichou states that it was never done. There were also delays in arms shipments to Hyderabad from India.[21]
According to Taylor C. Sherman, "India claimed that the government of Hyderabad was edging towards independence by divesting itself of its Indian securities, banning the Indian currency, halting the export of ground nuts, organising illegal gun-running from Pakistan, and inviting new recruits to its army and to its irregular forces, the Razakars." The Hyderabadi envoys accused India of setting up armed barricades on all land routes and of attempting to economically isolate their nation.[19]
In the summer of 1948, Indian officials, especially Patel, signaled an intention to invade; Britain encouraged India to resolve the issue without the use of force, but refused Nizam's requests to help.[19]
The Nizam also made unsuccessful attempts to seek intervention of the United Nations.[22]
Telangana Rebellion[edit]
Main article: Telangana Rebellion
In late 1945, there started a peasant uprising in Telangana area, led by communists. The communists drew their support from various quarters. Among the poor peasants, there were grievances against the jagirdari system, which covered 43% of land holding. Initially they also drew support from wealthier peasants who also fought under the communist banner, but by 1948, the coalition had disintegrated.[19] According to the Indian intelligence Bureau Deputy Director, the social and economic programs of the communists were "positive and in some cases great...The communists redistributed land and livestock, reduced rates, ended forced labour and increased wages by one hundred percent. They inoculated the population and built public latrines; they encouraged women’s organisations, discouraged sectarian sentiment and sought to abolish untouchability."[19]
Initially, in 1945, the communists targeted zamindars and deshmukhs, but soon they launched a full-fledged revolt against the Nizam. Starting mid-1946, the conflict between the Razakars and the communists became increasingly violent, with both sides resorting to increasingly brutal methods. The Razakars cordoned off villages, captured suspected communists en masse and engaged in ‘absolutely indiscriminate and organised' (according to one Congressman) looting and massacres. According to an Indian government pamphlet, the communists had killed about 2,000 people by 1948.[19]
Communal violence before the operation[edit]
In the 1936–37 Indian elections, the Muslim League under Muhammad Ali Jinnah had sought to harness Muslim aspirations, and had won the adherence of MIM leader Nawab Bahadur Yar Jung, who campaigned for an Islamic State centred on the Nizam as the Sultan dismissing all claims for democracy. The Arya Samaj, a Hindu revivalist movement, had been demanding greater access to power for the Hindu majority since the late 1930s, and was curbed by the Nizam in 1938. The Hyderabad State Congress joined forces with the Arya Samaj as well as the Hindu Mahasabha in the State.[23]
Noorani regards the MIM under Nawab Bahadur Yar Jung as explicitly committed to safeguarding the rights of religious and linguistic minorities. However, this changed with the ascent of Qasim Razvi after the Nawab's death in 1944.[24]
Even as India and Hyderabad negotiated, most of the sub-continent had been thrown into chaos as a result of communal Hindu-Muslim riots pending the imminent partition of India. Fearing a Hindu civil uprising in his own kingdom, the Nizam allowed Razvi to set up a voluntary militia of Muslims called the 'Razakars'. The Razakars – who numbered up to 200,000 at the height of the conflict – swore to uphold Islamic domination in Hyderabad and the Deccan plateau[19]:8 in the face of growing public opinion amongst the majority Hindu population favouring the accession of Hyderabad into the Indian Union.
According to an account by Mohammed Hyder, a civil servant in Osmanabad district, a variety of armed militant groups, including Razakars and Deendars and ethnic militias of Pathans and Arabs claimed to be defending the Islamic faith and made claims on the land. "From the beginning of 1948 the Razakars had extended their activities from Hyderabad city into the towns and rural areas, murdering Hindus, abducting women, pillaging houses and fields, and looting non-Muslim property in a widespread reign of terror."[25][26] "Some women became victims of rape and kidnapping by Razakars. Thousands went to jail and braved the cruelties perpetuated by the oppressive administration. Due to the activities of the Razakars, thousands of Hindus had to flee from the state and take shelter in various camps”.[27] Precise numbers are not known, but 40,000 refugees have been received by the Central Provinces.[19]:8 This led to terrorizing of the Hindu community, some of whom went across the border into independent India and organized raids into Nizam's territory, which further escalated the violence. Many of these raiders were controlled by the Congress leadership in India and had links with extremist religious elements in the Hindutva fold.[28] In all, more than 150 villages (of which 70 were in Indian territory outside Hyderabad State) were pushed into violence.
Hyder mediated some efforts to minimize the influence of the Razakars.[citation needed] Razvi, while generally receptive, vetoed the option of disarming them, saying that with the Hyderabad state army ineffective, the Razakars were the only means of self-defence available. By the end of August 1948, a full blown invasion by India was imminent.[29]
Nehru was reluctant to invade, fearing a military response by Pakistan. India was unaware that Pakistan had no plans to use arms in Hyderabad, unlike Kashmir where it had admitted its troops were present.[19] Time magazine pointed out that if India invaded Hyderabad, the Razakars would massacre Hindus, which would lead to retaliatory massacres of Muslims across India.[30]

Hyderabadi military preparations[edit]
The Nizam was in a weak position as his army numbered only 24,000 men, of whom only some 6,000 were fully trained and equipped.[31] These included Arabs, Rohillas, North Indian Muslims and Pathans. The State Army consisted of three armoured regiments, a horse cavalry regiment, 11 infantry battalions and artillery. These were supplemented by irregular units with horse cavalry, four infantry battalions (termed as the Saraf-e-khas, paigah, Arab and Refugee) and a garrison battalion.[citation needed] This army was commanded by Major General El Edroos, an Arab.[32] 55 per cent of the Hyderabadi army was composed of Muslims, with 1,268 Muslims in a total of 1,765 officers as of 1941.[2][33]
In addition to these, there were about 200,000 irregular militia called the Razakars under the command of civilian leader Kasim Razvi. A quarter of these were armed with modern small firearms, while the rest were predominantly armed with muzzle-loaders and swords.[32]
It is reported that the Nizam received arms supplies from Pakistan and from the Portuguese administration based in Goa. In addition, additional arms supplies were received via airdrops from an Australian arms trader Sidney Cotton.[citation needed]
Skirmish at Kodar[edit]
On 6 September an Indian police post near Chillakallu village came under heavy fire from Razakar units. The Indian Army command sent a squadron of The Poona Horse led by Abhey Singh and a company of 2/5 Gurkha Rifles to investigate who were also fired upon by the Razakars. The tanks of the Poona Horse then chased the Razakars to Kodar, in Hyderabad territory. Here they were opposed by the armoured cars of 1 Hyderabad Lancers. In a brief action the Poona Horse destroyed one armoured car and forced the surrender of the state garrison at Kodar.
Indian military preparations[edit]
On receiving directions from the government to seize and annex Hyderabad,[citation needed] the Indian army came up with the Goddard Plan (laid out by Lt. Gen. E. N. Goddard, the Commander-in-Chief of the Southern Command). The plan envisaged two main thrusts – from Vijayawada in the East and Solapur in the West – while smaller units pinned down the Hyderabadi army along the border. Overall command was placed in the hands of Lt. Gen. Rajendrasinghji, DSO.
The attack from Solapur was led by Major General J.N. Chaudhari and was composed of four task forces:
Strike Force comprising a mix of fast moving infantry, cavalry and light artillery,
Smash Force consisting of predominantly armoured units and artillery,
Kill Force composed of infantry and engineering units
Vir Force which comprised infantry, anti-tank and engineering units.
The attack from Vijayawada was led by Major General A.A. Rudra and comprised the 2/5 Gurkha Rifles, one squadron of the 17th (Poona) Horse, and a troop from the 19th Field Battery along with engineering and ancillary units. In addition, four infantry battalions were to neutralize and protect lines of communication. Two squadrons of Hawker Tempest aircraft were prepared for air support from the Pune base.
The date for the attack was fixed as 13 September, even though General Sir Roy Bucher, the Indian chief of staff, had objected on grounds that Hyderabad would be an additional front for the Indian army after Kashmir.
Commencement of hostilities[edit]
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Day 1, 13 September[edit]
The first battle was fought at Naldurg Fort on the Solapur Secundarabad Highway between a defending force of the 1st Hyderabad Infantry and the attacking force of the 7th Brigade. Using speed and surprise, the 7th Brigade managed to secure a vital bridge on the Bori river intact, following which an assault was made on the Hyderabadi positions at Naldurg by the 2nd Sikh Infantry. The bridge and road secured, an armoured column of the 1st Armoured Brigade – part of the Smash force – moved into the town of Jalkot, 8 km from Naldurg, at 0900 hours, paving the way for the Strike Force units under Lt. Col Ram Singh Commandant of 9 Dogra (a motorised battalion) to pass through. This armoured column reached the town of Umarge, 61 km inside Hyderabad by 1515 hours, where it quickly overpowered resistance from Razakar units defending the town. Meanwhile, another column consisting of a squadron of 3rd Cavalry, a troop from 18th King Edward's Own Cavalry, a troop from 9 Para Field Regiment, 10 Field Company Engineers, 3/2 Punjab Regiment, 2/1 Gurkha Rifles, 1 Mewar Infantry, and ancillary units attacked the town of Tuljapur, about 34 km north-west of Naldurg. They reached Tuljapur at dawn, where they encountered resistance from a unit of the 1st Hyderabad Infantry and about 200 Razakars who fought for two hours before surrendering. Further advance towards the town of Lohara was stalled as the river had swollen. The first day on the Western front ended with the Indians inflicting heavy casualties on the Hyderabadis and capturing large tracts of territory. Amongst the captured defenders was a British mercenary who had been tasked with blowing up the bridge near Naldurg.
In the East, forces led by Lt. Gen A.A. Rudra met with fierce resistance from two armoured car cavalry units of the Hyderabad State Forces. equipped with Humber armoured cars and Staghounds, namely the 2nd and 4th Hyderabad Lancers,[34] but managed to reach the town of Kodar by 0830 hours. Pressing on, the force reached Mungala by the afternoon.
There were further incidents in Hospet – where the 1st Mysore assaulted and secured a sugar factory from units of Razakars and Pathans – and at Tungabhadra – where the 5/5 Gurkha attacked and secured a vital bridge from the Hyderabadi army.
Day 2, 14 September[edit]
The force that had camped at Umarge proceeded to the town of Rajasur, 48 km east. As aerial reconnaissance had shown well entrenched ambush positions set up along the way, the air strikes from squadrons of Tempests were called in. These air strikes effectively cleared the route and allowed the land forces to reach and secure Rajasur by the afternoon.
The Assault force from the East was meanwhile slowed down by an anti-tank ditch and later came under heavy fire from hillside positions of the 1st Lancers and 5th Infantry 6 km from Suryapet. The positions were assaulted by the 2/5 Gurkha – veterans of the Burma Campaign – and was neutralised with the Hyderabadis taking severe casualties.
At the same time, the 3/11 Gurkha Rifles and a squadron of 8th Cavalry attacked Osmanabad and took the town after heavy street combat with the Razakars who determinedly resisted the Indians.[35]
A force under the command of Maj. Gen. D.S. Brar was tasked with capturing the city of Aurangabad. The city was attacked by six columns of infantry and cavalry, resulting in the civil administration emerging in the afternoon and offering a surrender to the Indians.
There were further incidents in Jalna where 3 Sikh, a company of 2 Jodhpur infantry and some tanks from 18 Cavalry faced stubborn resistance from Hyderabadi forces.
Day 3, 15 September[edit]
Leaving a company of 3/11 Gurkhas to occupy the town of Jalna, the remainder of the force moved to Latur, and later to Mominabad where they faced action against the 3 Golconda Lancers who gave token resistance before surrendering.
At the town of Surriapet, air strikes cleared most of the Hyderabadi defences, although some Razakar units still gave resistance to the 2/5 Gurkhas who occupied the town. The retreating Hyderabadi forces destroyed the bridge at Musi to delay the Indians but failed to offer covering fire, allowing the bridge to be quickly repaired. Another incident occurred at Narkatpalli where a Razakar unit was decimated by the Indians.
Day 4, 16 September[edit]
The task force under Lt. Col. Ram Singh moved towards Zahirabad at dawn, but was slowed down by a minefield, which had to be cleared. On reaching the junction of the Bidar road with the Solapur-Hyderabad City Highway, the forces encountered gunfire from ambush positions. However, leaving some of the units to handle the ambush, the bulk of the force moved on to reach 15 kilometres beyond Zahirabad by nightfall in spite of sporadic resistance along the way. Most of the resistance was from Razakar units who ambushed the Indians as they passed through urban areas. The Razakars were able to use the terrain to their advantage until the Indians brought in their 75 mm guns.
Day 5, 17 September[edit]
In the early hours of 17 September, the Indian army entered Bidar. Meanwhile, forces led by the 1st Armoured regiment were at the town of Chityal about 60 km from Hyderabad, while another column took over the town of Hingoli. By the morning of the 5th day of hostilities, it had become clear that the Hyderabad army and the Razakars had been routed on all fronts and with extremely heavy casualties. At 5 pm on 17 September the Nizam announced ceasefire thus ending the armed action.[35]
Capitulation and surrender[edit]
Consultations with Indian envoy[edit]
On 16 September, faced with imminent defeat, the Nizam summoned the Prime Minister Mir Laiq Ali and requested his resignation by the morning of the following day. The resignation was delivered along with the resignations of the entire cabinet.
On the noon of 17 September, a messenger brought a personal note from the Nizam to India's Agent General to Hyderabad, K.M. Munshi summoning him to the Nizam's office at 1600 hours. At the meeting, the Nizam stated "The vultures have resigned. I don't know what to do". Munshi advised the Nizam to secure the safety of the citizens of Hyderabad by issuing appropriate orders to the Commander of the Hyderabad State Army, Major General El Edroos. This was immediately done.
Radio broadcast after surrender by Nizam[edit]
Major General Syed Ahmed El Edroos (at right) offers his surrender of the Hyderabad State Forces to Major General (later General and Army Chief) Joyanto Nath Chaudhuri at Secunderabad
It was the Nizam's first visit to the radio station. The Nizam of Hyderabad, in his radio speech on 23 September 1948, said "In November last [1947], a small group which had organized a quasi-military organization surrounded the homes of my Prime Minister, the Nawab of Chhatari, in whose wisdom I had complete confidence, and of Sir Walter Monkton, my constitutional Adviser, by duress compelled the Nawab and other trusted ministers to resign and forced the Laik Ali Ministry on me. This group headed by Kasim Razvi had no stake in the country or any record of service behind it. By methods reminiscent of Hitlerite Germany it took possession of the State, spread terror ... and rendered me completely helpless."[36]
The surrender ceremony[edit]
According to the records maintained by Indian Army, General Chaudhari led an armoured column into Hyderabad at around 4 p.m. on 18 September and the Hyderabad army, led by Major General El Edroos, surrendered.[37]
Communal violence during and after the operation[edit]
There were reports of looting, mass murder and rape of Muslims in reprisals by Hyderabadi Hindus and Indian Army soldiers.[10][26] Jawaharlal Nehru appointed a mixed-faith committee led by Pundit Sundar Lal to investigate the situation. The findings of the report (Pundit Sundar Lal Committee Report) were not made public until 2013 when it was accessed from the Nehru Memorial Museum and Library in New Delhi.[10][38] The report is also available online.[39]
The Committee concluded that while Muslim villagers were disarmed by the Indian Army, Hindus were often left with their weapons.[10] The violence was carried out by Hindu residents, with the army sometimes indifferent, and sometimes participating in the atrocities.[19]:11 The Committee stated that large-scale violence against Muslims occurred in Marathwada and Telangana areas. It also concluded: "At a number of places members of the armed forces brought out Muslim adult males from villages and towns and massacred them in cold blood."[10] The Committee generally credited the military officers with good conduct but stated that soldiers acted out of bigotry.[19]:11 The official "very conservative estimate" was that 27,000 to 40,000 died "during and after the police action."[10] Other scholars have put the figure at 200,000, or even higher.[5] Among Muslims some estimates were even higher and Smith says that the military government's private low estimates [of Muslim casualties] were at least ten times the number of murders with which the Razakers were officially accused.[40] In William Dalrymple's words the scale of the killing was horrific. Although Nehru played down this violence, he was privately alarmed at the scale of anti-Muslim violence.[41]
Patel reacted angrily to the report and disowned its conclusions. He stated that the terms of reference were flawed because they only covered the part during and after the operation. He also cast aspersions on the motives and standing of the committee. These objections are regarded by Noorani as disingenuous because the commission was an official one, and it was critical of the Razakars as well.[5][42]
According to Mohammed Hyder, the tragic consequences of the Indian operation were largely preventable. He faulted the Indian army with neither restoring local administration, nor setting up their own military administration. As a result, the anarchy led to several thousand "thugs", from the camps set up across the border, filling the vacuum. He stated "Thousands of families were broken up, children separated from their parents and wives, from their husbands. Women and girls were hunted down and raped."[43] The Committee Report mentions mass rape of Muslim women by Indian troops.[41]
According to Sundarayya, Hindus in villages rescued thousands of Muslim families from the Union Army's campaign of rape and murder.[44]

Hyderabad after integration[edit]
Detentions and release of people involved[edit]
(From left to right): Prime Minister Jawaharlal Nehru, Nizam VII and Jayanto Nath Chaudhuri after Hyderabad's accesion to India
The Indian military detained thousands of people during the operation, including Razakars, Hindu militants, and communists. This was largely done on the basis of local informants, who used this opportunity to settle scores. The estimated number of people detained was close to 18,000, which resulted in overcrowded jails and a paralyzed criminal system.
The Indian government set up Special Tribunals to prosecute these. These strongly resembled the colonial governments earlier, and there were many legal irregularities, including denial or inability to access lawyers and delayed trials - about which the Red Cross was pressuring Nehru.
The viewpoint of the government was: "in political physics, Razakar action and Hindu reaction have been almost equal and opposite." A quiet decision was taken to release all Hindus and for a review of all Muslim cases, aiming to let many of them out. Regarding atrocities by Muslims, Nehru was sympathetic to Hyderabadi culture, and considered the actions during the operation as "madness" seizing "decent people", analogous to experience elsewhere during the partition of India. Nehru was also concerned that disenfrachised Muslims would join the communists. Patel opposed this viewpoint, treating the penal action as restoring law and order, and signaling that there was no partiality towards Muslims.
The government was under pressure to not prosecute participants in communal violence, which often made communal relations worse. Patel had also died in 1950. Thus, by 1953 the Indian government released all but a few persons.[19]:12-16
Overhaul of bureaucracy[edit]
The question of Hindu-Muslim balance in the bureaucracy was a sensitive one. Muslims had predominated in the executive, police and administrative services. Before the invasion, the Indian Cabinet, with Nehru's leadership, decided that there would be as few changes as possible. However, Patel, who had a well-known rivalry with Nehru, ran his Ministry with little consultation with the Indian Cabinet. The initial plans were not followed after the invasion, partly due to different ideas at various levels of administration. Over a hundred officers were dismissed on an ethnic basis, from all levels, and many local officers were detained for their role in the violence. This pattern was seen in new hirings as well.
Junior officers from neighbouring Bombay, CP and Madras regions were appointed to replace the vacancies. They were unable to speak the language and were unfamiliar with local conditions. Nehru objected to this "communal chauvinism" and called them "incompetent outsiders", and tried to impose Hyderabadi residency requirements: however, this was circumvented by using forged documents.[19]:17-18
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^ Jump up to: a b c d e f g h i j k l m Sherman, Taylor C. (2007). "The integration of the princely state of Hyderabad and the making of the postcolonial state in India, 1948 – 56" (PDF). Indian economic & social history review. 44 (4): 489–516. doi:10.1177/001946460704400404.
Jump up ^ Hodson, The Great Divide (1969), pp. 480–481.
Jump up ^ Hodson, The Great Divide (1969), pp. 480–481; Raghavan, War and Peace in Modern India (2010), p. 77; Benichou, From Autocracy to Integration (2000), pp. 214–215
Jump up ^ "The Hyderabad Question" (PDF). United Nations. Retrieved 23 September 2014.
Jump up ^ Noorani 2014, pp. 51–61.
Jump up ^ Muralidharan 2014, pp. 128–129.
Jump up ^ By Frank Moraes, Jawaharlal Nehru, Mumbai: Jaico.2007, p.394
^ Jump up to: a b Kate, P. V., Marathwada Under the Nizams, 1724–1948, Delhi: Mittal Publications, 1987, p.84
Jump up ^ Kate, P. V., Marathwada Under the Nizams, 1724-1948, Delhi: Mittal Publications, 1987, p.84
Jump up ^ Muralidharan 2014, p. 132.
Jump up ^ Muralidharan 2014, p. 134.
Jump up ^ "HYDERABAD: The Holdout". Time. 30 August 1948. Retrieved 20 May 2010.
Jump up ^ Benichou, From Autocracy to Integration 2000, p. 229.
^ Jump up to: a b "Bharat Rakshak-MONITOR". Bharat-rakshak.com. Retrieved 12 September 2014.
Jump up ^ [1] Archived 26 September 2008 at the Wayback Machine.
Jump up ^ Prasad, Dr. S. N. (1972). Operation Polo: The Police Action Against Hyderabad, 1948. Historical Section, Ministry of Defence, Government of India; distributors: Manager of Publications, Government of India, Delhi. p. 75.
^ Jump up to: a b "When the Indian Army liberated thousands". The Hindu. Chennai, India. 14 September 2005.
Jump up ^ Benichou, From Autocracy to Integration 2000, p. 237.
Jump up ^ "When the Indian Army liberated thousands". The Hindu. 14 Sep 2005. Retrieved 2011-09-19.
Jump up ^ http://timesofindia.indiatimes.com/city/hyderabad/Lessons-to-learn-from-Hyderabads-past/articleshow/27390337.cms
Jump up ^ "Exclusive Sundar Lal report on Hyderabad police action". Retrieved 2016-09-20.
Jump up ^ Benichou, From Autocracy to Integration 2000, p. 238.
^ Jump up to: a b Dalrymple, William. The Age of Kali: Indian Travels and Encounters. p. 210.
Jump up ^ Muralidharan 2014, p. 136.
Jump up ^ Muralidharan 2014, p. 135.
Jump up ^ Sundarayya, Puccalapalli (1972). Telangana People's Struggle and Its Lessons. Foundation Books. p. 14.
Bibliography[edit]
Benichou, Lucien D. (2000), From Autocracy to Integration: Political Developments in Hyderabad State, 1938-1948, Orient Blackswan, ISBN 978-81-250-1847-6
Hyder, Mohammed (2012), October Coup, A Memoir of the Struggle for Hyderabad, Roli Books, ISBN 8174368507
Hodson, H. V. (1969), The Great Divide: Britain, India, Pakistan, London: Hutchinson
Menon, V. P. (1956), The Story of Integration of the Indian States (PDF), Orient Longman
Muralidharan, Sukumar (2014). "Alternate Histories: Hyderabad 1948 Compels a Fresh Evaluation of the Theology of India's Independence and Partition". History and Sociology of South Asia. 8 (2): 119–138. doi:10.1177/2230807514524091.
Noorani, A. G. (2014), The Destruction of Hyderabad, Hurst & Co, ISBN 978-1-84904-439-4
Raghavan, Srinath (2010), War and Peace in Modern India, Palgrave Macmillan, ISBN 978-1-137-00737-7
Smith, Wilfred Cantwell (January 1950), "Hyderabad: Muslim Tragedy", Middle East Journal, 4 (1): 27–51, JSTOR 4322137
Zubrzycki, John (2006), The Last Nizam: An Indian Prince in the Australian Outback, Australia: Pan Macmillan, ISBN 978-0-330-42321-2
External links[edit]
Picture of VII Nizam with Sardar Patel after his surrender
From the Sundarlal Report, Frontline, 3–16 March 2001
Exclusive Sundar Lal report on Hyderabad police action, Deccan Chronicle, 30 November 2013.
In the Nizam's dominion, by Bret Wallach, University of Oklahoma
A Blog by Narendra Luther on Operation Polo
Armchair Historian – Operation Polo (Monday, 18 September 2006) – Contributed by Sidin Sunny Vadukut – Last Updated (Monday, 18 September 2006)
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List of recessions in the United States
From Wikipedia, the free encyclopedia
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Bank run on the Seamen's Savings Bank during the panic of 1857
There have been as many as 47 recessions in the United States dating back to the Articles of Confederation, and although economists and historians dispute certain 19th-century recessions,[1] the consensus view among economists and historians is that "The cyclical volatility of GNP and unemployment was greater before the Great Depression than it has been since the end of World War II."[2] Cycles in the country's agricultural production, industrial production, consumption, business investment, and the health of the banking industry contribute to these declines. U.S. recessions have increasingly affected economies on a worldwide scale, especially as countries' economies become more intertwined.
The unofficial beginning and ending dates of recessions in the United States have been defined by the National Bureau of Economic Research (NBER), an American private nonprofit research organization. The NBER defines a recession as "a significant decline in economic activity spread across the economy, lasting more than two quarters which is 6 months, normally visible in real gross domestic product (GDP), real income, employment, industrial production, and wholesale-retail sales".[3][nb 1]
In the 19th century, recessions frequently coincided with financial crises. Determining the occurrence of pre-20th-century recessions is more difficult due to the dearth of economic statistics, so scholars rely on historical accounts of economic activity, such as contemporary newspapers or business ledgers. Although the NBER does not date recessions before 1857, economists customarily extrapolate dates of U.S. recessions back to 1790 from business annals based on various contemporary descriptions. Their work is aided by historical patterns, in that recessions often follow external shocks to the economic system such as wars and variations in the weather affecting agriculture, as well as banking crises.[5]
Major modern economic statistics, such as unemployment and GDP, were not compiled on a regular and standardized basis until after World War II. The average duration of the 11 recessions between 1945 and 2001 is 10 months, compared to 18 months for recessions between 1919 and 1945, and 22 months for recessions from 1854 to 1919.[6] Because of the great changes in the economy over the centuries, it is difficult to compare the severity of modern recessions to early recessions.[7] No recession of the post-World War II era has come anywhere near the depth of the Great Depression, which lasted from 1929 until 1941 and was caused by the 1929 crash of the stock market and other factors.
Contents
[hide]
1 Early recessions and crises
2 Free Banking Era to the Great Depression
3 Great Depression onward
4 See also
5 Notes
6 References
7 External links
Early recessions and crises[edit]
Attempts have been made to date recessions in America beginning in 1790. These periods of recession were not identified until the 1920s. To construct the dates, researchers studied business annals during the period and constructed time series of the data. The earliest recessions for which there is the most certainty are those that coincide with major financial crises.[8][9]
Beginning in 1835, an index of business activity by the Cleveland Trust Company provides data for comparison between recessions. Beginning in 1854, the National Bureau of Economic Research dates recession peaks and troughs to the month. However, a standardized index does not exist for the earliest recessions.[8]
In 1791, Congress chartered the First Bank of the United States to handle the country's financial needs. The bank had some functions of a modern central bank, although it was responsible for only 20% of the young country's currency. In 1811 the bank's charter lapsed, but it was replaced by the Second Bank of the United States, which lasted from 1816–36.[9]
Name
Dates[nb 2]
Duration
Time since previous recession
Characteristics
Panic of 1785 17851785–1788 36~7000400000000000000♠4 years 72 The panic of 1785, which lasted until 1788, ended the business boom that followed the American Revolution. The causes of the crisis lay in the overexpansion and debts incurred after the victory at Yorktown, a postwar deflation, competition in the manufacturing sector from Britain, and lack of adequate credit and a sound currency. The downturn was exacerbated by the absence of any significant interstate trade. Other factors were the British refusal to conclude a commercial treaty, and actual and pending defaults among debtor groups. The panic among business and propertied groups led to the demand for a stronger federal government.
Copper Panic of 1789 17961789–1793 36~7000400000000000000♠4 years 72~0 years Loss of confidence in copper coins due to debasement and counterfeiting led to commercial freeze up that halted the economy of several northern States and was not alleviated until the introduction of new paper money to restore confidence.[11] During that same time the Panic of 1792 took place. Its causes included the extension of credit and excessive speculation. The panic that was largely solved by providing banks the necessary funds to make open market purchases.[12]
Panic of 1796–97 17961796–1799 36~7000300000000000000♠3 years 72~4 years Just as a land speculation bubble was bursting, deflation from the Bank of England (which was facing insolvency because of the cost of Great Britain's involvement in the French Revolutionary Wars) crossed to North America and disrupted commercial and real estate markets in the United States and the Caribbean, and caused a major financial panic.[13] Prosperity continued in the south, but economic activity was stagnant in the north for three years. The young United States engaged in the Quasi-War with France.[9]
1802–1804 recession 18021802–1804 24~2 years 36~3 years A boom of war-time activity led to a decline after the Peace of Amiens ended the war between the United Kingdom and France. Commodity prices fell dramatically. Trade was disrupted by pirates, leading to the First Barbary War.[9]
Depression of 1807 18071807–1810 36~7000300000000000000♠3 years 36~3 years The Embargo Act of 1807 was passed by the United States Congress under President Thomas Jefferson as tensions increased with the United Kingdom. Along with trade restrictions imposed by the British, shipping-related industries were hard hit. The Federalists fought the embargo and allowed smuggling to take place in New England. Trade volumes, commodity prices and securities prices all began to fall. Macon's Bill Number 2 ended the embargoes in May 1810, and a recovery started.[9]
1812 recession 18121812 06~6 months 18~18 months The United States entered a brief recession at the beginning of 1812. The decline was brief primarily because the United States soon increased production to fight the War of 1812, which began June 18, 1812.[14]
1815–21 depression 18151815–1821 72~7000600000000000000♠6 years 36~7000300000000000000♠3 years Shortly after the war ended on March 23, 1815, the United States entered a period of financial panic as bank notes rapidly depreciated because of inflation following the war. The 1815 panic was followed by several years of mild depression, and then a major financial crisis – the Panic of 1819, which featured widespread foreclosures, bank failures, unemployment, a collapse in real estate prices, and a slump in agriculture and manufacturing.[9]
1822–1823 recession 18221822–1823 12~1 year 12~1 year After only a mild recovery following the lengthy 1815–21 depression, commodity prices hit a peak in March 1822 and began to fall. Many businesses failed, unemployment rose and an increase in imports worsened the trade balance.[9]
1825–1826 recession 18251825–1826 12~1 year 24~2 years The Panic of 1825, a stock crash following a bubble of speculative investments in Latin America led to a decline in business activity in the United States and England. The recession coincided with a major panic, the date of which may be more easily determined than general cycle changes associated with other recessions.[8]
1828–1829 recession 18281828–1829 12~1 year 24~2 years In 1826, England forbade the United States to trade with English colonies, and in 1827, the United States adopted a counter-prohibition. Trade declined, just as credit became tight for manufacturers in New England.[9]
1833–34 recession 18331833–1834 12~1 year 48~4 years The United States' economy declined moderately in 1833–34. News accounts of the time confirm the slowdown. The subsequent expansion was driven by land speculation.[15]
Free Banking Era to the Great Depression[edit]
A swarm gathers on Wall Street during the Panic of 1907. Compared to today, the era from 1834 to the Great Depression was characterized by relatively severe and more frequent banking panics and recessions.
In the 1830s, U.S. President Andrew Jackson fought to end the Second Bank of the United States. Following the Bank War, the Second Bank lost its charter in 1836. From 1837 to 1862, there was no national presence in banking, but still plenty of state and even local regulation, such as laws against branch banking which prevented diversification. In 1863, in response to financing pressures of the Civil War, Congress passed the National Banking Act, creating nationally chartered banks. There was neither a central bank nor deposit insurance during this era, and thus banking panics were common. Recessions often led to bank panics and financial crises, which in turn worsened the recession.
The dating of recessions during this period is controversial. Modern economic statistics, such as gross domestic product and unemployment, were not gathered during this period. Victor Zarnowitz evaluated a variety of indices to measure the severity of these recessions. From 1834 to 1929, one measure of recessions is the Cleveland Trust Company index, which measured business activity and, beginning in 1882, an index of trade and industrial activity was available, which can be used to compare recessions.[nb 3]
US recessions, Free Banking Era to the Great Depression
Name
Dates[nb 4]
Duration
Time since previous recession
Business activity [nb 3]
Trade & industrial activity[nb 3]
Characteristics
1836–1838 recession — ~7000200000000000000♠2 years ~7000200000000000000♠2 years -32.8% — A sharp downturn in the American economy was caused by bank failures, lack of confidence in the paper currency, tightening of English Credit, crop failures and Jacksonian policy.[16] Speculation markets were greatly affected when American banks stopped payment in specie (gold and silver coinage).[1][17] Over 600 banks failed in this period. In the South, the cotton market completely collapsed.[9] See: Panic of 1837
late 1839–late 1843 recession — ~4 years ~1 year -34.3% — This was one of the longest and deepest depressions of the 19th century. It was a period of pronounced deflation and massive default on debt. The Cleveland Trust Company Index showed the economy spent 68 months below its trend and only 9 months above it. The Index declined 34.3% during this depression.[18]
1845–late 1846 recession — ~1 year ~2 years −5.9% — This recession was mild enough that it may have only been a slowdown in the growth cycle. One theory holds that this would have been a recession, except the United States began to gear up for the Mexican–American War, which began April 25, 1846.[15]
1847–48 recession late 1847–late 1848 ~1 year ~1 year −19.7% — The Cleveland Trust Company Index declined 19.7% during 1847 and 1848. It is associated with a financial crisis in Great Britain.[18][19]
1853–54 recession 1853 –Dec 1854 ~1 year ~5 years −18.4% — Interest rates rose in this period, contributing to a decrease in railroad investment. Security prices fell during this period. With the exception of falling business investment there is little evidence of contraction in this period.[1]
Panic of 1857 June 1857–Dec 1858 1 year
6 months 2 years
6 months −23.1% — Failure of the Ohio Life Insurance and Trust Company burst a European speculative bubble in United States' railroads and caused a loss of confidence in American banks. Over 5,000 businesses failed within the first year of the Panic, and unemployment was accompanied by protest meetings in urban areas. This is the earliest recession to which the NBER assigns specific months (rather than years) for the peak and trough.[6][8][20]
1860–61 recession Oct 1860–June 1861 8 months 1 year
10 months −14.5% — There was a recession before the American Civil War, which began April 12, 1861. Zarnowitz says the data generally show a contraction occurred in this period, but it was quite mild.[18] A financial panic was narrowly averted in 1860 by the first use of clearing house certificates between banks.[9]
1865–67 recession April 1865–Dec 1867 2 years
8 months 3 years
10 months −23.8% — The American Civil War ended in April 1865, and the country entered a lengthy period of general deflation that lasted until 1896. The United States occasionally experienced periods of recession during the Reconstruction era. Production increased in the years following the Civil War, but the country still had financial difficulties.[18] The post-war period coincided with a period of some international financial instability.
1869–70 recession June 1869–Dec 1870 1 year
6 months 1 year
6 months −9.7% — A few years after the Civil War, a short recession occurred. It was unusual since it came amid a period when railroad investment was greatly accelerating, even producing the First Transcontinental Railroad. The railroads built in this period opened up the interior of the country, giving birth to the Farmers' movement. The recession may be explained partly by ongoing financial difficulties following the war, which discouraged businesses from building up inventories.[18] Several months into the recession, there was a major financial panic.
Panic of 1873 and the Long Depression Oct 1873 –
Mar 1879 5 years
5 months 2 years
10 months −33.6% (−27.3%) [nb 3] — Economic problems in Europe prompted the failure of Jay Cooke & Company, the largest bank in the United States, which burst the post-Civil War speculative bubble. The Coinage Act of 1873 also contributed by immediately depressing the price of silver, which hurt North American mining interests.[21] The deflation and wage cuts of the era led to labor turmoil, such as the Great Railroad Strike of 1877. In 1879, the United States returned to the gold standard with the Specie Payment Resumption Act. This is the longest period of economic contraction recognized by the NBER. The Long Depression is sometimes held to be the entire period from 1873–96.[22][23]
1882–85 recession Mar 1882 –
May 1885 3 years
2 months 3 years −32.8% −24.6% Like the Long Depression that preceded it, the recession of 1882–85 was more of a price depression than a production depression. From 1879 to 1882, there had been a boom in railroad construction which came to an end, resulting in a decline in both railroad construction and in related industries, particularly iron and steel.[24] A major economic event during the recession was the Panic of 1884.
1887–88 recession Mar 1887 –
April 1888 1 year
1 month 1 year
10 months −14.6% −8.2% Investments in railroads and buildings weakened during this period. This slowdown was so mild that it is not always considered a recession. Contemporary accounts apparently indicate it was considered a slight recession.[25]
1890–91 recession July 1890 –
May 1891 10 months 1 year
5 months −22.1% −11.7% Although shorter than the recession in 1887–88 and still modest, a slowdown in 1890–91 was somewhat more pronounced than the preceding recession. International monetary disturbances are blamed for this recession, such as the Panic of 1890 in the United Kingdom.[25]
Panic of 1893 Jan 1893 –
June 1894 1 year
5 months 1 year
8 months −37.3% −29.7% Failure of the United States Reading Railroad and withdrawal of European investment led to a stock market and banking collapse. This Panic was also precipitated in part by a run on the gold supply. The Treasury had to issue bonds to purchase enough gold. Profits, investment and income all fell, leading to political instability, the height of the U.S. populist movement and the Free Silver movement.[26] Estimates on unemployment vary, it may have peaked anywhere from 8.2-18.4%.[27]
Panic of 1896 Dec 1895 –
June 1897 1 year
6 months 1 year
6 months −25.2% −20.8% The period of 1893–97 is seen as a generally depressed cycle that had a short spurt of growth in the middle, following the Panic of 1893. Production shrank and deflation reigned.[25]
1899–1900 recession June 1899 –
Dec 1900 1 year
6 months 2 years −15.5% −8.8% This was a mild recession in the period of general growth beginning after 1897. Evidence for a recession in this period does not show up in some annual data series.[25]
1902–04 recession Sep 1902 –Aug 1904 1 year
11 months 1 year
9 months −16.2% −17.1% Though not severe, this downturn lasted for nearly two years and saw a distinct decline in the national product. Industrial and commercial production both declined, albeit fairly modestly.[25] The recession came about a year after a 1901 stock crash.
Panic of 1907 May 1907 –
June 1908 1 year
1 month 2 years
9 months −29.2% −31.0% A run on Knickerbocker Trust Company deposits on October 22, 1907, set events in motion that would lead to a severe monetary contraction. The fallout from the panic led to Congress creating the Federal Reserve System.[28]
Panic of 1910–1911 Jan 1910 –
Jan 1912 2 years 1 year
7 months −14.7% −10.6% This was a mild but lengthy recession. The national product grew by less than 1%, and commercial activity and industrial activity declined. The period was also marked by deflation.[25]
Recession of 1913–1914 Jan 1913–Dec 1914 1 year
11 months 1 year −25.9% −19.8% Productions and real income declined during this period and were not offset until the start of World War I increased demand.[25] Incidentally, the Federal Reserve Act was signed during this recession, creating the Federal Reserve System, the culmination of a sequence of events following the Panic of 1907.[28]
Post-World War I recession Aug 1918 –
March 1919 7 months 3 years
8 months −24.5% −14.1% Severe hyperinflation in Europe took place over production in North America. This was a brief but very sharp recession and was caused by the end of wartime production, along with an influx of labor from returning troops. This, in turn, caused high unemployment.[29]
Depression of 1920–21 Jan 1920 –
July 1921 1 year
6 months 10 months −38.1% −32.7% The 1921 recession began a mere 10 months after the post-World War I recession, as the economy continued working through the shift to a peacetime economy. The recession was short, but extremely painful. The year 1920 was the single most deflationary year in American history; production, however, did not fall as much as might be expected from the deflation. GNP may have declined between 2.5 and 7 percent, even as wholesale prices declined by 36.8%.[30] The economy had a strong recovery following the recession.[31]
1923–24 recession May 1923 –
June 1924 1 year
2 months 2 years −25.4% −22.7% From the depression of 1920–21 until the Great Depression, an era dubbed the Roaring Twenties, the economy was generally expanding. Industrial production declined in 1923–24, but on the whole this was a mild recession.[25]
1926–27 recession Oct 1926 –
Nov 1927 1 year
1 month 2 years
3 months −12.2% −10.0% This was an unusual and mild recession, thought to be caused largely because Henry Ford closed production in his factories for six months to switch from production of the Model T to the Model A. Charles P. Kindleberger says the period from 1925 to the start of the Great Depression is best thought of as a boom, and this minor recession just proof that the boom "was not general, uninterrupted or extensive".[32]
Great Depression onward[edit]
A destitute pea picker in California in 1936. Following the severe Great Depression, the post-World War II economy has seen long expansions and, for the most part, less severe recessions than in earlier American history.
Following the end of World War II and the large adjustment as the economy adjusted from wartime to peacetime in 1945, the collection of many economic indicators, such as unemployment and GDP, became standardized. Recessions after World War II may be compared to each other much more easily than previous recessions because of these available data. The listed dates and durations are from the official chronology of the National Bureau of Economic Research.[6] GDP data are from the Bureau of Economic Analysis, unemployment from the Bureau of Labor Statistics (after 1948). Note that the unemployment rate often reaches a peak associated with a recession after the recession has officially ended.[33]
Annualized GDP change from 1923 to 2009. Data are annual from 1923 to 1946 and quarterly from 1947 to the second quarter of 2009.
No recession of the post-World War II era has come anywhere near the depth of the Great Depression. In the Great Depression, GDP fell by 27% (the deepest after demobilization is the recession beginning in December 2007, during which GDP has fallen 5.1% as of the second quarter of 2009) and unemployment rate reached 10% (the highest since was the 10.8% rate reached during the 1981–82 recession).[34]
The National Bureau of Economic Research dates recessions on a monthly basis back to 1854; according to their chronology, from 1854 to 1919, there were 16 cycles. The average recession lasted 22 months, and the average expansion 27. From 1919 to 1945, there were six cycles; recessions lasted an average 18 months and expansions for 35. From 1945 to 2001, and 10 cycles, recessions lasted an average 10 months and expansions an average of 57 months.[6] This has prompted some economists to declare that the business cycle has become less severe.[35] Factors that may have contributed to this moderation include the creation of a central bank and lender of last resort, like the Federal Reserve System in 1913, the establishment of deposit insurance in the form of the Federal Deposit Insurance Corporation in 1933, increased regulation of the banking sector, the adoption of interventionist Keynesian economics, and the increase in automatic stabilizers in the form of government programs (unemployment insurance, social security, and later Medicare and Medicaid). See Post-World War II economic expansion for further discussion.
Name
Dates
Duration (months)
Time since previous recession (months)
Peak unemployment
GDP decline (peak to trough)
Characteristics
Great Depression
Aug 1929 – Mar 1933ct 1929-Dec 1941
433 years
7 months 0211 year
9 months 24.921.3%(1932)[36]– 24.9%(1933)[37] 26.7−26.7% A banking panic and a collapse in the money supply took place in the United States that was exacerbated by international commitment to the gold standard.[38][39][40] Extensive new tariffs and other factors contributed to an extremely deep depression.[41] GDP, industrial production, employment, and prices fell substantially. The economy began to recover in the mid 30's with gold inflow expanding the money supply and improving expectations but double dipped during the Recession of 1937-38. The ultimate recovery has been credited to monetary policy and monetary expansion.[42]
Recession of 1937–1938 1937May 1937–June 1938 131 year
1 month 0504 years
2 months 19.017.8%[36]–
19.0%(1938)[43]
03.4−18.2% The Recession of 1937 is only considered minor when compared to the Great Depression, but is otherwise among the worst recessions of the 20th century. Three explanations are offered as causes for the recession: the tight fiscal policy resulting from an attempt to balance the budget after New Deal spending, the tight monetary policy of the Federal Reserve, and the declining profits of businesses led to a reduction in business investment.[44]
Recession of 1945 1945Feb–Oct 1945 088 months 0806 years
8 months 05.25.2%[43]
(1946) 12.7−12.7% The decline in government spending at the end of World War II led to an enormous drop in gross domestic product, making this technically a recession. This was the result of demobilization and the shift from a wartime to peacetime economy. The post-war years were unusual in a number of ways (unemployment was never high) and this era may be considered a "sui generis end-of-the-war recession".[45][46]
Recession of 1949 1948Nov 1948 –
Oct 1949 1111 months 0373 years
1 month 07.97.9%
(Oct 1949) 01.7−1.7% The 1948 recession was a brief economic downturn; forecasters of the time expected much worse, perhaps influenced by the poor economy in their recent lifetimes.[47] The recession also followed a period of monetary tightening.[34]
Recession of 1953 1953July 1953 –
May 1954 1010 months 0453 years
9 months 06.16.1%
(Sep 1954) 02.6−2.6% After a post-Korean War inflationary period, more funds were transferred to national security. In 1951, the Federal Reserve reasserted its independence from the U.S. Treasury and in 1952, the Federal Reserve changed monetary policy to be more restrictive because of fears of further inflation or of a bubble forming.[34][48][49]
Recession of 1958 1957Aug 1957 –
April 1958 088 months 0393 years
3 months 07.57.5%
(July 1958) 03.1−3.7% Monetary policy was tightened during the two years preceding 1957, followed by an easing of policy at the end of 1957. The budget balance resulted in a change in budget surplus of 0.8% of GDP in 1957 to a budget deficit of 0.6% of GDP in 1958, and then to 2.6% of GDP in 1959.[34]
Recession of 1960–61 1960Apr 1960 –
Feb 1961 1010 months 0242 years 07.17.1%
(May 1961) 01.6−1.6% Another primarily monetary recession occurred after the Federal Reserve began raising interest rates in 1959. The government switched from deficit (or 2.6% in 1959) to surplus (of 0.1% in 1960). When the economy emerged from this short recession, it began the second-longest period of growth in NBER history.[34] The Dow Jones Industrial Average (Dow) finally reached its lowest point on Feb. 20, 1961, about 4 weeks after President Kennedy was inaugurated.
Recession of 1969–70 1969Dec 1969 –
Nov 1970 1111 months 1068 years
10 months 06.1 6.1%
(Dec 1970) 00.6−0.6% The relatively mild 1969 recession followed a lengthy expansion. At the end of the expansion, inflation was rising, possibly a result of increased deficits. This relatively mild recession coincided with an attempt to start closing the budget deficits of the Vietnam War (fiscal tightening) and the Federal Reserve raising interest rates (monetary tightening).[34]
1973–75 recession 1973Nov 1973 –
Mar 1975 161 year
4 months 0363 years 09.0 9.0%
(May 1975) 03.2−3.2% The 1973 oil crisis, a quadrupling of oil prices by OPEC, coupled with the 1973–1974 stock market crash led to a stagflation recession in the United States.[50][51]
1980 recession 1980Jan–July 1980 066 months 0584 years
10 months 07.8 7.8%
(July 1980) 02.2−2.2% The NBER considers a very short recession to have occurred in 1980, followed by a short period of growth and then a deep recession. Unemployment remained relatively elevated in between recessions. The recession began as the Federal Reserve, under Paul Volcker, raised interest rates dramatically to fight the inflation of the 1970s. The early '80s are sometimes referred to as a "double-dip" or "W-shaped" recession.[34][52]
1981–1982 recession 1981July 1981 –
Nov 1982 161 year
4 months 0121 year 10.8 10.8%
(Nov 1982) 02.7−2.7% The Iranian Revolution sharply increased the price of oil around the world in 1979, causing the 1979 energy crisis. This was caused by the new regime in power in Iran, which exported oil at inconsistent intervals and at a lower volume, forcing prices up. Tight monetary policy in the United States to control inflation led to another recession. The changes were made largely because of inflation carried over from the previous decade because of the 1973 oil crisis and the 1979 energy crisis.[53][54]
Early 1990s recession in the United States 1990July 1990 –
Mar 1991 088 months 0927 years
8 months 07.8 7.8%
(June 1992) 01.4−1.4% After the lengthy peacetime expansion of the 1980s, inflation began to increase and the Federal Reserve responded by raising interest rates from 1986 to 1989. This weakened but did not stop growth, but some combination of the subsequent 1990 oil price shock, the debt accumulation of the 1980s, and growing consumer pessimism combined with the weakened economy to produce a brief recession.[55][56][57]
Early 2000s recession 2001Mar 2001–Nov 2001 088 months 12010 years 06.3 6.3%
(June 2003) 00.3−0.3% The 1990s were the longest period of growth in American history. The collapse of the speculative dot-com bubble, a fall in business outlays and investments, and the September 11th attacks,[58] brought the decade of growth to an end. Despite these major shocks, the recession was brief and shallow.[59]
Great Recession 2007Dec 2007 – June 2009[60][61] 181 year
6 months 0986 years
1 month 09.710.0%
(October 2009)[62] 03.9−5.1%[63] The subprime mortgage crisis led to the collapse of the United States housing bubble. Falling housing-related assets contributed to a global financial crisis, even as oil and food prices soared. The crisis led to the failure or collapse of many of the United States' largest financial institutions: Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers, Citi Bank and AIG, as well as a crisis in the automobile industry. The government responded with an unprecedented $700 billion bank bailout and $787 billion fiscal stimulus package. The National Bureau of Economic Research declared the end of this recession over a year after the end date.[64] The Dow Jones Industrial Average (Dow) finally reached its lowest point on March 9, 2009.[65]
See also[edit]
List of economic expansions in the United States
List of recessions in the United Kingdom
List of stock market crashes
Notes[edit]
Jump up ^ The rule of thumb defining recession as two quarters of negative GDP growth is not used by NBER.[4] The NBER looks for monthly dating (GDP is a quarterly figure) and GDP will sometimes be positive even in clear periods of decline, e.g. in the second quarter of 1974, GDP was slightly positive even in the middle of the severe 1973–75 recession.
Jump up ^ The NBER's monthly chronology of recessions begins in 1854. In the 1920s, the economist Willard Thorp, working for the NBER, dated business cycles back to 1790 (with the first recession beginning in 1796). Thorp's dates remain the standard for this period.[10] Thorp's crude annual dates are not directly comparable to the NBER's monthly dates i.e. a two-year recession from the annual dates could be many months shorter or longer than 24.
^ Jump up to: a b c d The peak to trough decline in business activity and trade and industrial activity during a given recession. From 1834 to 1882, Zarnowitz uses the Cleveland Trust Company index. Beginning in 1873, he uses a composite of three trend-adjusted indices – the Cleveland Trust Company Index, the Persons Index which begins in 1875 and a business activity index from AT&T Corporation beginning in 1877. For the Long Depression, both the Cleveland Trust Company index, and the composite are given. The index for trade and industrial activity is the Axe and Houghton Index, beginning in February 1879. It is based on pig iron production, bank clearings (outside New York City), import volume, and the revenue per mile earned by different railroads.[1]
Jump up ^ The NBER's monthly chronology of recessions begins in 1854. In the 1920s, the economist Willard Thorp, working for the NBER, dated business cycles back to 1790 (with the first recession beginning in 1796). Thorp's dates remain the standard for this period.[10] Thorp's crude annual dates are not directly comparable to the NBER's monthly dates i.e. a two-year recession from the annual dates could be many months shorter or longer than 24.
References[edit]
General
Glasner, David; Cooley, Thomas F., eds. (1997). Business cycles and depressions: an encyclopedia. New York: Garland Publishing. ISBN 0-8240-0944-4.
Gordon, Robert J., ed. (1986). The American Business Cycle: Continuity and Change. UMI. ISBN 0-226-30452-3.
Knoop, Todd A. (July 30, 2004). "Recessions and Depressions: Understanding Business Cycles". Praeger Publishers. ISBN 0-275-98162-2.
US Business Cycle Expansions and Contractions, National Bureau of Economic Research. Retrieved on September 19, 2009.
Zarnowitz, Victor (1996). Business Cycles: Theory, History, Indicators, and Forecasting. Chicago: University of Chicago Press. ISBN 0-226-97891-5.
Specific
^ Jump up to: a b c d Zarnowitz 1996, pp. 221–26
Jump up ^ Whaples, Robert (March 1995). "Where Is There Consensus Among American Economic Historians? The Results of a Survey on Forty Propositions". The Journal of Economic History. Cambridge University Press. 55 (1): 144, 151. doi:10.1017/S0022050700040602. JSTOR 2123771 – via JSTOR. (Registration required (help)). The current consensus is that the volatility of GNP and unemployment were greater before the Great Depression than they have been since the end of World War II.
Jump up ^ Hall, Robert (October 21, 2003). "The NBER's Recession Dating Procedure". National Bureau of Economic Research. Retrieved February 29, 2008.
Jump up ^ "The NBER's Recession Dating Procedure: Frequently Asked Questions". National Bureau of Economic Research. Retrieved October 21, 2009.
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^ Jump up to: a b c d "NBER Business Cycle Expansions and Contractions". NBER. Archived from the original on September 25, 2008. Retrieved October 1, 2008.
Jump up ^ Moore, Geoffrey H.; Zarnowitz, Victor (1986). "Appendix A The Development and Role of the National Bureau of Economic Research's Business Cycle Chronologies". The American Business Cycle: Continuity and Change. in Gordon 1986, pp. 743–745
^ Jump up to: a b c d Moore, Geoffrey H.; Zarnowitz, Victor (1986). "Appendix A The Development and Role of the National Bureau of Economic Research's Business Cycle Chronologies". The American Business Cycle: Continuity and Change. in Gordon 1986, p. 747
^ Jump up to: a b c d e f g h i j Thorp, Willard Long (1926). Business Annals. NBER. pp. 113–23. ISBN 0-87014-007-8.
^ Jump up to: a b Glasner & Cooley 1997, p. 732
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Jump up ^ Chew, Richard S. (December 2005). "Certain Victims of an International Contagion: The Panic of 1797 and the Hard Times of the Late 1790s in Baltimore". Journal of the Early Republic. 25 (4): 565. doi:10.1353/jer.2005.0069.
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^ Jump up to: a b Zarnowitz 1996, p. 222
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Jump up ^ Morris, Charles (1902). The Great Republic By the Master Historians- Volumes I, II, III, IV. R.S. Belcher.
^ Jump up to: a b c d e Zarnowitz 1996, pp. 222–23
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Jump up ^ Foner, Eric (January 10, 1990). A Short History of Reconstruction. Harper Perennial. ISBN 0-06-096431-6.
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Jump up ^ Fels, Rendigs (1952). "The American Business Cycle of 1879-85". The Journal of Political Economy. 60 (1): 60–75. doi:10.1086/257151. JSTOR 1826297.
^ Jump up to: a b c d e f g h Zarnowitz 1996, pp. 226–29
Jump up ^ Whitten, David (August 14, 2001). Whaples, Robert, ed. "Depression of 1893". EH.Net Encyclopedia. Archived from the original on April 27, 2009. Retrieved October 5, 2009.
Jump up ^ Lk (2014-02-20). "Social Democracy for the 21st Century: A Realist Alternative to the Modern Left: US Unemployment in the 1890s Again". Social Democracy for the 21st Century. Retrieved 2017-07-21.
^ Jump up to: a b Bruner, Robert F.; Carr, Sean D. (2007). The Panic of 1907: Lessons Learned from the Market's Perfect Storm. Hoboken, New Jersey: John Wiley & Sons. ISBN 978-0-470-15263-8.
Jump up ^ Goldberg, David J. (January 15, 1999). Discontented America: The United States in the 1920s. The Johns Hopkins University Press. ISBN 0-8018-6004-0.
Jump up ^ Vernon, J.R. (1991). "The 1920–21 Deflation: The Role of Aggregate Supply". Economic Inquiry. 29. Archived from the original on 2010-11-13.
Jump up ^ O'Brien, Anthony Patrick (1997). "Depression of 1920–1921". Business cycles and depressions: an encyclopedia. in Glasner & Cooley 1997, pp. 151–53
Jump up ^ Kindleberger, Charles P. (1973). The World in Depression, 1929-39. Berkeley: University of California Press. p. 43. ISBN 0-520-05592-6.
Jump up ^ Labor Force Statistics from the Current Population Survey, Bureau of Labor Statistics. Retrieved on September 19, 2009
^ Jump up to: a b c d e f g Labonte, Marc (January 10, 2002). "The Current Economic Recession" (PDF). Congressional Research Service. Archived from the original (PDF) on October 10, 2009. Retrieved October 5, 2009.
Jump up ^ Knoop 2004, pp. 166–71
^ Jump up to: a b Coen, Robert M. "Labor Force and Unemployment in the 1920's and 1930's: A Re-examination Based on Postwar Experience." The Review of Economics and Statistics (1973): 46-55.
Jump up ^ Richard K. Vedder and Lowell E. Gallaway (1993). Out of Work: Unemployment and Government in Twentieth-Century America. New York: Holmes and Meier. p. 77.
Jump up ^ Friedman, Milton. The counter-revolution in monetary theory: first Wincott memorial lecture, delivered at the Senate House, University of London, 16 September 1970. Vol. 33. Institute of Economic Affairs, 1970.
Jump up ^ Irwin, Douglas A. Did France Cause the Great Depression?. No. w16350. National Bureau of Economic Research, 2010.
Jump up ^ Eichengreen, Barry, and Peter Temin. "The gold standard and the great depression." Contemporary European History 9.2 (2000): 183-207.
Jump up ^ Irwin, Douglas A. Peddling Protectionism: Smoot-Hawley and the Great Depression. Princeton University Press, 2011.
Jump up ^ Romer, Christina D. "What ended the great depression?." The Journal of Economic History 52.4 (1992): 757-784.
^ Jump up to: a b Stanley Lebergott (1957). "Annual Estimates of Unemployment in the United States, 1900-1954". The Measurement and Behavior of Unemployment (PDF). National Bureau of Economic Research. pp. 211–242.
Jump up ^ Smiley, W. Gene (1997). "Depression of 1937–1938". Business Cycles and Depressions: An Encyclopedia. in Glasner & Cooley 1997, pp. 154–55
Jump up ^ Zarnowitz 1996, p. 229
Jump up ^ Rosnick, David (2 June 2010). "Clearing Up Some Facts About the Depression of 1946". Retrieved 2017-07-21.
Jump up ^ Zarnowitz 1996, p. 416
Jump up ^ Dell, S. (June 1957). "The United States Recession of 1953/54: A Comment". The Economic Journal. Blackwell Publishing. 67 (266): 338–339. doi:10.2307/2227810. JSTOR 2227810.
Jump up ^ Holmans, A. E. (1958). "The Eisenhower Administration and the Recession, 1953–55". Oxford Economic Papers. 10 (1): 34–54.
Jump up ^ Merrill, Karen R. (2007). The Oil Crisis of 1973–1974: A Brief History with Documents. Bedford/St. Martin's. ISBN 0-312-40922-2.
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Jump up ^ "The recession is a pretty picture". BBC. August 27, 2009. Retrieved October 4, 2009.
Jump up ^ "Oil Squeeze". TIME. February 5, 1979. Retrieved February 29, 2008.
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Jump up ^ When Did the Great Recession End?
Jump up ^ US Business Cycle Expansions and Contractions
Jump up ^ Civilian Unemployment Rate: Percent SA
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External links[edit]
National Bureau of Economic Research
Business Cycle Expansions and Contractions (List of NBER Recessions)
The Three Ds of Recession: A Brief History—see table 1 and chart 1 for a more detailed list of recessions in the US
Retrieved from "https://en.wikipedia.org/w/index.php?title=List_of_recessions_in_the_United_States&oldid=808932025"
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values: Edit section: Early recessions and crises

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Cleveland Trust Company

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values: Edit section: Free Banking Era to the Great Depression

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1882–85 recession

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Panic of 1890

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Populist Party (United States)

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Free Silver

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Panic of 1910–1911

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Post-World War I recession

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Ford Model A (1927-1931)

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Recession of 1937–1938

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Recession of 1937

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Budget surplus

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Budget deficit

values: Early 1980s recession in the United States

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Double-dip recession

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W-shaped recession

values: Early 1990s recession in the United States

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values: List of recessions in the United Kingdom

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List of stock market crashes

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values: Anexo:Recesiones en Estados Unidos – Spanish

values: Liste des crises monétaires et financières – French

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