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Ionian Islands Travel on With output falling farther and longer, and unemployment reaching much higher levels, pre-World War II recessions were both more frequent and more severe than those of the past 60 years. Expansions are now twice as long as they previously were, and contractions average one-half of their former duration, so that the balance between the two has improved significantly. Capitalism, perhaps, is not as brutal as before. INFLATION, defined as an increase in the average price level, has been a constant in the United States since the Great Depression. In all but three of the 70 years since 1932, prices have increased, and the last time that the United States experienced deflation (prices on average decreasing) was 1954. Thus, throughout the various business cycles of the post-World War II period, prices have continued to rise, both during contractions and expansions. This structural inflation is unrelated to the business cycle. Ionian Islands Travel 2016.