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Koulikoro Travel on In the early 1930s, for example, every major capitalist economy in the world experienced contraction, but by the end of that decade all saw their real GDPs rising once again. This (irregular) expanding and contracting of an economy seems to be unavoidable within the capitalist framework. Throughout history, economists have seemed to be ambivalent about what to call the different phases of the business cycle. The contractionary phase, in particular, has had many different appellations over the years. Originally known as panics, they became crises by the beginning of the 20th century. The term panic seemed to indicate a dire situation, not simply a normal manifestation of a well-functioning economy, and so it had to go. It didn’t take long, however, for the term crisis to become problematic as well. Koulikoro Travel 2016.

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