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25 The Doshisha University Economic Review Vol.57 No.3 Abstract Shoji TAHARA, Three Great Depressions in the World on Business Cycle History This paper examines the following phases of three great depressions in the world on business cycle history: the periodicity of business cycle seen from a historical point of view and differences in price variation between the prewar deflationary depression and the postwar inflationary depression. In addition, the forms and characteristics of three world major depressions depression in Europe and America, the Great Depression, and the Heisei depression are analyzed with a comment that a great depression consists of the plural number of regression and is caused by the outbreak and breakdown of bubble economy, an occurrence which has been seen at intervals of several decades.
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