The term "Great Depression" originally referred to the economic depression after the panic of 1873 that lasted until about 1879 in America. This global depression would also dent Britain's economic lead, letting the US and Germany make great gains as it lasted in until well into the 1890's in Britain. There was also a massive surge in economic protectionism, not unlike the 1930s. That said, there wasn't as much of dramatic fall in living standards for the average person. This is partly attributable to the fact that most people still lacked indoor plumbing, running water, etc..... in the 1870s.