According to hofstede, societies value personal freedom and self-expression and adhere to the principle that people should be judged by their personal achievements rather than by their social background

According to Hofstede's Model of Culture, individualism is a worldview that societies value personal freedom and self-expression and adhere to the principle that people should be judged by their personal achievements rather than by their social background.

Individualism is the moral stance, political philosophy, ideology, or social outlook that emphasizes the moral worth of the individual.

In financial aspects, a depression is a sustained, long haul downturn in monetary movement in one or more economies. it is a more extreme monetary downturn than a recession, which is a slowdown in financial action through the span of a typical business cycle. a depression is an irregular and extreme type of recession. so depression is always followed by recession but it is not correct to state that a depression always follow a recession.