The workers were never enthusiastic about socialism. Socialism was brought to the masses by intellectuals of bourgeois background, dining and wining together in the luxurious London homes and country seats of late Victorian "society."
The British complained of unfair competition from goods supplied by the American colonists. So the state intervened to manage trade and make it "fair." But the American revolutionaries saw protectionism for the scam it was, and still is.
Where there is no business at all, business can be neither good nor bad. There may be starvation, and famine, but no depression in the sense in which this term is used in dealing with the problems of a market economy.