Body Wraps? Compression Garments? Is there any long-term effect from these?

Whatever compression happens around my ankles makes an obvious difference.  I can definitely see where the elastic from my socks or from a compression bandage have reduced the size of the area.  But it only lasts an hour or so once the compression is removed.  So did they do any actual good?  If the swelling just returns, it obviously didn't address the source of the problem.  Is there any kind of compression that actually lasts once the compressor is removed?