There is a banking crisis in 1819. In the aftermath of the land boom, stocks and bonds collapse in 1873, leading to financial crisis and unemployment. A conservative government is elected. 1917-1921 High interest rates prevail. Financial panic occurs when the stock market falls dramatically again.
Production falls and unemployment increases.
A conservative government is elected. Financial and unemployment troubles result. They are blamed on the 'oil crisis', although this is only part of the story. Conservative government elected. Unlike the earlier land boom in the cycle, this phase is based mainly upon a feeling of confidence that the recession is over.