The 1932 depression occurs worldwide, not ending until after WW II, although it is sometimes wrongly considered to be earlier. Following the collapse of the property market, the early '90s recession sets in. Banks falter and fail. Bankruptcies and unemployment are widespread. GDP growth occurs, signifying that debt-reduction may be working.
Trade wars threaten.
Major wars loom over territorial and distributional problems. Even the above perfunctory outline of the last 200 years of economic history is sufficient to confirm Fred Harrison's worldwide analysis of the crucial role played by taxation and the land market in the so-called 'business cycle'. After the onset of each recession, the point becomes generally acknowledged. It is quite remarkable, then, that western governments fail to collate and analyse real estate sales data. This hamstrings economic analysis and leaves governments reacting to , rather than eliminating the cause of major economic recession and depressions.