This is a pretty interesting wiki article. Apparently, recessions were much more frequent in the 1800s than the 1900s. https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States …
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would prob also add massive change (Zim land confiscation; E Eur econ liberalization); asset/commodity bubbles leading to credit hangover
How did Eastern European economic liberalization lead to a recession? People didn't know what to make when the economy ceased by centrally planned? Not sure if this led to a recession (or an economic boom), but it's a cool financial graph.pic.twitter.com/NTPzfcW4v1
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closed markets/no competition + Comecon (access to a "common mkt" and country "specialization") all went away so now your Bulgarian computer or Romanian car is extremely uncompetitive in its old markets+total mess arnd privatizations
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Got it now, thanks.
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so "liberalization" essentially meant total re-work of anything bc some stuff made no sense (ie steel production in countries w no ore deposits); land return also killed agriculture for years (pop migrated to cities 50 yrs ago, got land back, let it sit)
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