> With war, you basically have a sample size of 1: the Great Depression
> leading to WWII. Otherwise, we've had devalorizations with nothing
> like world war. In the late 19th century U.S., we had deflation
> coexisting with huge industrial investment.
The other big depression was 1873-96. I'm trying to think which cataclysmic wars it provoked. Certainly not WWI, which broke out almost 20 years after the system recovered. There were occasional skirmishes over colonies, but no fixed capital was destroyed as a result, to my knowledge. The Russo-Turkish War of 1877 maybe? Maybe the Ottoman Empire disintegrated under the pressures of overaccumulation?
SA