Like you might think “hey maybe there’s something to a more wicked boom/bust cycle, maybe buffered by debt forgiveness in bankruptcy, after all creative destruction, etc. etc.“

In practice a lot of it is whoever had free and clear cash on hand could buy land - farmland, mines, forests - then use the cashflow from that to buy more in downturns when people couldn’t make mortgage, consolidate into these ridiculous resource barons.

I do kind of worry about Disney and big pharma doing that with IP today though