The Boom Bust Cycle of Businesses and Recessions

Henry George blamed speculation for the boom bust cycle of businesses and recessions that happen because he says speculation has a tendency to press the margin of production down until it's just past its limit. The late 1800s were racked with so many panics and crises and quick secession that some historians count the long depression as lasting for a full 23 years from 1873 to 1896. We've actually managed to make them much less awful through lots of government intervention, but wouldn't even have to if we implemented these taxes.