### q4 recessions originated with railroads > There’s a strong argument that the first modern recessions in industrializing nations happened in the early 1800s as a result of the cyclicality of the railroad business. - [View Highlight](https://read.readwise.io/read/01fmd7pgt8ba0p2rm4wenqdebf) - [[Too Big to Sail How a Legal Revolution Clogged Our Ports by Matt Stoller#q4 recessions originated with railroads|View in Vault]]