The political and economic reforms following the 1893-1897 depression were driven largely by Georgists.

It became known as the Progressive Era.

However, despite the fact that all taxes and their excess burden come out of rent, at the 1930s depression the propertied class fought back saying that there was not enough economic rent to see ourselves through the depression.

This was the high point of ‘neoclassical economics’, the economics that ignores the role of land. We’ve not only remained in its thrall, but drifted further into the neoliberal economics of Ayn Rand. We must balance the national budget.

OK, so let’s hope that the third depression from 2027 sees the return to economic sanity?