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Principles by Ray Dalio

https://www.principles.com/the-changing-world-order/

These domestic conflicts stewed while emerging powers (Germany and Japan in the 1930s) increasingly challenged the existing world power. If you are interested in understanding my template for understanding big debt crises and seeing all the cases that made it up, you can get Principles for Navigating Big Debt Crisesin free digital form at www.economicprinciples.org or in print form for sale in bookstores or online. I’ve studied many big, important things (e.g., depressions, hyperinflation, wars, balance of payments crises, etc.) As with the archetypical debt cycle, which I outlined in Principles for Navigating Big Debt Crises, this big cycle represents the archetypical one that we can compare others to, including the one that we are now in. These declines also happened when there were large wealth gaps that led to big wealth redistributions and a world war.

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