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Karl Marx predicted it to happen in Germany or Great Britain.

Many argue that it was thwarted in Great Britain by Says' law of markets supporting the "Laissez-faire" belief that capitalism tends to full employment.
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It states that "supply creates its own demand"
It was later refuted by Lord Kaynes. And its absurdity was proved in 30s world over recession when market was flooded with commodities having no buyers.
But then it was too late. doh
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