>The entire process of industrialization was hugely deflationary Prices definitely lowered, but the difference being that while there was also supplier upheava

>The entire process of industrialization was hugely deflationary Prices definitely lowered, but the difference being that while there was also supplier upheaval as artisan/bespoke producers were replaced by mass production - the industrialists were enormously and sustainably profitable and could in turn employ those displaced from the failed producers. Aggregate demand arguably increased with the move of labour from rural agriculture to urban manufacturing. A deflationary cycle annihilates demand by definition and fixed costs then eat producers alive - leading to wealth destruction, unemployment, debt writeoffs and credit tightening. Which in turn leads to more demand annihilation.