Fundsmith broadcast a short video today (https://youtu.be/TmtYUIS3tgw), arguing that the current economic environment has the greatest similarity with the PO73 (Panic of 1873). Like PO73, and unlike most depressions, the collapse was triggered by a banking crisis.
In normal recessions, what normally happens is that the economy becomes overheated, inflation picks up, governments raise interest rates. Then banks have bad debts, with one or two collapsing. The system reboots, and we are back to growth after a year or two.
Recessions precipitated by banking crises are more serious, and generally tell you that there is something wrong with the collective balance sheet of the world.
North America had it fairly light: the depression lasted until 1879. The UK’s depression lasted longer: until 1896.
More info on Wikipedia: https://en.wikipedia.org/wiki/Panic_of_1873