Explore China's 'ghost town of abandoned mansions.'

As opposed to other G20 countries that are largely struggling with high inflation rates, China is facing deflation. Sluggish growth in the country's once booming real estate market is just one glimpse into the consumer slowdown triggering deflation.

Instead, they're places an industry has abandoned, leaving many of the town's buildings decrepit and abandoned. That doesn't mean they're completely empty; some folks prefer the pace and look of ghost towns, which often lean into their Old West aesthetics. The Vox documentary explores ghost towns in Nevada, which is home to more than 600.

Economist Hyman Minsky originated what became a five-stage model of an economic bubble: a new “displacement,” a rapid boom, euphoric speculation, early profit-taking by insiders, and finally panic selling. From Japan’s 1980s real-estate surge to the 2008 crash, the pattern repeats across eras and assets.

Hong Kong's lack of affordable housing is forcing hundreds of thousands of residents to live in "coffin homes" — a tiny partitioned apartment that is about the size of a coffin. Experience life inside a coffin home through this 360 VR video.

Parts of China's limestone-rich terrain is fertile ground for massive caves, where some of the world's largest sinkholes are located. Hidden away in dense, lush forests, geologists are frequently discovering new sinkholes to explore. This piece...

This tends to make products and services more affordable and normalizes the standard of living. Bad deflation usually happens when there are sudden changes to either supply or demand. Near-zero interest rates helped create the real estate bubble that sparked the Great Recession when it crashed Because deflation distorts the value of money, deflation is particularly harmful for borrowers. Low interest rates made it easy for businesses and everyday people to take on enormous debt, which exacerbated the effects of the recession.

Cityscapes continuously evolve, and each stage in their transformation tells a unique story. In Manhattan's Chinatown from the 1940s to today, the architecture has bloomed from an ethnic conclave for often mistreated migrants to a vibrant cultural hub today. See varying elevations and facades over time.

Fueled by margin speculation and intense optimism, stock prices soared to unsustainable levels before collapsing in late October—erasing billions in market value within days.

In the early 2000s, the fracking boom transformed the quiet mining town into a hub of oil field laborers with plentiful job opportunities. Once the boom faded and industry left, unaffordable housing, unsafe working conditions, and drug epidemics left many residents with no prospects amid a disappearing way of life.

Some argue that McMansions—large, relatively newly built, amenity-filled, cookie-cutter homes—are ugly. Others say they're just not a good investment. And yet Americans continue buying them. This video explores why McMansions are still popular despite these criticisms, and how these homes got their start in the first place. Watch the video here.

Detroit, Michigan, began as a fur trading post in the 1700s but would become the world epicenter of car manufacturing in the 1900s after Henry Ford developed his paradigm-shifting assembly line at a plant there. Racial tensions, a lack of economic diversification, and poor leadership would plunge the city into poverty and decay in the late 1900s, culminating in a 2014 bankruptcy. Browse the somber images of the city's abandoned spaces here.

Before Japan's economy crashed and sent the country into two decades of deep deflation, the real estate market was experiencing euphoric highs. The Imperial Palace never actually went on the market, so it's difficult to actually compare the value to California.

The "Silicon Valley of Hardware" is a major manufacturing hub. This WIRED documentary from 2016 does a deep dive into how this Chinese city's practice of copycat manufacturing alongside its innovative culture has made it China's own Silicon Valley.

In the 1800s, as China's economy was in flux, foreign imperialist powers began appearing on the horizon, leading China to lose land and influence in the region. This 48-minute podcast episode explores how this destabilization set the stage for the...

Fireworks were invented in China, but their predecessor, the firecracker, was discovered in Liuyang upon burning bamboo. Pyrotechnics have since become part of the city's culture. Liuyang has won many international fireworks display competitions.

A look at the dot-com bubble, when investors poured money into unproven internet startups, driving the Nasdaq to dizzying heights before it crashed by more than 80% after 2000, showing how new technologies can detach markets from reality.

American malls sought to recreate the cohesion of a downtown shopping center but with the indoor, quiet convenience of a rural or suburban setting. First developed in the 1950s, malls quickly took off and became the spine of American retail shopping. In the last two decades, online retail has forced many to close, leaving behind peculiar, vast abandoned spaces. Pick through the stark nostalgia with this fascinating photo essay.

A Toronto-area tour of empty malls brings participants face-to-face with the past. Part nostalgia, part archaeology, this meditation on the "liminal" spaces of a bygone era provokes eerie reflections on our relationship to time and place.

This podcast tells how "Magic: The Gathering" faced its own speculative bubble as rare cards surged in resale value—risking a Beanie Baby-style crash. It follows how the game’s creators tried to engineer a system to keep a collectibles market from collapsing.

This video illustrates how the South Sea Company in Britain sparked a stock boom in 1720, with promises of huge trading profits, driving shares to unprecedented heights before a sudden crash wiped out the fortunes of investors—including Isaac Newton, who lost an estimated £20K.

Like many ancient cultures, the Chinese had a tradition of burying the dead in elaborate tombs, which would serve as both burial places and residences for the deceased. Archaeological evidence of these tombs, including those of former emperors, provides insights into the country's cultural evolution.

As a Rust Belt city looking to revitalize its economic core, Baltimore, Maryland, sought big investments from developers and municipalities. The so-called Baltimore Peninsula is a billion-dollar neighborhood in south Baltimore initially prompted by the investment of Under Armour CEO Kevin Plank. In 2025, the glossy, grand urban neighborhood is still empty, with fully-built condos and retail spaces.

Yuegong-1, also known as Moon Palace 1, was a Beijing facility where volunteers simulated life on a colony and conducted experiments on bioregenerative life support systems to assess their viability in an off-Earth environment. The longest experiment at the 0.04-acre facility lasted 370 days.

Although surveillance is viewed as necessary for enhancing morality and enforcing regulations, many citizens adopt mental tactics to distance themselves from it. Surveillance is linked to China's historical "century of humiliation," following the Opium Wars and Japanese invasion.

By 1975, the city owed $5B to $6B in short-term debt; over a million manufacturing jobs had left the city since the end of World War II. Meanwhile, the murder rate was more than double than 10 years earlier. Graffiti was seen as illegal vandalism perpetrated by unsupervised teenagers and was viewed by some as emblematic of the larger societal decline.

US homes are growing larger and more luxurious, with Census Bureau data revealing a rise in four-bedroom houses equipped with air conditioning. Experts say the trend of elevated home prices is expected to continue.

Once the densest place on Earth, Kowloon Walled City was a chaotic labyrinth of stacked homes, hidden corridors, and thriving underground life.

Risks in private credit investing include the industry's lack of transparency and the ability of businesses to borrow more than a bank might allow against their debt. Some borrowers in early 2026, for instance, likely did not expect interest rates to be so high for so long, which could be contributing to an uptick in defaults.

In March 2023, Silicon Valley Bank—the nation's 16th largest bank at the time—collapsed after a rapid run on its deposits. Among other factors, the bank had placed more than half of its investments into long-term bonds, leaving it without the necessary cash on hand as its clients, largely start ups, panicked and withdrew their money at the same time. This visualization lays out the timeline and impact of the collapse.

Dalio was an early advocate of US investment in China. While he has previously criticized the authoritarian regime, his criticism of the government has been labeled mild relative to his praise for economic growth and innovation—critics argue that he has minimized human rights violations in the country.

A video examines the massive surge in AI spending—forecast to hit $500B by 2026—and how this may be propping up a fragile US economy. Experts warn that if AI investment slows or under-delivers, the consequences could be felt in markets, jobs and growth.

Built as a futuristic, eco-friendly city filled with smart features like pneumatic trash systems and app-controlled homes, the town provides limited opportunities for face-to-face interactions amid sterile backdrops. A focus on high-rise housing amplifies the lonely, disconnected atmosphere.

Digital replicas of the deceased provide individuals with another way to process grief in a culture with long-standing traditions of communicating with ancestors. The emotional and ethical implications of "digital immortality" are complicated further by cases of actors impersonating deceased relatives during deepfake video calls to hide their deaths.

Roughly 50 billion tons of sand are used in construction every year, mostly extracted from oceans, beaches, and rivers. To avoid depleting natural sand deposits, China crushes rocks and used materials to create an artificial sand, which it uses in 80% of its construction projects.

This Peabody Award–winning "This American Life" episode traces how cheap global money, subprime lending, and Wall Street engineering inflated the housing bubble. Through vivid reporting and real voices, it became one of the defining works of 2000s financial journalism.

In 2018, China stopped accepting most of the world's recyclables. This highlighted how dependent the US recycling system was on a single foreign buyer and forced cities to landfill materials they had once diverted.

A scene from "The Big Short" visualizes how Wall Street bundled shaky mortgages into complex housing bonds and sold credit default swaps on top of them—showing, step by step, how the structure of the 2008 housing bubble was vulnerable to collapse.

The annual festival brings in billions of dollars in both foreign and domestic tourism. The 2026 holiday includes an additional day, something Chinese officials hope will provide an even bigger boost to the country's somewhat stubborn national retail sales.

In the late 1800s, the city had an influx of immigrants from China and Japan, prompting the growth of areas dominated by their respective cultures. Earthquakes and world wars, as well as a push for Spanish Colonial architecture, led to their eventual decline.