Private Debt
- Added a significant number of events to the Business Cycle JE tied to private debt.
- Private Debt events can not occur if the Merchant Banks Law is enacted, or if no banking sectors in the country have Fractional-Reserve Banking or a higher PM.
- Private Debt events will affect either Farm Debt, Consumer Debt or Investor Debt.
- Each type of Private Debt reduces how much debt the government can borrow as they rise.
- Very high private debt levels will reduce Market Confidence and increase Market Volatility.
- Private Debt Levels increase the output of Banking Sectors.

- With a Central Bank, Interest Rate has a large effect on the likelihood of certain debt events happening.

- Events that increase Farmer Debt will generally mitigate Harvest Conditions, increase Agricultural collectivization or increase Agricultural throughput temporarily.
- Events that increase Consumer Debt will generally give temporary SoL bonuses to the lower and middle strata.
- Events that increase Investor Debt will generally give temporary Construction or Investment pool bonuses.

- With higher private debt, there's a risk of bankruptcies and foreclosures when times are bad.
- These can trigger if interest rate is very high, during recessions and during depressions.
- With Central Banking and a lack of Laissez-Faire, the government can intervene to mitigate the negative effects at a cost.
- Farm Bankruptcies will reduce agriculture throughput, increase radicalism among peasants, farmers and aristocrats.
- Consumer Bankruptcies will reduce the SoL of lower and middle strata pops and increase radicalism among non-peasant lower class and middle class.
- Investor Bankruptcies will reduce the and reduce the private Investment pool and give a malus to construction.


Other Changes
- Reduced chance of Hyperinflation with higher minting.
- Completing the "Growth of Atheism" journal entry, makes the Positivism JE easier to trigger.
- Political Agitation increases baseline pop political power.
- Slightly reduced company throughput and construction bonuses.
- Adjusted effects of trade union laws.
- Reduced baseline MAPI, but more buildings increase MAPI in states (Railways, River Development and Ports).
- Rebalanced River Development Resource Production. The lowest tier PMs only produce Fish, while the highest tier PMs only produce transport.

- Updated for 1.9.8

- Updated for 1.9.7
- Fixed the Opium Wars not triggering.

- Adjusted workforce of ownership buildings.
- Market Stability principle group now gives 2 Company charters rather than +1 Company at Level 3.
- Citizenship Laws have harsher penalties on pop political power, especially violent erasure.
- Countries gain more loyalists after the conclusion of a civil war, and an event where they can Focus on reconciliation (even more loyalists), retribution (weaken IGs who lost even more), rebuild (increased state Construction efficiency) or reform (reduce stall chance and reduce time for Law checkpoints).
- Increased the required GDP for a depression to spread within a customs union from 20 million GDP, to 30 million GDP.
- Doubled the effect on volatility and confidence of depression spreading within a customs union.
- Reduced effect of interest rate on market volatility.
- Cinema PM for Entertainment Sectors consume Luxury Clothes instead of Clothes. Other input and output values adjusted to rebalance.

- Added a variant Law to Qing: Piaohao and Qianzhuang which replaxes Merchant Banks, and replaces the old modifier. (needs new game)
- Chinese culture Petite Bourgeoisie supports Piahao and Qianzhuang banking over other forms. (needs New game)
- Mixed Economy unlocks the Mixed Ownership for Company Headquarters, which replaces shopkeepers with bureaucrats and gives them shares in the Company.
- Mixed Economy and Command Economy makes bureaucrats give up most of their dividend Income to the Investment pool. Mixed Economy has a substantial efficiency penalty on these transfers.
- Removed the Mutual Funds requirement for the French and English Rothschild Companies.
- Tourist Site now gives +12% Hospitality output instead of +10%.
- The Scandinavian Cuisine event now increases output by +3% among each option, instead of having variable effects depending on food type.
- Several modifiers where relevant increases radicalism among oppressed groups.
- All Yankee culture nations will have Independent Workers with The American Dream trait, rather than just the USA.
- The technocracy political movement is now much more likely to appear with the Technocracy Law implemented.
- Communist, Anarchist, Socialist, Fascist and Technocratic political movements are more likely to spawn during recessions and especially depressions.
- Made requirements for a totalitarian movement to form stricter: now you need either Single Party State, OR both Professional Civil Service and Secret Police active with a different authoritarian distribution of power (autocracy, oligarchy, technocracy or stratocracy).

- Added the Technical Supervision and Modern Guild ownership methods to Company Headquarters, unlocked with the Technocracy and Corporatism laws respectively.

- Economic downturns also decrease Company throughput and Construction bonuses.
- Depressions reduce capitalist and aristocrat Investment pool contribution, in addition to contribution efficiency.
- Publicly Traded for Company headquarters consume a bit more Financial Services, has slightly more capitalists, and employs fewer Clerks.
- Reduced additional radicalism to labor, socialist, communist and anarchist movements from the Growth of the Labor Movement JE.

- Revised maths of disaster effect on market confidence:
-- Effect is increased if the capital state is affected compared to other states.
-- States not in a disaster slightly reduce the effect.
-- Only incorporated states are counted.

- Pops who do not have the state religion will also be more drawn to the Intelligentsia, not just atheists. This effect is strongest with state-religion, weak with total separation and non-existent with state atheism.
- Small amounts of minority pops will still sympathize with the PB and IW, moreso if they are reformed, rather than none at all.