It is a huge mistake to call the repeating cycle of boom and bust a business cycle. That name implies the bust is the failure of markets and capitalism. But it is really due to monetary and credit inflation licensed and promoted by governments and central banks.
Despite its supposedly strained relationship with the Saudi regime, the Obama administration, for example, still managed to offer the royals of that kingdom a record $136 billion in US weapons between 2009 and 2017.
Anti-market activists in Argentina try to blame the country's economic woes on markets, but the populist movement of Peronism is what has doomed the country to endless cycles of economic and monetary crises.