Younger readers may not appreciate the seismic changes that have turned the world of real estate investing on its ear, creating not one but two revolutions over the past half-century. This section examines in some detail the rationalization and expansion of real estate financing in the United States. The parallel experiences of real estate investors in Australia are summarized for their commonality with the United States. But similar stories could be told about virtually every nation where investors now can purchase shares of public real estate companies. The story unfolded in two phases in the United States, and then spread around the globe as REITs attained success.