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Economic collapse is any of a broad range of bad economic conditions,
ranging from a severe, prolonged depression with high bankruptcy rates
and high unemployment (such as the Great Depression of the 1930s),
to a breakdown in normal commerce caused by hyperinflation
(such as in Weimar Germany in the 1920s),
or even an economically caused sharp rise in the death rate and perhaps
even a decline in population (such as in countries of the former USSR in the 1990s).
DEFINITION of 'Economic Collapse '
An economic collapse is a complete breakdown of a national, regional or territorial economy.
An economic collapse is essentially a severe version of an economic depression,
where an economy is in complete distress for years, or possibly even decades.
BREAKING DOWN 'Economic Collapse '
The Great Depression in the United States is a prime example of an economic collapse.
The 1929 stock market crash brought on a collapse that lasted for many years and saw high levels of poverty.
Well-known economist John Maynard Keynes claimed
this was from the total lack of government involvement in the economy or the financial markets.
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