There is no precise definition of an economic collapse. The term has been used to describe a broad range of bad economic conditions from a severe, prolonged depression with high bankruptcy rates and high unemployment, such as the Great Depression, to a breakdown in normal commerce caused by hyperinflation (such as in Weimar Germany), or even an economically caused sharp increase in the death rate and perhaps even a decline in population (Former USSR).
Often economic collapse is accompanied by social chaos, civil unrest and sometimes a breakdown of law and order.
Read more about Economic Collapse: Cases of Economic Collapse, Effects of War and Hyperinflation On Wealth and Commerce, Bank Holidays, Conversion or Confiscation of Accounts and New Currency
Famous quotes containing the words economic and/or collapse:
“Our country has deliberately undertaken a great social and economic experiment, noble in motive and far- reaching in purpose.”
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—Jerome (c. 340–420)