- published: 07 Apr 2016
- views: 430
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.
There are few well documented cases of economic collapse. One of the best documented cases of collapse or near collapse is the Great Depression, the causes of which are still being debated.
"To understand the Great Depression is the Holy Grail of macroeconomics." —Ben Bernanke (1995)
Bernanke's comment addresses the difficulty of identifying specific causes when many factors may each have contributed to various extents.
Past economic collapses have had political as well as financial causes. Persistent trade deficits, wars, revolutions, famines and depletion of important resources have been listed as causes. Incompetent governments are another cause, especially when they go bankrupt and resort to money printing, causing hyperinflation.
Stefan Basil Molyneux (born 24 September 1966) is a blogger, essayist, author, and host of the Freedomain Radio series of podcasts, living in Mississauga, Canada. He has written numerous articles and smaller essays which have been published on libertarian websites such as LewRockwell.com, antiwar.com and Strike The Root, recorded over 2000 podcasts, produced over 800 videos, and written several books which are self-published except for his first, which was published by Publish America. In 2006 Molyneux quit his previous job in the field of computer software and works full-time on Freedomain Radio, a philosophical community website which is funded through donations. He self-identifies as a full-time parent and philosopher.
Freedomain Radio is primarily an online podcast, however Molyneux also uses essays, videos, books, articles, interviews, and public speaking to deliver his content. The regular content of the show covers topics such as anarcho-capitalism, ethics, Austrian economics, atheism, religion, education, family, philosophy and politics. Each Sunday Molyneux conducts a call-in show where listeners can talk with him about either a set topic of discussion, or their own. Freedomain Radio also has an online community message board for listeners to discuss Molyneux's content as well as related topics.