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Economic Disasters

  • By: Marcella Bush Trevino
  • In: Encyclopedia of Disaster Relief
  • Edited by: K. Bradley Penuel & Matt Statler
  • Subject:Public Health (general), Public Policy (general)

An economic disaster involves either the widespread disruption or complete economic collapse at the national, regional, or global level. Economic history has been marked by cyclical fluctuations in the business cycle characterized by booms, panics, and busts. Less severe downturns result in economic crises and recessions, while more severe and prolonged downturns result in economic disasters and depressions. These crises can be cyclical, financial, or structural in nature. The 1930s global Great Depression was the worst economic disaster of modern history and led to significant changes in economic theory and government response to economic disasters.

Causes of Economic Disasters

Economic disasters are most often precipitated by a variety of long and short-term economic, political, and natural causes. The causes of economic disasters can include economic forces, ...

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