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Economic collapse, also called economic meltdown, is any of a broad range of poor 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 ...
A distortion is "any departure from the ideal of perfect competition that therefore interferes with economic agents maximizing social welfare when they maximize their own". [1] A proportional wage-income tax, for instance, is distortionary, whereas a lump-sum tax is not. In a competitive equilibrium, a proportional wage income tax discourages ...
Many countries saw their highest inflation rates in decades. It has been attributed to various causes, including pandemic-related economic dislocation, supply chain disruptions, the fiscal and monetary stimulus provided in 2020 and 2021 by governments and central banks around the world in response to the pandemic, and price gouging.
The Next Generation EU (NGEU) is a €750 billion economic recovery plan launched by the European Union in July 2020 in response to the economic challenges posed by the COVID-19 pandemic. [73] It aimed to mitigate the pandemic's immediate economic impacts and lay the groundwork for long-term recovery through investments in green energy, digital ...
Paul Donovan, the global chief economist of UBS wealth management, said data are becoming less and less reliable as gauges of the underlying economy.
The COVID-19 recession was a major global economic crisis which has caused both a recession in some nations, and in others a depression. It is currently the worst global economic crisis in history, surpassing the impact of the Great Depression. The economic crisis began due to the economic consequences of the ongoing COVID-19 pandemic.
Social disruption is a term used in sociology to describe the alteration, dysfunction or breakdown of social life, often in a community setting.Social disruption implies a radical transformation, in which the old certainties of modern society are falling away and something quite new is emerging. [1]
Two decades before, Kim had joined protests in Washington, D.C., calling for the World Bank to be shut down altogether for valuing indicators like economic growth over assistance to poor people. Human rights advocates and bank staffers working on safeguards hoped that Kim’s appointment would signal a shift toward greater protections for ...