economic crisis; recession; financial crisis
Meanings
2 senses · 6 examplesnoun
economic crisis (in capitalist society); periodic crisis of overproduction inherent to capitalism
formalSpecifically refers to the periodic crises of overproduction in capitalist economies, as described in Marxist political economy. Manifests as unsold inventory, business closures, rising unemployment, and economic paralysis.
In 1929, the United States erupted into a severe economic crisis.
Economic crisis is the inevitable result of the development of fundamental contradictions in the capitalist mode of production.
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This economic crisis caused massive business closures and a sharp increase in unemployment.
noun
economic crisis (general); severe economic decline caused by disasters, war, or mismanagement
formalBroader usage referring to any severe economic disruption, not limited to capitalist overproduction crises. Can be caused by natural disasters, wars, policy errors, or external shocks.
The prolonged war plunged this country into a severe economic crisis.
The sudden natural disaster triggered an economic crisis in the region.
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Due to serious managerial errors, this large company fell into an economic crisis.