What Is A Financial Crisis? Here Are The 5 Worst Of All-Time

No.4 The Economic Collapse of the Soviet Union

Photo Credit: Daniel Antal

In the 1980s, countries from the Eastern Bloc were affected by a severe stagflation, which, in layman’s terms, resulted from a planned economy that was not quick enough to meet the needs of its participants. This stagflation lasted for over a decade, and culminated with the fall of the Soviets’ communist regime in all related countries in Eastern Europe, ending with the collapse of the Soviet Union.