Economic crisis in the context of "Great Depression in Romania"

The North Korean famine (Korean: 조선기근), dubbed by the government as the Arduous March (고난의 행군), was a period of mass starvation together with a general economic crisis from 1995 to 2000 in North Korea. During this time there was an increase in defection from North Korea which peaked towards the end of the famine period.

The famine stemmed from a variety of factors. Economic mismanagement and the loss of Soviet support caused food production and imports to decline rapidly. A series of floods and droughts exacerbated the crisis. The North Korean government and its centrally planned system proved too inflexible to effectively curtail the disaster. North Korea attempted to obtain aid and commercial opportunities, but failed to receive initial attention.

Tulip mania (Dutch: tulpenmanie) was a period during the Dutch Golden Age when contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels. The major acceleration started in 1634 and then dramatically collapsed in February 1637. It is generally considered to have been the first recorded speculative bubble or asset bubble in history. In many ways, the tulip mania was more of a then-unknown socio-economic phenomenon than a significant economic crisis. It had no critical influence on the prosperity of the Dutch Republic, which was one of the world's leading economic and financial powers in the 17th century, with the highest per capita income in the world from about 1600 to about 1720. The term tulip mania is now often used metaphorically to refer to any large economic bubble when asset prices deviate from intrinsic values.

Forward markets appeared in the Dutch Republic during the 17th century. Among the most notable was one centred on the tulip market. At the peak of tulip mania, in February 1637, certain tulip bulbs sold for more than 10 times the annual income of a skilled artisan. Research is difficult because of the limited economic data from the 1630s, much of which comes from biased and speculative sources. Some modern economists have proposed rational explanations, rather than a speculative mania, for the rise and fall in prices. For example, other flowers, such as the hyacinth, also had high initial prices at the time of their introduction, which then fell as the plants were propagated. The high prices may also have been driven by expectations of a parliamentary decree that contracts could be voided for a small cost, thus lowering the risk to buyers.

The Washington Consensus is a set of ten economic policy prescriptions considered in the 1980s and 1990s to constitute the "standard" reform package promoted for crisis-wracked developing countries by the Washington, D.C.-based institutions the International Monetary Fund (IMF), World Bank and United States Department of the Treasury. The term was first used in 1989 by English economist John Williamson. The prescriptions encompassed free-market promoting policies such as trade liberalization, privatization and finance liberalization. They also entailed fiscal and monetary policies intended to minimize fiscal deficits and minimize inflation.

Subsequent to Williamson's use of the terminology, and despite his emphatic opposition, the phrase Washington Consensus has come to be used fairly widely in a second, broader sense, to refer to a more general orientation towards a strongly market-based approach (sometimes described as market fundamentalism or neoliberalism). In emphasizing the magnitude of the difference between the two alternative definitions, Williamson has argued that his ten original, narrowly defined prescriptions have largely acquired the status of "motherhood and apple pie" (i.e., are broadly taken for granted), whereas the subsequent broader definition, representing a form of neoliberal manifesto, "never enjoyed a consensus [in Washington] or anywhere much else" and can reasonably be said to be dead.

The Special Period (Spanish: Período especial), officially the Special Period in the Time of Peace (Período especial en tiempos de paz), was an extended period of economic crisis in Cuba that began in 1991 primarily due to the dissolution of the Soviet Union and the Comecon. The economic depression of the Special Period was at its most severe in the early to mid-1990s. The situation improved towards the end of the decade once Hugo Chávez's Venezuela emerged as Cuba's primary trading partner and diplomatic ally, and especially after the year 2000 once Cuba–Russia relations improved under the presidency of Vladimir Putin.

Privations during the Special Period included extreme reductions of rationed foods at state-subsidized prices, severe energy shortages, and the shrinking of an economy forcibly overdependent on Soviet imports. The period radically transformed Cuban society and the economy, as it necessitated the introduction of organic agriculture, decreased use of automobiles, and overhauled industry, health, and diet countrywide. People were forced to live without many goods and services that had been available since the beginning of the 20th century.

The 2012–2013 Cypriot financial crisis was an economic crisis in the Republic of Cyprus that involved the exposure of Cypriot banks to overleveraged local property companies, the Greek government-debt crisis, the downgrading of the Cypriot government's bond credit rating to junk status by international credit rating agencies, the consequential inability to refund its state expenses from the international markets and the reluctance of the government to restructure the troubled Cypriot financial sector.

On 25 March 2013, a €10 billion international bailout by the Eurogroup, European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) was announced, in return for Cyprus agreeing to close the country's second-largest bank, the Cyprus Popular Bank (also known as Laiki Bank), imposing a one-time bank deposit levy on all uninsured deposits there, and seizing possibly around 48% of uninsured deposits in the Bank of Cyprus (the island's largest commercial bank). A minority proportion of it was held by citizens of other countries (many of them from Russia), who preferred Cypriot banks because of their higher interest on bank account deposits, relatively low corporate tax, and easier access to the rest of the European banking sector. This resulted in numerous insinuations by US and European media who presented Cyprus as a "tax haven" and suggested that the prospective bailout loans were meant for saving the accounts of Russian depositors. No insured deposit of €100,000 or less would be affected, though 47.5% of all bank deposits above €100,000 were seized.