Economic collapses happen all the time. Whether we’re talking about a developed economy or an underdeveloped economy.

There’s been a major misconception going around that only so-called “Third World” countries can experience catastrophic economic declines. The laws of economics do not discriminate between races, polities, cultures, and creeds. 

No matter the system of governance or the culture that undergirds it, a government that goes on an interventionist path is destined for economic misery if it doesn’t reverse course.

The 21st century is shaping out to be the epoch where the West will be reaping the economic chaos it sowed decades before. The passage of gradualist forms of economic interventions is beginning to rear its ugly head as Western governments are scrambling to contain inflation and get their countries’ supply chains up and running. 

However, it seems that the political class has not learned the error of its ways. This pseudo-elite will continue to pursue its deluded economic policies — money printing, regulation, and welfare spending — and condemn present and future generations to economic misery. After all, many of these politicians will have already left office and cashed out.

Those are the perils of mass democracy coupled with economic illiteracy. It’s going to have to take a massive shift in consciousness to get the West to embrace the very principles that made it great — free market and private property. 

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