Typically end with big crisis/reset or long-slow decline
4 Great Historic Cases
- Mesopotamia
- Roman Empire
- Bourbons of France
- British Empire
- Long slow decline - Britain survived, but the empire collapsed
McKinsey Global Institute has tons of research
- Looked at 24 over-indebtted societies and what happened
- In some crsises there are slow declines
- Stagnant standard of living
- Declining standard of living
- In other cases there are acute debt crisis
