1.
economic collapse; financial ruin; bankruptcy
The breakdown or failure of an economy, financial system, or an entity's finances. Used for countries, local governments, companies, or individuals.
A compound of 経済 (economy, finances) and 破綻 (collapse, breakdown). Used at multiple scales: national economies, municipal finances, corporate bankruptcy, and personal financial ruin.
Common collocations
- 経済破綻に陥る: to fall into economic collapse
- 経済破綻を招く: to bring about economic ruin
- 経済破綻の危機: the risk of economic collapse
- 経済破綻を回避する: to avert economic collapse
Similar words
- 財政破綻: fiscal collapse — more specifically about government finances
- 倒産: bankruptcy — specifically for companies going out of business
- 破産: bankruptcy — legal bankruptcy for individuals or entities
- 恐慌: financial panic, economic crisis — a sudden, dramatic downturn
Usage
Frequently appears in news coverage of sovereign debt crises, municipal bankruptcies, and financial meltdowns. In Japan, the 2007 bankruptcy of Yubari City in Hokkaido is a well-known example of municipal 経済破綻.