<P> Video documentary Argentine economic crisis </P> <P> In Latvia, GDP declined more than 20% from 2008 to 2010, one of the worst recessions on record . In Greece, GDP declined more than 26% starting in 2008 . </P> <P> Since 2013, Venezuela has been suffering an economic crisis . It's the worst in Venezuelan history, caused by the economic policies of the president, Nicolás Maduro, the fall in oil prices and internal and external factors . Since 2014, Venezuela's GDP has been in recession, falling more 40% . The economy has collapsed, causing shortages of basics goods, economic downturn and hyperinflation since 2017 . Also, there are drastic increases in the crime, corruption, poverty and hunger . </P> <P> Some economists (i.e. the Austrian School, in particular Ludwig von Mises), believe that government intervention and over-regulation of the economy can lead to the conditions for collapse . In particular, Austrian theoretical research has been focused on such problems emanating from socialist forms of economic organization . This however is not a theory of economic collapse involving the breakdown of freely functioning financial markets; rather, the focus is on economic malfunction and crisis emanating from state control . </P>

When did the international economy collapse and why