There has been times when human kind enter into poverty for a long period of time and there has been time when human kind enter into long period of prosperity. To give you an idea about long period, it could be centuries of few hundred years.
For example, food was abundance during year 1300 to 1600 because of the new farming revolution in early 1300. Human population growth accelerated during this period. In the middle of 1700 to 1900, human population grew to a level where food production cannot support the surging demand. In mid of 1800, an English working household spend nearly half of their income on bread alone. Malnutrition was everywhere as evidence by the shrink of size of human skeleton whose lived through that period. Advanced in agricultural technology in 1900 saved us and lead us to prosperity again until today. (summarized from a chapter from "the end of food")
So, what will happen next? Oil? Energy? Food? Only those supply of basic living ingredient will determine our future. Please watch out for the factors that affect them, like changing of weather, supply of arable land, clean water supply, improvement of technology that boast supply, demand, increase of human population, etc.
Don't be suprise when all the basic living iingredient's price sky rocket because supply no longer meet demand. Crisis!!!
Follow up by human population shrink because of poverty, no food, no clean water. Bigger Crisis!!!
Follow by fundamentally change of human activities, society structure, etc. (All start over again, like aftermath of 2012)
But don't worry, human is the most adaptable creature. No end of the world, just end of wealth for almost all of human kind that are unprepared, not enough money to prepare, not enough time to prepare...... Currently, i am one of them for all.
Compare to this, how tiny is current market slump?
Of course, we also may found new technology that will hugely increase supply that lead us to greater prosperity in future.
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