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In page Economic depression:

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Perhaps the largest depression of all time occurred during the General Crisis.[citation needed] The Ming Empire of China collapsed, revolutions and revolts were seen all across Europe and it's empires, and the Stuart Monarchy fought a civil war on three fronts in Ireland, Scotland, and England. Thomas Hobbes, an English philosopher, created what was at the time the most developed explanation of the need for a universal Social Contract in his 1651 book Leviathan based on the general misery within society during this period.