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Pohnpenesia

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Country of Pohnpenesia
  • Taheá o Ponapa (Pohnpenesian)
  • Kontri o Ponapa (Ponape Creole)
Pohnpenesia flag.png
Flag
Phonpenesia Emblem.png
seal
Motto: Hana Lo Kai'i Loko
Glory is Found in Seas
Anthem: 
Hamoia oha ma Taheá o Ponapa
"Anthem of the Country of Pohnpenesia"
StatusRecognised as a country of Riamo with independence in foreign relations de jure; operating as an independent state under Riamese protection de facto (since 1971).
Capital
and
Harpan
Official languagesPohnpenesian
Common Language
Recognised national languagesPonape Creole
French de facto
Kakish
Recognised regional languagesKorsean
Poraphone
Yaapese
Lesser Faio
Boscettian Creole
Ethnic groups
(2021)
     
  • 62.5% Pohnpenesian
  • 24.9% White
  • 7% Mai Kaká'o
  • 5.6% other
Religion
(2021)
Demonym(s)Pohnpenesian
Ponapeni
GovernmentFederal parliamentary democracy under a federal monarchial republic
• Monarch
Diana II
• President
Kaimana Hilokiki
Legislature      Congressional Keuva
Country of Riamo
• Self-government
19 September 1956
• Country status
1 March 1971
• E.C overthrows the local government
9 February 1981
• Recognition of independence in foreign relations
22 July 1988
• E.C dissolves
13 January 2015
Area
• 
16,785.0 km2 (6,480.7 sq mi)
• Water (%)
negligible
Population
• 2023 estimate
2,8800,000
• 2021 census
2,930,000
• Density
174.561/km2 (452.1/sq mi)
GDP (PPP)2020 estimate
• Total
90.29 billion
• Per capita
43,200.96
GDP (nominal)2020 estimate
• Total
90.29 billion
• Per capita
43,200.96
Gini (2020)28.2
low
HDI (2020)Decrease 0.789
high
CurrencyPonape Federal Dollar (PFD)
Time zoneUTC+6 (UTC)
• Summer (DST)
UTC+7 (DST)
Date formatdd/mm/yyyy
Driving sideleft
Calling code+450
Internet TLD.pn

Pohnpenesia, officially the Country of Pohnpenesia (Pohnpenesian: Taheá o Ponapa; Ponape Creole: Kontri o Ponapa), is an island nation centered in the Kaldaz Ocean. The country occupies the Pohnpenesian Archipelago, made of 14 islands in various sizes. According to the National Demographic Census of 2021, over 2.93 million people inhabit the territory. The largest city and capital is Harpan, home to over 446,000 people, comprising around 21% of the national population. The government-owned properties and lands are mainly located in the Harpan District, which is an administrative entity separate from the city. Harpan is also the key center of transportation, economy, culture and government activities in Pohnpenesia.

Of the population, 62.5% identify as ethnically Pohnpenesian, while 24.9% identify as descendants of Riamese, Kakish, and other colonial groups — commonly referred to under the umbrella term 'white' by government law and in the Census.

As of 1988, Pohnpenesia has been acknowledged as an autonomous legal entity, distinct from Riamo. This status empowers Pohnpenesian officials to engage in diplomatic missions and establish treaties in its own right. In the recent past, Pohnpenesia has pursued a more autonomous foreign policy, establishing direct diplomatic relationships with several countries. Nevertheless, citizens of Pohnpenesia continue to maintain Riamese nationality and certain laws that apply across the federation still apply to Pohnpenesia.

Pohnpenesia has a history that dates back to 2,000 years of permanent settlement when the first settlers arrived and established the Nahakir system of governance. The Colonial Era began in the late 17th century with the arrival of Riamese colonists, who brought new technologies and crops while introducing Christianity. In the early 20th century, Pohnpenesia faced a competitive period. during the Great War when it was invaded by Hoterallia. After the war, Pohnpenesia was handed over to the Riamese Federation, gaining self-government status in the late 1950s and country status in the early 1960s, becoming a sovereign nation within the federation while still under Riamese sovereignty. The country faced economic devastation from 1988 to the dissolving in 2015, when the Equalitarian Communion overthrew the government and imposed strict policies, resulting in decades of political and economic instability.

Etymology

The word "Pohnpenesia" comes from the name of the largest island in the archipelago, Ponape. The exact origins of the name Ponape are unclear, but some scholars believe it may be derived from the word "pwun," meaning "mountain," and "pei," meaning "upon." Thus, Ponape could mean "upon the mountain." The name Pohnpenesia was likely coined by Riamese explorers during the colonial era as a way to describe the entire archipelago of islands in the region.

History

Early History

Being inhabited by humans since around 5000 B.C, Pohnpenesia has a rich ancient history that dates back to over 2,000 years of permanent settlement. According to the oral tradition of the Pohnpenesian people, the first settlers of Pohnpenesia arrived from the west, most likely from migrating Oliva. The islands were known as Ponape or Farona at the time, and the islanders developed complex systems of agriculture, fishing, and navigation, building canoes that allowed them to trade and travel across the Kaldaz and conduct trade with neighboring peoples. The Nahakir system of governance was a decentralized system established by the Oliva that divided the islands into five tribes or kingdoms, each with their own ruling clan. The clans were headed by a chief or Nahnmwarki, who was responsible for maintaining order and settling disputes within their tribe. However, the Naraha'kiki also had to work together to ensure the stability of the entire island chain, and meetings were held periodically to discuss issues affecting all tribes. The Pohnpenesians also had a system of social organization based on matrilineal descent, with inheritance passing through the mother's line. This system helped to maintain balance and prevent the concentration of power in the hands of a few individuals or families.

Pohnpenesian akaka fans

The ancient culture of Pohnpenesia was deeply rooted in its relationship with the natural environment, and the islanders developed a strong spiritual connection with the land, sea, and sky. They believed in a pantheon of deities that governed different aspects of their lives, such as the god of the ocean and the goddess of fertility. The islanders also developed an intricate system of rituals and ceremonies to honor these deities and to seek their blessings.

Art and music were also integral parts of the Pohnpenesian ancient culture. The islanders created works of art, such as intricately woven textiles, hand-carved wooden figures, and pottery. They also developed a unique musical tradition that included singing, dancing, and playing a variety of instruments, such as the bamboo flute, drums, and gongs. These artistic expressions were often tied to spiritual beliefs and practices, and they played an important role in the islanders' social and cultural life.

Pohnpenesia's economy was based on agriculture, with the indigenous people cultivating yams, taro, breadfruit, coconuts, and other crops. They also engaged in fishing and hunting, using the abundant marine resources to sustain their livelihoods. Trading was also an important part of the economy, with the islanders exchanging goods with neighboring communities, including the Faio people of Freice and the Perosa people of the Makeir Islands. This trade network helped the Pohnpenesians acquire goods that were not available on their islands, such as obsidian, which was used for making tools.

Women's fabric plaiting, Museum of Archaeology (Medines)

Kaldaic Empire

The Pohnpenesian and Pohnpeian kingdoms and clans united in the early 13th century to form the Kaldaic Empire, which was the first centralized state in the Kaldaz Ocean.

16th century Layaua Palace in Naheli'i

The Kaldaic Empire was formed through a combination of alliances, intermarriage, and conquest, and it rapidly expanded its territory to include much of the Kaldaz archipelago and parts of the neighboring Sundaic regions. The empire was ruled by an absolute monarch known as the Kaldaic Emperor, who wielded both political and religious power. The emperor was seen as a divine figure and was believed to have the power to control the weather and other natural phenomena. The Empire's wealth was bolstered by the production of highly sought-after commodities such as pearls, tortoise shells, and dried fish.

In terms of culture, the Kaldaic Empire was renowned by historians for its artistic achievements, including more advanced carvings, pottery, and a thriving architecture school. The Empire was also known for its complex social hierarchy that was not prevelant prior to the formation, with a ruling class that held great political and economic power, while the majority of the population worked as farmers, fishermen, or craftsmen. Despite these inequalities, the Kaldaic Empire was able to maintain social stability through a well-organized system of governance, with a centralized monarchy that wielded significant power over the various kingdoms that made up the Empire.

During the 15th and 16th centuries, the Kaldaic Empire experienced a golden age of development, particularly in the arts and literature. The endemic Kaldaic script was developed, and literature flourished. Historical chronicles, religious texts, and epic poems were composed and recorded, several being stored in massive libraries. Architecture and the decorative arts also flourished, with the construction of grand temples and palaces, as well as works of pottery, textiles, and metalwork. The city of Haraù emerged as the cultural and economic center of the Kaldaic Empire, with a thriving port, bustling markets, and a large node of global trade routes.

Along with these cultural and artistic advancements, the Kaldaic Empire also saw significant developments in science, medicine, and technology. Scholars made strides in astronomy, mathematics, and engineering, and the empire became known for its advanced irrigation and agricultural practices. The development of new tools and techniques helped to boost agricultural production, and the empire became a major exporter (particuarly to Sundaic areas) of agricultural goods such as rice, exotic fruits, and spices.

The Kaldaic Empire had a centralized government system with an emperor as its head. The emperor ruled over a hierarchy of officials who were responsible for governing different regions of the empire. Each island had a governor who was responsible for maintaining law and order, collecting taxes, and overseeing local affairs. The empire had a strong military force that was used to enforce the emperor's authority and maintain control over the provinces. The emperor was also responsible for appointing judges and overseeing the judicial system. The government was highly bureaucratic, with officials appointed based on merit and loyalty to the emperor. The empire had a well-organized system of record-keeping, which enabled efficient administration and communication throughout the vast empire.

Decline and Colonial Era

The Kaldaic Empire faced significant challenges in the early 18th century that contributed to its gradual decline and eventual collapse. One of the key factors was the economic decline of the empire, which was caused by several factors. The empire's economy was largely based on agriculture, fishing, and trade, but over time, these industries became less profitable due to the exhaustion of natural resources and the increasing competition from other regions. Additionally, the empire faced challenges from changing trade patterns and the arrival of new technologies, which disrupted traditional industries and markets.

These economic challenges were compounded by social unrest and political instability within the empire. The empire had a complex system of government that relied on the cooperation of different kingdoms and tribes, but as power shifted and alliances changed, this system became increasingly fragile. There were frequent conflicts between different groups, and the empire struggled to maintain stability and order.

The arrival of colonial powers in the region was another significant challenge to the empire's stability. Colonial powers, including the Kakish and the Riamese, established colonies in the region and began to exert control over local economies and political systems. This disrupted traditional power structures and further weakened the empire, ultimately leading to its collapse and the colonization of the archipelago by Riamo.

After the collapse of the Kaldaic Empire in the early 18th century, the Riamese and Kakish peoples vied for control over the archipelago. Eventually, the two groups split the territory, with the Kakish taking control of the northern islands and the Riamese retaining the southern extended islands. After years of conflict between the Riamese and Kakish factions, a formalized treaty was finally signed in 1785 to split the islands of the archipelago. The treaty established a clear border between the two factions, with the northern islands falling under the control of the Kakish and the southern extended islands being designated as Riamese territory. The treaty also established guidelines for trade and travel between the two factions, as well as a mutual defense pact to protect against external threats. While tensions remained high between the two factions, the treaty marked a significant step towards peace and stability in the region. Over time, the Riamese and Kakish cultures would continue to evolve and develop independently of each other, with their own unique customs, traditions, and languages.

Treaty of Haraù, 1785.

During the first colonial era, life for the natives of Pohnpenesia was initially peaceful. The colonizers primarily sought to establish trading relationships with the local people, and as a result, there was minimal conflict between the two groups. The colonizers brought with them new technologies, such as firearms and textiles, which the natives eagerly adopted. They also introduced new crops, which helped to improve the local diet and increase food security.

The natives continued to live their traditional way of life, which revolved around fishing, farming, and community gatherings. They also continued to celebrate their cultural traditions, including the Nahakir system of governance and their spiritual practices. The colonizers did not seek to interfere with these practices, and in fact, often participated in them. This peaceful coexistence continued for several decades, as both groups benefited from the trade relationships they had established.

While the Riamese and the native Pohnpenesians maintained a peaceful relationship, the Riamese colonial government still relied heavily on native labor. The natives were forced to work on plantations and in the construction of new colonial buildings, often in harsh conditions with little pay or recognition. The Riamese justified this exploitation by claiming that the natives did not have employment, and that they needed the "guidance" of the colonial powers to modernize and develop. Despite this, there were some Riamese officials who recognized the value and knowledge of the native people and worked to incorporate their customs and traditions into the colonial society. However, these efforts were often met with resistance and backlash from other colonial officials who saw the natives as inferior and unworthy of equal treatment.

In 1798, the Riamese established the city of Harponne on Ponape Island, which would later become known as Harpan. The city was strategically located on the eastern coast of the island and served as a hub for trade and commerce. The Riamese were attracted to the island for its abundant natural resources, including timber, copra, and fish. They quickly established a presence on the island and began to develop infrastructure, such as docks and warehouses, to facilitate trade with the surrounding islands.

Gunnerton Street, Harpan circa. 1879. The oldest street in Pohnpenesia to date.

As the city of Harponne grew, it became a center of cultural exchange between the Riamese and the native Pohnpenesians. The Riamese brought with them their own traditions, including music, art, and cuisine, which were blended with the existing culture of the Pohnpenesians to create a unique and vibrant community. The city also became home to a diverse population of immigrants from other parts of the archipelago, further enriching the cultural landscape of the city. Despite some cultural differences and occasional conflicts, the Riamese and Pohnpeians generally lived in harmony, with many forming close friendships and business partnerships.

Print of the port of Harponne, mid-1700s.

In the mid-19th century, the Riamese government enacted reforms to better govern their colonial territories, including Pohnpenesia. They established a colonial administration to oversee the territory and heavily invested in infrastructure such as roads, bridges, and public buildings. They also promoted education by building new schools and encouraging enrollment for both Riamese and Pohnpeneisan children, leading to significant improvements in literacy rates in Pohnpenesia.

As the 19th century progressed, the Riamese government continued to heavily invest in education and infrastructure, with a focus on improving the country's modernization and creating a stable and prosperous society. Efforts were made to improve literacy rates, provide access to education for all, and build roads, bridges, and public buildings. These developments helped to modernize the country and establish a solid foundation for its future growth.

Alongside these developments, Christianity was introduced to Pohnpenesia by Riamese missionaries and was largely adopted by the native Pohnpeneisans. The introduction of Christianity brought about significant social and cultural changes, as the Pohnpeneisans adapted to new religious beliefs and practices. Christianity also played a role in the development of education and literacy, as mission schools were established to teach Christian values and provide education to the Pohnpeneisans. In 1856, the Pohnpenesian Unity Church was established by local Pohnpeneisans who had converted to Christianity. The church blended Christian beliefs with traditional Pohnpeneisan customs and practices, creating a unique form of Christianity that was embraced by many on the islands. The church's leaders worked to spread their faith throughout the islands, building churches and organizing missionary efforts. As a result, the sect became the most dominant in Pohnpenesia.

St. Deone's Cathedral in Harpan, the oldest church in Pohnpenesia built in 1859.

20th century

At the beginning of the 20th century, Pohnpenesia had made significant progress in terms of infrastructure, education, and social development. The Riamese colonial administration continued to invest in these areas, buildinga and improving transportation systems such as trains, ferries. However, the country was still controlled by the Riamese colonial government, and some Pohnpenesians continued to resist colonial rule. Despite this, Pohnpenesia was transforming into a more stable and prosperous society, from being reliant on Riamese aid to becoming a self-sufficent economy. During the early 20th century, the banking and financial services industry began to thrive in Pohnpenesia. The establishment of several major banks and financial institutions contributed to the growth of the economy and the creation of new jobs. One of the key factors in the success of the banking industry was the stability and reliability of the Pohnpeneisan government, which had maintained a stable political climate for many years. Additionally, the archipelago's position as a major hub for trade and commerce in the Kaldaic region made it an attractive location for international banks to establish operations. The government also actively encouraged the growth of the banking industry by providing tax incentives and other benefits to companies that established themselves in Pohnpenesia.

The flourishing banking and financial services industry in Pohnpenesia attracted a significant flow of expats to the country. Many foreign professionals, particularly from Riamo, Hoterallia, and nations in the Kaldaic, came to Pohnpenesia seeking employment in the industry. They brought with them their expertise and knowledge, contributing to the growth and success of the industry. The expat community also brought diversity to Pohnpeneisan society, introducing new customs, languages, and traditions. This caused a financial and demographic shift in the population. Foreign investors also became increasingly interested in Pohnpenesia, attracted by the country's abundant natural resources, strategic location, and the aforementioned thriving banking and financial services industry. These investors, primarily from Riamo and other developed countries, invested heavily in a range of industries, including agriculture, mining, manufacturing, and transportation. They also helped to fund large-scale infrastructure projects such as ports, airports, and highways, which further facilitated the flow of goods and people in and out of the archipelago. These investments brought much-needed capital and technological expertise to Pohnpenesia, but also brought concerns about resource exploitation and unequal economic relationships.


Throughout the early 20th century, Pohnpenesia's tourism industry also experienced significant growth. The colony's natural beauty, rich cultural heritage, and unique attractions drew visitors from all over the world. The government invested in the development of tourism infrastructure, including hotels, resorts, and transportation networks. As a result, Pohnpenesia became a popular destination. The tourism industry also provided significant economic benefits, creating jobs and generating significant revenue for the colony.

Pohnpenesia experienced a massive tourist boom in the early 20th century, one such relic of this era is the Victoria Beach Hotel in Pahili, constructed in 1908 and remodeled in the late 90s.

Hoterallian occupation

At the dawn of the Great War, tensions were high between Riamo and Hoterallia, with each country vying for control of the Kaldaic. Hoterallia saw Riamo's presence as a threat to their strategic interests, and aimed to eliminate their naval presence in the Kaldaic and South Sundaic regions. In 1909, Hoterallia launched a naval campaign to conquer the 14 islands of the Kaldaic archipelago. The campaign was successful, and the islands were quickly brought under Hoterallian control.

After the Hoterallian navy successfully eliminated Riamo's presence in the Kaldaic archipelago, Hoterallia established a colonial mandate over the islands. During the period of military occupation, the Hoterallian authorities pursued a relatively lenient approach, seeking cooperation from native leaders. In 1913, an "Elected Authority" was established to provide for native self-government. Additionally, Hoterallia promoted cultural and linguistic nationalism among the native population in an attempt to gain their favor. This involved teaching the Pohnpenesian language in schools and encouraging native practices that had been suppressed by the Riamese. However, the Hoterallians simultaneously exploited Pohnpenesian natural resources and agriculture while suppressing any independence movements.

a Hoterallian military parade in Medines' Sangaku Square, circa. 1948

The colonial mandate period had a profound impact on Pohnpenesia, fundamentally altering the archipelago's political, social, and economic landscape. Under Hoterallian rule, Pohnpenesia experienced significant modernization, including the construction of modern infrastructure. this development came at a significant cost to Pohnpenesian culture and identity, with many traditional practices being naturally suppressed or replaced by Hoterallian customs. The exploitation of natural resources and agriculture also led to significant environmental damage, and the suppression of independence movements and political dissent resulted in a lack of political freedoms for Pohnpenesian people. Despite these challenges, the colonial period also saw the emergence of a new educated class of Pohnpenesians who would go on to play significant roles in the post-colonial era.

Post-Hoterallian occupation and the road to independence

Hoterallia handed over Pohnpenesia to Riamo in 1931, after over two decades of colonial rule. The Riamese government, recognizing the need to improve the economic and social conditions in the archipelago, embarked on a series of reforms and investments aimed at modernizing Pohnpenesian society. These efforts eventually paid off, and in 1956 Pohnpenesia gained self-government status, marking a new era of political autonomy and economic growth. Under this new system, the archipelago was able to take greater control of its own affairs, charting its own course.

Despite gaining self-government status in 1956, Pohnpenesia still faced significant challenges such as large inequality and economic instability. The newly established government struggled to address these issues and provide basic services to its citizens. The lack of infrastructure, limited education, and healthcare opportunities, as well as ongoing political corruption, hindered the country's development. As a result, many Pohnpenesians continued to live in poverty and struggled to meet their basic needs. In addition to the aforementioned challenges, Pohnpenesia also saw the emergence of an infamous elite class known as the 'Vahinà'. These wealthy individuals that trace back to the Hoterallian and Pohnpenesian elite during the occupation amassed great fortunes through their control of industries such as agriculture and mining, as well as their involvement in the government. The Vahinà class became known for their extravagant lifestyles and their corrupt practices, including bribery and embezzlement of public funds.

Aerial view of O'hira, an important resort town on the island of Samaroa, circa. 1956.

Their influence on the political climate of Pohnpenesia was significant, as they held great sway over government officials and were often able to dictate policy decisions to their own benefit. This further exacerbated inequality and economic instability, as the Vahinà class monopolized resources and opportunities at the expense of the general population.

However, despite the economic instability and political corruption that plagued Pohnpenesia in the early 20th century, the finance and banking industry still managed to thrive. The industry buffed a strong foundation laid by foreign banks during the colonial mandate period, which provided the necessary infrastructure and trained personnel to support the growth of local banks. Pohnpenesian banks benefited from favorable regulations and access to capital from foreign investors, allowing them to expand and provide a range of services such as loans, mortgages, and insurance. The finance and banking industry continued to be a major contributor to the country's economy, and its success provided help for combatting the downturn of the economy.

Country status & the rise of Equalitarianism

In the early 1970s, Pohnpenesia was still struggling with issues of inequality and economic instability. However, the country was making progress in establishing itself as an independent and autonomous legal entity. On March 1st of 1971, Pohnpenesia was granted full country status, recognizing its sovereignty as a distinct nation within the Riamese Federation.


The Equalitarian Communion, or simply the E.C., emerged as a significant political force in Pohnpenesian society in the early 1970s. The movement was founded on the principles of egalitarianism and social justice, advocating for the equal distribution of wealth and resources and the dismantling of existing power structures that perpetuated inequality. The E.C. gained momentum through grassroots organizing and social activism, drawing support from various segments of society, including workers, peasants, and marginalized groups. Their message of social justice resonated with many Pohnpenesians who had been marginalized and excluded from the benefits of the country's economic growth.

In the 1972 National Election, the E.C. rose to power in Pohnpenesia, winning a majority of seats in the national parliament. The party's leader, Tuhinga Rama, became the country's first E.C.-affiliated Prime Minister, leading a government that sought to implement radical social and economic reforms. These reforms included land redistribution, public ownership of key industries, and the establishment of social welfare programs aimed at providing basic services to all citizens. The E.C. government also prioritized education and healthcare, seeking to improve the quality of life for all Pohnpenesians.

The rise of the E.C. was also fueled by growing resentment towards the wealthy and powerful Vahinà class. The Vahinà had long held significant political and economic power in Pohnpenesia, using their wealth and influence to maintain their privileged position in society. However, their perceived greed and corruption ultimately led to their downfall. In 1973, a violent uprising led by the E.C. resulted in the collapse of the Vahinà's power structure, with dozens being massacred and their homes burned down. This event marked a turning point in Pohnpenesian history, as the country began to undergo significant political and social transformation. Author and historian, Mahino Watai describes the scene in the 2009 Book "To Kill 2 Birds".

The collapse of the Vahinà was marked by a series of violent clashes and brutal massacres in the late 1970s. Dozens of Vahinà elites were targeted and brutally murdered, and their homes and properties were destroyed in what was seen as a populist uprising against the privileged class. The violence was fueled by a deep-seated resentment and anger towards the Vahinà's wealth and power, which was perceived as unjust and exploitative. The massacres were a traumatic and tragic event in Pohnpenesian history, representing both the culmination of years of simmering tensions and the beginning of a new era in the country's political landscape.

In addition to the Vahinà, the wealthy class in Pohnpenesia were also targeted during the upheaval of the 1970s. Many saw the wealthy as the embodiment of the existing power structures that perpetuated inequality and sought to dismantle their influence. As a result, many wealthy individuals and families were subjected to harassment, threats, and violence. Some were forced to flee the country or give up their wealth and assets to avoid retribution. The targeting of the wealthy class was part of a broader effort to create a more equal and just society, but it also led to widespread social and economic disruption.

While the E.C. movement aimed to bring about social justice and equality, its policies had negative economic and societal consequences. The government's expropriation of land and nationalization of industries, intended to redistribute wealth and resources, led to a decline in production and economic stagnation. The lack of incentives for private investment and entrepreneurship discouraged economic growth and innovation, resulting in a shortage of goods and services, high inflation rates, and a shrinking job market. Additionally, the government's control over media and the suppression of dissenting opinions led to a lack of freedom of speech and civil liberties, creating a climate of fear and political instability. The E.C.'s policies also led to a brain drain, as thousands of professionals and educated individuals left the country in search of better opportunities and greater freedom. The negative economic and societal consequences of the E.C. and its policies still continued throughout the decades even as support dwindled.

Recognition of independence in foreign relations & the economic crisis