Excellent book on the theme using Zambia in the 70s as a case study:

Expectations of Modernity explores the social and cultural responses to a prolonged period of sharp economic decline. [1]

"From now on, it's just down, down, down..." sighed one informant (p. 13). As Ferguson argues, "Zambia's recent crisis is not only an economic crisis but a crisis of meaning, in which the way people are able to understand their experi- ence and imbue it with significance and dignity has (for many) been dramatical- ly eroded" (p.15). [2]

Not that long afterwards there was a revolution.

[1] https://www.ucpress.edu/books/expectations-of-modernity/pape...

[2] https://journals.sagepub.com/doi/abs/10.1177/002190960303800...