For background: The Eurozone crisis has moved on to the next chapter and we hear a lot of bad news this time from Cyprus. While I empathize with the people of Cyprus, I have little doubt that also theirs is a quite solvable economic problem. And for Europe as a whole perhaps: if you try to exit from or decelerate what is arguably a giant Ponzi pyramid, you are going to feel some serious pressure from those who started it in the first place. What troubles me more is the high unemployment rate in esp. Spain, which is said to exceed 50% among young people including many from the middle class and/or with college educations. This is a scenario that has led to revolutions (and it has been argued that the middle classes who lead revolutions) in the past.
The question: Are there examples from history where such high lasting unemployment among the educated youth has not led to revolution or war, but to some other relieve or solution instead. I am for instance thinking of 19th-century emigration to North America or the fact that some of the main cultural epochs in human history (e.g. during the lifetime of Michelangelo, or the Chinese Hundred Schools of Thought period, or even for members of the past-WW I lost generation such as the young Hemingway writing in Paris) coincided with periods of major economic (then usually war-induced) trouble. What evidence do we have?
Update: I came across another quote here; it also seems relevant to this question:
I look at the most unstable force in China as college students. Ten years ago they had a total of six million people in universities, now there is six-and-a-half million graduating every year [...] They say there is going to be two hundred million college graduates in China over the next twenty years, larger than the entire workforce of the United States, and they are already having trouble getting jobs, and a college graduate average wage in China today is [...] 2,000 RNB, the same as a migrant worker.