That's actually a fairly good basic description, yeah. Add in some additional pressure from the Sassanids and their nasty habit of killing Roman emperors and you have a solid basic outline.
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I'm interested in how that crisis facilitated the decline in the West and how the economy shifted from a more national to a local scale, collapse of rule of law and decline of urbanization. Seems like there are lots of lessons to draw from all that.
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Hard to keep the status quo when 1/3 of your population drops dead.