The only historic precedent for an economic collapse of an industrial society is the Great Depression.  

What is seen, should one care to look, is a halt to widespread product introduction and sales but an increase in scientific and technological investigation.  At the time, in the US, oil supplies were expanding and the energy from oil was cheap.  Thus the investigations used cheap energy as a given, therefore necessary, basis of the goods produced from those investigations.  With cheap energy slowly being eliminated as a given ongoing and future scientific and technological investigations will not assume cheap energy, the goods brought to market from those investigations will not be based on that assumption thus those goods will be more sustainable - however defined.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre