Not just a supply shock. Supply shock of food and/or fuel(energy). These are the absolutely need to have that you can't stop buy no matter what. Demand can't go down. Prices of food and fuel going up, you stop buying nice-to-have to keep up with food and fuel prices.
You can actually find food/fuel scarcity in every case of hyperinflation where we have some kind of statistics (which in less than 2 centuries).
Scarcity of nice-to-have goods and services will not trigger hyper inflation.
Yes we would have run thru the forests of the world in record speed. Simply moved factories after trees until they're all gone.
Railroads would have been running on wood until we ran out, ditto with steam ships.
Electric wind turbines would have become the major electric energy source very early on. Solar would still be 50-100 years off.
Bioethanol would have become a big thing before 1900, same energy content as coal, so maybe even before we ran out of tree. However as so much land area would be dedicated to growing bioethanol, the food glut we've had sine 1950 would not have occurred, so global population would be substantial smaller.
Pretty much nonsense and just an attempted excuse for not doing any reforms in the US.
Europe was much more popularized than the US during the cold war between the hard left and the hard right, a polarization that followed cold war ideological lines, and that polarization just vaporized during the early 1990's when the cold war ended.
All the "structural" difference cited existed in Europe all the way back to WWII and in most cases longer.
Another thing is that as with most US journalists, there is an aversion to read anything other than English, thus they go to the British isles and present the UK as "Europe". The reality is that as far as democracy and polarization is concerned, the UK in particular is doing quite poorly. Their problems stems from the same root cause as in the US: Namely single seat constituencies and First Past The Post election.
On the continent you find little single seats and FPTP, and in the countries with least polarization and the best performing democracies you never find it. It's all multi seat constituencies and Party List elections. An reform that is quite possible to adopt here in the US.
You can actually find food/fuel scarcity in every case of hyperinflation where we have some kind of statistics (which in less than 2 centuries).
Scarcity of nice-to-have goods and services will not trigger hyper inflation.