It could have, but I have seen no evidence to support this. In fact, that is why the econo-blogger Megan McArdle at The Atlantic supported the bank bailouts, because she feared that would happen. But despite reading her blog regularly, she has presented evidence only her (and others) fears about what could have happened.
That's also what (possibly) happens when your agricultural system fails due to a dustbowl/drought, free trade is eliminated, big chunks of industry/labor cartelize, and the government takes over huge sectors of the economy.
