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The economic problems of the 1970s would result in a sluggish cynicism replacing the optimistic attitudes of the 1950s and 1960s and a distrust of government and technology. Faith in government was at an all-time low in the aftermath of Vietnam and Watergate, as exemplified by the low voter turnout in the 1976 United States presidential election.
Source: Bureau of Economic Analysis. The U.S. reported a negative economic growth during the period concerning the 1970s and it remained weak till the 1980s as the post world war II economic boom drew to a close. But it was a different type of recession as it was a scenario of stagflation which is a rare economic consequence.
Political pressure led to America's withdrawal from the war in 1973, and the Fall of Saigon in 1975 leading to evacuations of South Vietnamese that same year; the 1973 oil crisis causes a financial crisis throughout the developed world; both the leaders of Israel and Egypt shake hands after the signing of the Camp David Accords in 1978; in 1971 ...
The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States president Richard Nixon on 15 August 1971 in response to increasing inflation.
Source: Bureau of Economic Analysis The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world (i.e. the United States, Canada, Western Europe, Australia, and New Zealand) during the 1970s, putting an end to the overall post–World War II economic expansion.
Alexander Hamilton's ideas and three Reports to Congress formed the philosophical basis of the American School.. The American School of economics represented the legacy of Alexander Hamilton, who in his Report on Manufactures, argued that the U.S. could not become fully independent until it was self-sufficient in all necessary economic products.
Unrelated to the economic philosophy, neoliberalism is used to describe a centrist political movement from modern American liberalism in the 1970s. According to political commentator David Brooks , prominent neoliberal politicians included Al Gore and Bill Clinton of the Democratic Party. [ 40 ]
The thesis of post-war consensus was most fully developed by Paul Addison. [5] The basic argument is that in the 1930s Liberal intellectuals led by John Maynard Keynes and William Beveridge developed a series of plans that became especially attractive as the wartime government promised a much better post-war Britain and saw the need to engage every sector of society.