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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.
The 1970s energy crisis occurred when the ... the Nixon Administration began parallel negotiations with both Arab oil producers ... The 1973 "oil price shock", ...
The crash came after the collapse of the Bretton Woods system over the previous two years, with the associated 'Nixon Shock' and United States dollar devaluation under the Smithsonian Agreement. It was compounded by the outbreak of the 1973 oil crisis in October of that year. It was a major event of the 1970s recession.
President Richard Nixon. Nixonomics, a portmanteau of the words "Nixon" and "economics", refers either to the performance of the U.S. economy under U.S. President Richard Nixon [1] (i.e. the expansions in 1969 and from 1970 to 1973 during the broader Post–World War II economic expansion and the recessions from 1969 to 1970 and from 1973 to 1975) or the Nixon administration's economic policies.
Ridiculed in the 1970s, Nixon’s claims of “inherent” presidential power — “when the president does it, that means that it is not illegal," he famously told an interviewer — have now ...
The most notable example of a president violating this edict of independence occurred under Richard Nixon in the 1970s. In the run-up to the 1972 election, Nixon wanted to present the country with ...
Among the causes were the 1973 oil crisis, the deficits of the Vietnam War under President Johnson, and the fall of the Bretton Woods system after the Nixon shock. [2] The emergence of newly industrialized countries increased competition in the metal industry, triggering a steel crisis, where industrial core areas in North America and Europe were forced to re-structure.
Such a shock has the potential to spark recession or 1970s-style stagflationary crisis, he said in 2022, a dilemma where economic growth flatlines while inflation remains stubbornly high.