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The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world during the 1970s, putting an end to the overall post–World War II economic expansion. It differed from many previous recessions by involving stagflation , in which high unemployment and high inflation existed simultaneously.
Date. 1973 (1973) –1980 (1980) Also known as. 1970s oil crisis. The 1970's energy crisis occurred when the Western world, particularly the United States, Canada, Western Europe, Australia, and New Zealand, faced substantial petroleum shortages as well as elevated prices. The two worst crises of this period were the 1973 oil crisis and the ...
v. t. e. 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 15th August 1971 in response to increasing inflation ...
The Fed aims to avoid repeating the double-inflation episode that rocked the 1970s and early 1980s. To this end, James Bullard penned an important missive about this bygone inflation era in 2022 ...
America had controlled the price of natural gas since the 1950s. With the inflation of the 1970s, the price was too low to encourage the search for new reserves. [162] America's natural gas reserves dwindled from 237 trillion in 1974 to 203 trillion [clarification needed] in 1978.
In the 1970s and 1980s inflation story, an oil embargo and a war in the Middle East helped spark inflation. The government spent significantly during and after the Vietnam War, which also ...
Per capita GDP of various industrialized countries between 1920 and 1976. The post–World–War–II economic expansion, also known as the postwar economic boom or the Golden Age of Capitalism, [1][2] was a broad period of worldwide economic expansion beginning with the aftermath of World War II and ending with the 1973–1975 recession. [1]
Once the Fed reined in inflation, the 30-year rate seesawed down to the 9 percent range, closing the decade at 9.78 percent. ... 16.64% (1981) Lowest average rate. 10.25% (1989) 1970s mortgage ...