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America 1970-1979: Business and the Economy

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About 52 pages (15,605 words)
1970s Summary

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Overview

Crisis.

During the 1970s business conditions and the economy began to disappoint the expectations that Americans had built up during the postWorld War II years. International events the most important being the two oil crises of 1973-1974 and 1979 served as bookends for a decade that saw rampant inflation and slow economic growth, an unprecedented combination that led to a new term being coined, Stagflation. It also led to a decade-long lesson for the great institutions of the United States the government, big business, labor unions of their growing powerlessness to affect the economy by the means of the previous forty years.

Inflation.

The effects of the Vietnam War and President Lyndon Johnson's Great Society programs on the U.S. economy came in the 1970s in the form of increasing inflation. Inflation was also exacerbated by President Richard Nixon's political unwillingness to curb government spending and his politically motivated destruction.....

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EXPLAIN HOW AMERICANS REACTED TO THE "LIMITS" THAT EMERGED AFTER THE 1960s AND THE VIETNAM WAR?
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America 1970-1979: Business and the Economy from American Decades. ©2005-2006 Thomson Gale, a part of the Thomson Corporation. All rights reserved.

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