Tag Archives: oil crisis

During 1970s, the United States experienced stagflation which is economic phenomenon that the unemployment rate and the inflation rate are high at the same time. Main causes for this stagflation were the changes in economic policy, the end of the Golden Exchange Standard, made by Nixon in 1971 and Oil Crisis in 1973 and 1979. It created a negative spiral in economy because price increases while income decreases and suffered not only people in the United States but also other nations especially country which highly depended on oil imports.

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