The Economic recession
The 1973–75 recession or 1970s recession was a period of economic stagnation in much of the =Western world during the 1970s, putting an end to the general post-World War II economic boom. It differed from many previous recessions as being a stagflation, where high unemployment coincided with high inflation. The period was also described as one of "malaise" (ill-ease; compare "depression").
Among the causes were the 1937 oil crisis and the fall of the Bretton woods system. 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. The 1973-1974 made the recession evident.
The recession in the United States lasted from November 1973 to March 1975, although its effects on the US were felt until mid-term of Ronald Reagan's first term as president, characterized by low economic growth. Although the economy was expanding from 1975 to the first recession of the early 1980s, which began in January 1980, inflation remained extremely high until the early years of the 1980s.
Among the causes were the 1937 oil crisis and the fall of the Bretton woods system. 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. The 1973-1974 made the recession evident.
The recession in the United States lasted from November 1973 to March 1975, although its effects on the US were felt until mid-term of Ronald Reagan's first term as president, characterized by low economic growth. Although the economy was expanding from 1975 to the first recession of the early 1980s, which began in January 1980, inflation remained extremely high until the early years of the 1980s.