1973–1975 recession
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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 dif
In the parlance of recession shapes, the Recession of 1973–75 in the United States could be considered a U-shaped recession, because of its prolonged period of weak growth and contraction. The percent change from preceding period in real gross domestic product, annualized and seasonally adjusted Average GDP growth 1947–2009Source: Bureau of Economic Analysis
Harold Wilson
Nixon shock
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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
1973–1975 recession
…existed simultaneously. Among the causes were the 1973 oil crisis, the deficits of the Vietnam War, and the fall of the Bretton Woods system after the Nixon shock. The emergence of newly industrialized countries increased competition in the metal industry, triggering a steel crisis, where industrial core areas…
Richard Nixon in 1971
U.S. Treasury Secretary John Connally, photographed on the day Nixon's policies were announced, was the primary political force behind them.