Lecture_16 - worldwide inflation and recession rationing in...

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Lecture 16: The Crisis-prone 1970s May 5, 2008
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Detente Relaxation of tensions Arms reduction treaties Political and human rights agreements Helsinki Accords (1975) Jackson-Vanik Amendment (1975)
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Domestic Crisis
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The Vietnam Debate Conservatives Just war fought against North Vietnamese/Soviet aggression US lost because of civilian meddling, public opinion Warned of “Vietnam Syndrome” Liberals War unnecessary, no threat to US security War unwinnable, no military solution
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Monetary Crisis US spending on war, domestic programs inflation, dollar overvalued Strong dollar US imported more than it exported deficits De facto devaluation 1971 Nixon took dollar off gold 1973 Undermined confidence in US leadership Led to international instability in exchange rates Governments had no incentive to implement austerity —inflation
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Oil Crisis Arab-Israeli 1973 War Organization of Petroleum Exporting Countries raised price of oil
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Unformatted text preview: worldwide inflation and recession rationing in US, boom in oil-producing countries Oil Crisis Iranian Revolution •http://youtube.com/watch?v=GOBxcXpD4Co •http://youtube.com/watch?v=u_ATtiaPOxA Hostage Crisis Soviet “Advances” in 3 rd World • Communist successes in Vietnam, Cambodia, Laos, Angola, Mozambique, Ethiopia, South Yemen, Grenada, Nicaragua • US decline in international prestige • Soviet invasion of Afghanistan Contrasting Styles • http://youtube.com/watch?v=-tPePpMxJaA&feature=related • http://www.youtube.com/watch? v=Xjv082CPz9g The Reagan Agenda • Foreign policy – Confrontational rhetoric – Defense spending – “Star Wars” – Support for 3 rd-world insurgencies • “Reaganomics” – Small government – Low taxes – De-regulation – “Washington Consensus” abroad • Social conservatism • The Reagan Coalition...
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This note was uploaded on 06/05/2008 for the course SIS 201 taught by Professor Scottradnitz during the Fall '08 term at University of Washington.

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Lecture_16 - worldwide inflation and recession rationing in...

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