Nov 30th Lecture - Economic Contraction

Nov 30th Lecture - Economic Contraction - increased...

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Economic Contraction, Politics, and International Affairs in the 1970s: Energy Crisis, Stagflation, Détente, Watergate “Stagflation” Slowed economic growth Increased inflation Causes: Competition from international markets Dependence on foreign oil:  “oil shocks” Increased new workers 
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Unformatted text preview: increased unemployment Response and Recession Nixon’s Presidency • Domestic: “New Federalism”--Stifle dissent--Nixon Court • Foreign Policy: --“anti-communist” interventions: Iran, Chile, Nicaragua--DÉTENTE: China and USSR Watergate Political/Cultural Reaction • Backlash to reform • Traditionalist revolt redux: anti-communism anti-dissent • Credibility gap re government...
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