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1970 Economic Expansion Essay

312 Words2 Pages
During 1970 economic expansion came to a halt, which led to inflation and slow economic growth. This was caused by unexpected shock and a long-term process of gradual decline in manufacturing. Due to competing manufacturing around the world. After WW2 Americans promoted the economic growth of places like Taiwan, Japan, South Korea, and Germany. During 1971, Americans experienced an export trade deficit. Meaning they were exporting more goods than they were exporting. The American currency was stronger because the dollar was linked to the goal, which led to America producing more expensive goods. Nixon tried to solve this problem by taking the U.S. off the gold standard. In the hope of making American goods cheaper aboard, as well as reducing
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