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1970s Essay

148 Words1 Pages
One cause of the economic downturn in the 1970s was the oil crisis, which significantly impacted the US economy. The oil crisis caused a period of stagflation, which is characterized by slow economic growth and high inflation. As oil prices rose, businesses faced higher fuel and transportation costs, raising the prices of goods and services. At the same time, the Federal Reserve maintained expansionary monetary policies, which fueled inflation. As a result, the economy grew slowly and inflation rose, making it difficult for businesses and consumers to plan and invest. The oil crisis also resulted in increased unemployment, particularly in industries heavily reliant on oil, such as manufacturing and transportation. As fuel costs rose, businesses
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