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The 1970sA New Global History from Civil Rights to Economic Inequality$
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Thomas Borstelmann

Print publication date: 2011

Print ISBN-13: 9780691141565

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691141565.001.0001

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The Spread of Market Values

The Spread of Market Values

(p.122) Chapter 3 The Spread of Market Values
The 1970s

Thomas Borstelmann

Princeton University Press

This chapter tracks the economy of the 1970s as it began to decline after the prosperity of previous decades. Economic growth had defined human history for two hundred years, reaching a peak in the generation after 1945 when world economic growth averaged an extraordinary 5–7 percent per year. Americans rode that growth to a higher standard of living than anyone else. But in the 1970s it all seemed to be flowing away. Unemployment, oil shortages, a plunging stock market, recession, and, above all, inflation were apparently ending these golden years of unparalleled prosperity. Inflation hit everyone, and it hit the poor hardest of all. Persistent inflation undercut dreams and hopes for the future. The economic trauma of the 1970s threatened to destabilize Americans' understanding of how the world worked.

Keywords:   market values, globalization, deregulation, recession, inflation, U.S. economy, economic changes, market solutions

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