The Nineteen Seventies
The 1970's were probably the worst decade of most industrialized countries' economic performance since the Great Depression. Economic growth rates were lower than any of the previous decades. There was an oil shock in 1973 and gasoline was rationed in many countries. In the United States, people with a license plate ending in an odd number were only allowed to buy gasoline on odd-numbered days,and people with a license plate ending in an even number could only get gas on even-numbered days. The oil shocks of 1973 and 1979 resulted in high inflation throughout much of the world for the rest of the decade.
Since there were many countries that were being industrialized, the competition increased in the metal industry. That resulted in a steel crisis and the 1973-1974 stock market crash made the recession evident which lasted from November 1973 to March 1975. Although the recession ended in March 1974, the unemployment rate did not go down for several months. In May 1975 it reached a high of nine percent. There was low economic growth throughout the United States and the inflation remained high until the early 1980’s. During this recession, the Gross Domestic Product of the United States fell 3.2 percent.
Since there were many countries that were being industrialized, the competition increased in the metal industry. That resulted in a steel crisis and the 1973-1974 stock market crash made the recession evident which lasted from November 1973 to March 1975. Although the recession ended in March 1974, the unemployment rate did not go down for several months. In May 1975 it reached a high of nine percent. There was low economic growth throughout the United States and the inflation remained high until the early 1980’s. During this recession, the Gross Domestic Product of the United States fell 3.2 percent.