Boom to Bust - International Factors that Affected the US Economy (Leaving Cert History): Flashcards
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US economic boom period
US economic boom period
1945-68
US economic downturn start
US economic downturn start
Post-1968
1973 oil crisis cause
1973 oil crisis cause
OAPEC embargo over US support for Israel (Yom Kippur War)
1979 oil crisis cause
1979 oil crisis cause
Iranian Revolution disrupting oil production
Stagflation definition
Stagflation definition
Stagnant growth + high inflation + high unemployment
Deindustrialisation meaning
Deindustrialisation meaning
Decline of manufacturing industries in US
When deindustrialisation began
When deindustrialisation began
Late 1960s, accelerated in 1970s-1980s
Rust Belt definition
Rust Belt definition
Industrial regions in NE & Midwest dependent on manufacturing
Inflation meaning
Inflation meaning
Increase in prices over time, reducing purchasing power
Nixon's anti-inflation policy (early 1970s)
Nixon's anti-inflation policy (early 1970s)
Wage and price controls
Federal Reserve's inflation control method
Federal Reserve's inflation control method
High interest rates
Countries competing with US post-WWII
Countries competing with US post-WWII
Japan and Germany
Trade deficit definition
Trade deficit definition
Value of imports exceeds value of exports
Result of oil crises in 1970s
Result of oil crises in 1970s
Stagflation (high inflation + unemployment)
US high inflation period
US high inflation period
1970s