A word which was first used during the 1970s economic crisis is stagflation.
The economic crisis of the 1970s.
In the 1970s, an energy crisis took place in the United States of America due to the oil embargo that was imposed on it by OPEC. This oil embargo was imposed on the United States of America by the Organization of Petroleum Exporting Countries (OPEC) in 1973 because of its role in the Arab-Israeli War.
Consequently, the economy of the United States of America experienced stagflation in the following ways:
- Relatively high unemployment.
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