Respuesta :

Stagflation, price control. Keynesian policies were failing. The oil crisis showed the stupidity of price controls. The stagflation showed that an increase in the money supply does not increase wealth.
In the 70s we still had Vietnam, we had Nixon, there was Watergate, Gerald Ford, Paul Volcker raising interest rates to 20% in the Federal Reserve, government bailing out Chrysler.

It was almost like a continuation of the 1960s because still Women, African Americans, and Native Americans, continued their fight for equality and many Americans joined the protest against the ongoing war in Vietnam. The watergate scandal also happened during this period, from 1972 to 1974 leading to Nixon’s resignation.