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Capitalism

Cause of Recession

  • Inflation and Stagflation
  • oil prices increase rapidly
  • cut out leisure spending
  • stock market crashes
  • unemployment increases

Federal Government made loans accessible

Home Loans Catered to young families.

Virtually anyone could get a loan for a house regardless of their credit

Most goods were bought on credit without actually having ownership

Keeping up with the Jones was a common theme

Home loans mostly based on amortized income level

Excessive Capitalist credit spending helped create the recession of the 70s

Unemployment and Birth rates

Jan 1, 1979 5.90%

Jan 1, 1978 6.40%

Jan 1, 1977 7.50%

Jan 1, 1976 7.90%

Jan 1, 1975 8.10%

At the peak of unemployment in 1975, there were nearly three times as many unemployed Americans as there were in 1969

The birth rate sagged through the mid-1970s but stabilized before falling again after 2007 at the beginning of the Great Recession.

High Oil Prices

The average price of a barrel of oil reached a peak of $104.06 in 1979.

1970s - Setting the Scene

High levels of inflation were the result of an oil supply shock and the resulting increase in the price of gasoline, which drove the prices of everything else higher. This is known as cost push inflation.

Stagflation

Works Cited

Fox, James Alan. "'The Seventies': The Decade's Worst Killers."

CNN. Cable News Network, n.d. Web. 07 Mar. 2016.

Johnson, Bradley. "Ten Things You Can Learn From '70s Recession." Advertising Age News RSS. Web. 02 Mar. 2016.

Kitov, Ivan O. Inflation, Unemployment, Labor Force Change in

the USA. St. Louis: Federal Reserve Bank of St Louis, 2006. ProQuest. Web. 7 Mar. 2016.

LeoGrande, William M.. Our Own Backyard. Chapel Hill, US: The

University of North Carolina Press, 1998. ProQuest ebrary. Web. 7 March 2016.

What We Can Learn From The Recession

Livingston, Gretchen, and D'Vera Cohn. "U.S. Birth Rate Falls to a

Record Low; Decline Is Greatest Among Immigrants." Pew Research Centers Social Demographic Trends Project RSS. N.p., 29 Nov. 2012. Web. 07 Mar. 2016.

A situation in which the inflation rate is high, the economic growth rate slows, and unemployment remains steadily high.

Monetary policy was too lose

-It is important to look at both the short-term and long-term effects of decisions..

-Even the weakest players can be the most innovative.

-A deep recession is a fine time to launch a business or a new product.

-Problems always create opportunities.

Vietnam War put strain on economy

Presidents of the 1970’s

• Richard Nixon (Watergate)

• Gerald Ford

• Jimmy Carter

Environmental Movements

• 1st Earth Day (1970)

• National Environmental Act

• Clean Air and Clean Water Act

Three Mile Island

Kent State Shooting

Pentagon Papers

Troops withdrawn in 1973

When people think of the U.S. economy in the 1970s the following comes to mind:

  • High oil prices
  • Inflation
  • Unemployment
  • Recession

Historical Tie-Ins

Movies of the 1970s

  • The Exorcist (1973)
  • Carrie (1976)
  • Halloween (1978)
  • The Omen (1976)
  • Manson found guilty.
  • Extremism
  • Decline of youth attending church.
  • Zodiac Killer never caught.
  • Youth centered
  • birth of the slasher film
  • fear of common people
  • fear of the supernatural

"In the '70's there was a certain kind of killer who had the skill to get away with murder long enough to assemble the body count where they would be classified as serial killers."

1970s Recession

Jake Long, Korrey Dock, Sarah Spry, Jessie Gregory, Mack Baxter

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