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The 1980s Debt Crisis
-Suez Canal Crisis
-Iran Crisis
-Oil shocks given the Arab-Israeli War
Consequences of 1980s Debt Crisis:
-The cost of international money/credit increased significantly
-The role of IMF increased during 1980s Debt crisis
-Washington consensus
After these in the US, Ronald Reagan, in the UK, Margaret Thatcher abandoned Keynes based economic system and followed Hayek's liberal system
In 1990s, in the US, Bill Clinton, in the UK, Tony Blair transformed Hayek's liberal system to a much more global neo-liberal economic system