Impact of inflation upon American political history in the 1970s
One of the greatest challenges that Americans faced during 1970s was surging inflation. From 1960s, it was apparent that economic growth was slowing down and the country was going into a recession. However, the impact of the economic growth became apparent only in 1970s as different factors, including OPEC oil embargo, conspired to aggravate the situation. The country had been on an economic growth path since the end of the Second World War but for the first time since the Great Depression, Americans panicked of reversing back to similar sufferings of 1930s Great Depression (Schaller and Scharf and Schulzinger, 1992). Economic inflation experienced during 1970s still haunts the minds of most Americans.