1945

The end of the Golden Age, the debt crisis and development setback

The decade of the 1970s began with unexpected global economic turmoil after a long stretch of economic stability and robust growth in the earlier post-war period. It also witnessed the breakdown of the post-Second World War consensus on the global economic governance architecture, as embodied in the Bretton Woods system of fixed exchange rates and gold convertibility of the United States dollar. In addition, there were two oil price shocks and the persistence of high inflation and unemployment—referred to as stagflation—in several developed countries.

Related Subject(s): Economic and Social Development
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