HY 106 Lecture Notes - Lecture 24: Energy Crisis, Greater Serbia, Helsinki Accords
4 Nov 2016
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Post-industrial society and the end of the cold war: post-industrial society, economic contraction in the seventies. Aug 15, 1971 richard nixon ends currency arrangements. Brenton woods agreement fixed exchange rank to the us dollar. Nixon took us off the brenton woods. Non-fuel commodities in europe prices increase by 70% High inflation and high unemployment: the soviets and the oil embargo. Oct. 1973 syria surprise attack on israel (yom kippur war) Opec raises prices of crude and punish the united states. Allows a serious struggling soviet union to re-invent itself. They are not part of opec, so they trade their oil for dollars. And they gain money and get propped up. More competition is starting to emerge: the dragon of expectations, d tente and the end of the cold war. Some guy said the cold war ended in 1971. Both sides thought they won the helsinki accords: helsinki"s impact.
