HST 210 Lecture 9: HST 210 Lecture 17 (Week 9)
11 Apr 2017
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Document Summary
Government deficits crippled the economy (1980 federal debt: 908 billion) Military spending out of control and not sustainable. Us"s declining share of the world market (exports) as europe and japan recovers from. Us helped western europe, japan, etc, after these countries gained independence and success on their own they did not require as much us help. Competition from cheap foreign imports undermines american manufacturing. In 1955 merchandise exports from the us comprise 32% of the world market, by 1970 it was down to 18% With the 1973 oil embargo by opec (organization of petroleum exporting countries), gas prices quadrupled. Opec introduced this oil embargo with countries that are allies to israel. Boycott underlined how dependent the us was on foreign oil supplies in particular from the arab world. Decline in a region"s or country"s manufacturing base (which relocates to low-wage regions or countries) Deindustrialization devastates the us midwest and northeast.
