HIST 3121H Lecture Notes - Lecture 10: Yom Kippur War, Stagflation, Islamic Fundamentalism
5 Apr 2016
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Document Summary
Understanding the 1970s: decade is seen as almost laughable by comparison to other decades. Ficional news anchor howard beale: i"m mad as hell, and i"m not going to take this anymore. Psychological release but no model for poliical acion. Privaizaion of life, inward looking culture: media dimension, no concern about the content money to be made. Economic decline: huge decline that they haven"t seen such the great depression. Staglaion (inlaion and stagnaion: combinaion of rising prices and low economic growth, prices are not supposed to rise if there is a decline. Deindustrializaion: us based plants shut their doors and go elsewhere. More imports than exports: consumers are able to buy cheaply made goods from other countries for cheap, more imports than exports. Rising unemployment: all these factors lead to loss of jobs, and lower wages for those who keep their jobs.
