Microeconomics : Principles Of Macroeconomics

1385 Words Sep 17th, 2016 6 Pages
Macroeconomics 201
Principles of Macroeconomics
Term Paper
By
Mitchell Wright

I decided to write my paper on the economy America during the 1970s. I chose this time period because it seemed to really be a major shifting point in the country. Not only did the economy change drastically with a major recession, exports falling and interests rates sky rocketing, but it also changed the way Americans lived their lives. The oil crisis in the Middle East caused major gasoline shortages forcing Americans to drive less. This brought about the beginnings of the environmentalist movement and more organized efforts to conserve fossil fuels and protect the environment as Americans became aware that there was not a limitless supply of fossil fuels in the world. Finally, this decade in time set the stage for the election of Ronald Regan, arguably one of the greatest presidents in our time, and his theory of supply-side economics, slashing tax rates for investors and businesses in an effort to give more back to the consumer and stimulate job growth. Without the economic turmoil of the 1970s, the economic growth and prosperity might not have occurred in the following decade and the economic boom of the 1990s might also have been compromised.
There were several major social and political issues that were emerging in the beginning of the 1970s that played a crucial role in shaping America as we know it today. The Women’s Rights movement, Affirmative Action, Roe v. Wade, Environmentalism, etc.…
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