1. What best describes stagflation in the Western economies of the 1970s?
2. What was the main strategy behind the oil weapon used by OPEC?
3. What does deindustrialization refer to?
Thirty Glorious Years — definition?
Post-1945 period of strong Western economic growth.
Oil weapon by OPEC — role?
Used production cuts to pressure Western governments.
First oil shock — triggered by?
Yom Kippur war and OPEC-led production cuts in 1973.
Second oil shock — cause?
Iranian Revolution and OPEC doubling prices in 1979.
Stagflation — components?
Inflation, high unemployment, little/no growth.
Fordist model — what?
Mass manufacturing with large firms and assembly lines.
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