1973–1975 Recession: Period of economic stagnation in the Western world
The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world during the 1970s.
It was different from many previous recessions by being a stagflation, where high unemployment and high inflation existed at the same time.
Among the causes were the 1973 oil crisis and the fall of the Bretton Woods system after the Nixon Shock.
The recession in the United States lasted from November 1973 (the Richard Nixon presidency) to March 1975 (the Gerald Ford presidency), and its effects on the US were felt through the Jimmy Carter presidency until the mid-term of Ronald Reagan's first term as president.
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