3 ms·
1979 was a terrible year. My parents moan about it every Christmas, There was a widespread belief that things needed to change, and economic growth had to be a
by pyuser583 3y ago
1979 was a terrible year. My parents moan about it every Christmas,
There was a widespread belief that things needed to change, and economic growth had to be a part of that.
In the US, Reagan pushed deregulation. in the UK, Thatcher went to war with state owned industries. The USSR began experimenting with open policies. China embraced capitalist style economics.
This was a world wide change.
- bumblebeedoo 3y agoThats because the GOP in tandem with OPEC inflated oil prices to cause a recession intentionally. They did it to sell deregulation.
- raffraffraff 3y ago1974 was pretty shitty in the UK too. The IRA was bombing pubs and shops several times a week, the coal miners union took advantage of the oil crisis to demand a massive pay hike, and went on strike, crippling the economy. The government couldn't give the miners union what they wanted because the other unions were watching and waiting, so instead the whole country switched to a 3 day working week and rationed street lighting (creating a kurfew). Personally, I think the 3 day working week is a great idea though.
- pyuser583 3y agoIn 1976, the UK had to be bailed out by the IMF.