OPEC Oil Embargo (1 Okt 1973 Jahr – 1 März 1974 Jahr)

Beschreibung:

OPEC nations declared an oil embargo in response to western countries supporting Israel in the Yom Kippur War. Resulted in the economic crisis in the 70s that was characterized by high unemployment, low growth, and high inflation. Neoliberal policies attempted to revive western economies afterwards.

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