1 janv. 1979 - Second Oil Crisis / Oil Shock

Description:

The second oil crisis happened because of a sudden rise in the Oil price, which went up 300%.
This was due to the shortage resulting from the Iran-Iraq war, which made the production of oil fall, raising prices.
This triggered economic worldwide recessions.
Governments responded by using deficit spending and many also borrowed heavily, as the interest rates on loans were falling behind inflation, causing negative real interest rates.

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