The year 1971 represents a significant period in U.S. history when several notable events occurred, including Nixon's implementation of new policies to combat inflation.
Related terms
Wage-price controls: Wage-price controls refer to government-imposed restrictions on wage increases and price hikes during times of high inflation.
Economic downturn: An economic downturn refers to a period of decline in economic activity marked by reduced production, increased unemployment, and lower consumer spending.
OPEC Oil Embargo: The OPEC oil embargo was imposed by Arab members of the Organization of Petroleum Exporting Countries (OPEC) against nations supporting Israel during the Yom Kippur War in 1973.