Question

How was the economic development redefined during 1970s


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Answer 1

Answer:

The 1970s saw some of the highest rates of inflation in the United States in recent history, with interest rates rising in turn to nearly 20%. Central bank policy, the abandonment of the gold window, Keynesian economic policy, and market psychology all contributed to this decade of high inflation.

Explanation:

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Answer 2

After almost three decades of remarkable progress since the end of the Second World War, economic conditions started to deteriorate in the 1970s. Economic growth slowed down in all parts of the world during the second half of the 1970s and the first half of the 1980s. Before the oil price shock of 1973, the annual growth of world gross product had been at 5.3 per cent, while during the rest of the 1970s, annual world growth reached only 2.8 per cent.

The global economic turmoil in the 1970s and 1980s, cast a shadow over the Second (1971-1980) and Third (19811990) United Nations Development Decade. These development agendas were ambitious and multidimensional, but the deteriorating economic situation led to a focus on short-term economic policies at the expense of longer term development goals. This experience demonstrates how easily the commitment to internationally agreed development goals can evaporate in times of economic difficulties, and highlights in turn the importance of a stable global economic environment for upholding the commitment to implement ambitious development agendas.