what are things richard nixon did in an attempt to reduce the economic downturn
Answers
Answered by
3
Thank you for this question. Please find the answer below:
Following are the things Richard Nixon did in an attempt to reduce the economic downturn;
(i) He issued two sets of price.
(ii) He introduced wage controls.
The measures taken by Richard Nixon were known as the Nixon shock. Nixon was the President of United States when it was going through an economic downfall. In order to involve more costumers, he introduced these measures
Following are the things Richard Nixon did in an attempt to reduce the economic downturn;
(i) He issued two sets of price.
(ii) He introduced wage controls.
The measures taken by Richard Nixon were known as the Nixon shock. Nixon was the President of United States when it was going through an economic downfall. In order to involve more costumers, he introduced these measures
Answered by
3
Explanation:
Richard Nixon in an attempt to reduce the economic downturn took the following measures called the Nixon Shock:
- Nixon dropped the Bretton Woods Agreement.
- He suspended the gold window and the ‘convertibility’ of the dollar into valuable assets like gold or other reserve assets. This prevented other countries from exchanging dollars to gold.
- An executive order 11615 was directed that imposed a wage and price freeze period of 90 days to curb inflation.
- Nixon set up a “Pay Board and Price Commission” to monitor and control wages and prices.
- An “import surcharge” of 10% was imposed for American goods to meet up with the “fluctuation in exchange rates”.
Similar questions