History: Economic Condition in the 1970s

timer Asked: Mar 29th, 2019
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Question Description

Answer five questions, 1200 word count total and three journal source as well as in-text citations, using proper APA format. Use the textbook for one of the three scholarly source.

Tutor Answer

School: UC Berkeley



Economic Condition in the 1970s
Domestic Policies of Ronald Reagan


Conditions for and Aftermath of the Cold war


Two Americans


George W. Bush and Democracy in the Middle East


1. Economic Condition in the 1970s
The period I the 1970s came after the economic boom that followed the Second World
War. However, it was a bad economic time for the United States as there was high inflation and
depression in the country that the two presidents of the period, President Carter and President
Nixon had to spend their presidencies attempting to fix the issues. President Nixon took power in
1969 when the economy of the country was already suffering. However, things got worse
between 1973and 1975 when the great inflation hit the country. The great inflation was
accompanied by the fall rise in oil prices, greed and other actors. The monetary policies were
also wanting. Some of the policies to blame for inflation include the increase in social spending
that the president supported and continued involvement in the Vietnam War. Nixon tried to fix
the issues of the time in several ways. Nixon attempted to improve the economy in 1972 to
improve the economy of the country by putting in place price controls as well as wage control
for the people (Schultz, 2013). President Jimmy Carter inherited economic problems from his
predecessor. He also attempted to solve the issues but failed terribly. For instance, Carter
increased spending and created wage control and price control guidelines that were voluntary to
reduce the effects of inflation. President Carter also resorted to removing strict regulations that
controlled industries like trucking, railways, and airlines. The most imported change that Carter’s
administration made to improve the economy band reduce inflation was the creation of the
Federal Reserve Board. The board reduced the circulation of money and led to very high interest
rates, and therefore people were no longer able to borrow. As a result, another recession came.

Schultz, K. M. (2013). HIST, Volume 2: US History since 1865. Belmont, CA: Wadsworth. Or
the one you used?

2. Domestic Policies of Ronald Reagan
When President Ronald Reagan entered the office, he inherited economic problems that
made his leadership hard. Some of the problems included the highest rates of inflation since
1947. The country also had very high-interest rates. Ronald Raegan applied a conservative
approach to the economic policies of the country. For example, the president and his supporter
promoted the supply-side policies of the economy. For example, it was during the time of
President Reagan that the country had the largest reduction in taxes. There were also increases in
spending on the cold war (Schultz, 2013). Reagan is also remembered for firing about 12,000
workers who were striking and promoting federalism and free markets. There are four main
pillars that held the Reagan economic strategies (Mandelbaum, 2016). First, the reduction of
marginal tax on the earnings from labor as well as capital. The reduction in taxes was meant to
be a stimulant for the economy. Second, the president’s administration also deregulated sectors
to support the free market economy that the president supported. Third, President Reagan’s
government tightened the supply of money to cap inflation. Fourth the president reduced the
spending of the government. Reagan also privatized some of the functions of the government and
preferred to pay contractors to perform what was initially done by agencies of the go...

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