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The Legacy of the 1970s
Capitalist economies have been known to work in cycles of growth and recession. Before the
economic crisis that happened in the 1970s, the United States had already gone through a
depression of its own. In the 1930s, the American economy suffered from a collapse that led to an
increase in debt, unemployment and homelessness. What followed were years of making and
enacting policies to regulate the practices that had led to such an unfortunate economic occurrence.
War followed soon, and the economic impact that such an event is bound to have on economies.
It did not take long for the win of World War II to lead the nations of the West into a booming
phase of economic growth. For the 1950s and 1960s, the economy of the world had reached record
levels of unemployment and spending power; only to fall back into recession in the following
decade. These cycles go on and on, throughout the twentieth century and into ours, to lead a
financial crisis in the late 2000s.