Word: thats
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Dates: during 1970-1979
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Only a few years ago, the orthodox wisdom was that the U.S. would never suffer such hyperinflation, but that if it ever did, the whole economy would be shattered and the democratic political system would be endangered. Yet in 1979 the economy showed a remarkable resiliency and a resistance to...
People in certain fortunate industries and regions will probably avoid adversity, as they did in 1979. Those in the Southeast generally did well because the region's beneficent climate and low wage rates continued to attract business. The Southwest surged because its oil and natural gas were in heavy...
While they rose, older cities that depend on basic industries declined. As sales of U.S.-made autos tumbled 16.7% in the last six months, largely because of infuriating gasoline lines and inflating gasoline prices, recession and high unemployment struck Detroit, Flint and other carmaking capitals. Also hurt were the industry...
Their growth prospects evaporated largely because many industries became increasingly outmoded and continued to lose their edge in global competition. America was living off its accumulated capital stock, a consequence of its people's unwillingness or inability to save and invest. While the U.S. spent scarcely 10% of its...
In searching for solutions, Americans could no longer put their faith in those two old reliables, technology and economic theory. The failings of technology were exposed by the radioactive clouds rising from Three Mile Island, the flames spitting from the DC-10 that lost an engine over Chicago, the poisons...