Abstract
Inflation soars, in part because of the cost of energy. OPEC nations refuse to sell oil to the U.S. because of the nation's support for Israel in the Yom Kippur War. With major competition from abroad, some U.S. factories close causing millions of workers to lose their jobs. Nixon calls advisors to an internal summit at Camp David to deal with the factors undermining the country's economic health. As a result of the 1973 Smithsonian agreement, nations of world begin to float exchange rates, creating the impetus for globalization.
Subject
Nixon, Richard M., soaring inflation, OPEC nations withhold sale of oil to U.S., factories close, workers lose jobs, economic summit at Camp David, wage controls, import surcharge, removal of dollar from Bretton Wood exchange system, Smithsonian agreement, floating exchange rates, impetus for globalization, Nixon and Domestic Policy
Series
America in the 20th Century, American History, American Studies, American Presidency, Unfinished Nation, The
Duration
00:02:04 (HH:MM:SS)
Language:
English
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