The 1970s (pronounced "nineteen-seventies"; commonly shortened to the " Seventies " or the " ' 70s ") was the decade that began on January 1, 1970, and ended on December 31, 1979.
145-414: In the 21st century, historians have increasingly portrayed the 1970s as a "pivot of change" in world history, focusing especially on the economic upheavals that followed the end of the postwar economic boom . On a global scale, it was characterized by frequent coups, domestic conflicts and civil wars, and various political upheavals and armed conflicts which arose from or were related to decolonization , and
290-523: A collective leadership led by Leonid Brezhnev and Alexei Kosygin , the economy was revitalised. The economy continued to grow apace during the late 1960s, during the Eighth Five-Year Plan . However, economic growth began to falter during the late 1970s, beginning the Era of Stagnation . Sweden emerged almost unharmed from World War II, and experienced tremendous economic growth until
435-581: A decades-long civil war which involved the Soviet Union , Cuba, South Africa, and the United States. Millions of Angolans died in the aftermath of independence due to armed conflict, malnutrition and disease. After a brief period of stability, Mozambique became embroiled in a civil war which left it one of the poorest nations in the world. The country's situation improved after the 1990s, and multi-party elections have been held. East Timor
580-423: A boom period (5% growth per year on average) dubbed by Jean Fourastié Trente Glorieuses – the title of a book published in 1979. The economic growth occurred mainly due to productivity gains and to an increase in the number of working hours. Indeed, the working population grew very slowly, the " baby boom " being offset by the extension of the time dedicated to study. Productivity gains came from catching up with
725-523: A brief but very rapid economic recovery in the aftermath of World War II. The comparatively light damage sustained by Belgium's heavy industry during the German occupation and the Europe-wide need for the country's traditional exports (steel and coal, textiles, and railway infrastructure) meant that Belgium became the first European country to regain its pre-war level of output in 1947. Economic growth in
870-457: A brief training course and had served in the colonies' defensive campaigns at the same rank as academy graduates. In February 1974, Caetano decided to remove General António de Spínola from the command of Portuguese forces in Guinea in the face of Spínola's increasing disagreement with the promotion of military officers and the direction of Portuguese colonial policy. This occurred shortly after
1015-463: A cause of major concern as habitat destruction, and Stephen Jay Gould 's theory of punctuated equilibrium revolutionized evolutionary thought. As the 1960s ended, the United States had made two successful crewed lunar landings . Many Americans lost interest afterward, feeling that since the country had accomplished President John F. Kennedy 's goal of landing on the Moon by the end of the 1960s, there
1160-636: A fundamental objection to the government's policy of conscription is that it conscripts human life only, and that it does not attempt to conscript wealth... The Economist , a British publication, opposed capital levies, but supported "direct taxation heavy enough to amount to rationing of citizens' incomes"; similarly, the American economist Oliver Mitchell Wentworth Sprague , in the Economic Journal , argued that that "conscription of men should logically and equitably be accompanied by something in
1305-568: A global zeitgeist revealed the interdependence of economies since World War II, in a world increasingly polarized between the United States and the Soviet Union. Prominent assassinations, targeted killings, and assassination attempts include: The 1970s were perhaps the worst decade of most industrialized countries' economic performance since the Great Depression . Although there was no severe economic depression as witnessed in
1450-578: A growing economy sparked new technical and organisational challenges. On 13 November 1972, Fundo do Ultramar (The Overseas Fund, a sovereign wealth fund ) was enacted with Decreto-Lei n.º 448/ /72 and the Ministry of Defence ordinance Portaria 696/72 to finance the war. The increasing burden of the war effort meant that the government had to find continuous sources of financing. Decreto-Lei n.º 353, of 13 July 1973 and Decreto-Lei n.º 409 of 20 August 1973 were enforced to reduce military expenses and increase
1595-663: A growing inability to increase agricultural output caused growing concern to the governments of the COMECON block, and a growing dependence on food imported from democratic nations. On the other hand, export-driven economic development in Asia, especially by the Four Asian Tigers (Hong Kong, South Korea, Singapore, and Taiwan), resulted in rapid economic transformation and industrialization. Their abundance of cheap labor , combined with educational and other policy reforms, set
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#17327647770821740-506: A job for life, a house, and a family. In the West, there emerged a near-complete consensus against strong ideology and a belief that technocratic and scientific solutions could be found to most of humanity's problems, a view advanced by US President John F. Kennedy in 1962. This optimism was symbolized through such events as the 1964 New York World's Fair , and Lyndon B. Johnson 's Great Society programs, which aimed at eliminating poverty in
1885-435: A million Portuguese "returned" – the retornados . The Carnation Revolution got its name from the fact that almost no shots were fired, and from restaurant worker Celeste Caeiro who offered carnations to soldiers when the population took to the streets to celebrate the end of the dictatorship. Other demonstrators followed suit and placed carnations in the muzzles of guns and on soldiers' uniforms. In Portugal, 25 April
2030-422: A move towards smaller, fuel-efficient vehicles. Attempts were made to produce electric cars, but they were largely unsuccessful. In the United States, imported cars became a significant factor for the first time, and several domestic-built subcompact models entered the market. American-made cars such as the "quirky" AMC Gremlin , the jelly bean shaped AMC Pacer , and Pontiac Firebird 's powerful Trans Am "sum up"
2175-530: A number of countries across the world during the 1970s, many being the first women to hold such positions. Non-monarch women heads of state and heads of government in this period included Isabel Perón as the first woman President in Argentina and the first woman non-monarch head of state in the Western hemisphere in 1974 until being deposed in 1976, Elisabeth Domitien becomes the first woman Prime Minister of
2320-714: A partnership with the French automaker Renault in 1979. European car design underwent major changes during the 1970s due to the need for performance with high fuel efficiency —designs such as the Volkswagen Golf and Passat, BMW 3, 5, and 7 series, and Mercedes-Benz S-Class appeared at the latter half of the decade. Ford Europe, specifically Ford Germany, also eclipsed the profits of its American parent company. The designs of Giorgetto Giugiaro became dominant, along with those of Marcello Gandini in Italy. The 1970s also saw
2465-531: A profound impact on the country. The revolutionary Armed Forces Movement (MFA) began as an attempt to liberate Portugal from the Estado Novo regime and challenge new military laws which were coming into force . The laws would reduce the military budget and reformulate the Portuguese military. Younger military-academy graduates resented Caetano's programme of commissioning militia officers who completed
2610-404: A renewed vigor with symbolic modeling of semantic knowledge while the final devastation of the long-standing tradition of behaviorism came about through the severe criticism of B. F. Skinner 's work in 1971 by the cognitive scientist Noam Chomsky . Concorde makes the world's first commercial passenger-carrying supersonic flight. The birth of modern computing was in the 1970s, which saw
2755-578: A single market) came into effect. In the US, the average annual inflation rate from 1900 to 1970 was approximately 2.5%. From 1970 to 1979, however, the average rate was 7.06%, and topped out at 13.29% in December 1979. This period is also known for " stagflation ", a phenomenon in which inflation and unemployment steadily increased. It led to double-digit interest rates that rose to unprecedented levels (above 12% per year). The prime rate hit 21.5 in December 1980,
2900-562: A turbulent period, known as the Processo Revolucionário Em Curso (Ongoing Revolutionary Process). The conservative forces surrounding Spinola and the MFA radicals initially confronted each other covertly or overtly, and Spinola was forced to appoint key MFA figures to senior security positions. Right-wing military figures attempted an unsuccessful counter-coup , leading to Spinola's removal from office. Unrest within
3045-522: Is a national holiday ( Portuguese : Dia da Liberdade , Freedom Day) that commemorates the revolution. By the 1970s, nearly a half-century of authoritarian rule weighed on Portugal. The 28 May 1926 coup d'état implemented an authoritarian regime incorporating social Catholicism and integralism . In 1933, the regime was renamed the Estado Novo (New State). António de Oliveira Salazar served as Prime Minister until 1968. In sham elections
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#17327647770823190-485: Is still known as the InterCity 125 . Amtrak was formed in the United States in 1971, assuming responsibility for inter-city passenger operations throughout the country. In 1976, Conrail was formed to take over the assets of six bankrupt freight railroads in the northeastern US. The 1970s was an era of fuel price increases, rising insurance rates, safety concerns, and emissions controls. The 1973 oil crisis caused
3335-462: The 1979 election resulted in the victory of its Conservative leader Margaret Thatcher , the first female British Prime Minister. Industrialized countries experienced an economic recession due to an oil crisis caused by oil embargoes by the Organization of Arab Petroleum Exporting Countries . The crisis saw the first instance of stagflation which began a political and economic trend of
3480-673: The 25 de Abril Bridge began on 5 November 1962. It opened on 6 August 1966 as the Salazar Bridge, named after Estado Novo leader António de Oliveira Salazar . Soon after the Carnation Revolution of 1974, the bridge was renamed the 25 de Abril Bridge to commemorate the revolution. Citizens who removed the large, brass "Salazar" sign from a main pillar of the bridge and painted a provisional "25 de Abril" in its place were recorded on film. Many Portuguese streets and squares are named vinte e cinco de Abril (25 April), for
3625-448: The G.I. Bill financed a well-educated work force. The middle class swelled, as did GDP and productivity. The US underwent its own golden age of economic growth. This growth was distributed fairly evenly across the economic classes, which some attribute to the strength of labor unions in this period—labor union membership peaked during the 1950s. Much of the growth came from the movement of low-income farm workers into better-paying jobs in
3770-744: The Iranian Revolution in 1979, which overthrew the Pahlavi dynasty and established an Islamic republic under the leadership of Ayatollah Khomeini . Africa saw further decolonization in the decade, with Angola and Mozambique gaining their independence in 1975 from the Portuguese Empire after the Carnation Revolution in Portugal. Furthermore, Spain withdrew its claim over Spanish Sahara in 1976, marking
3915-609: The Marshall Plan , and the use of Keynesian economics . Although this was before modern eastern countries growing their workforce I.e. before the outsourcing problem protectionists point to. In the United States, the Employment Act of 1946 set the goals of achieving full employment, full production, and stable prices. It also created the Council of Economic Advisers to provide objective economic analysis and advice on
4060-537: The Non-Aligned Movement , import substitution , counterculture of the 1960s , opposition to the Vietnam War , the civil rights movement , the sexual revolution , the beginning of second-wave feminism , and a nuclear arms race . In the United States, the middle-class began a mass migration away from the cities and towards the suburbs; it was a period of prosperity in which most people could enjoy
4205-676: The Processo Revolucionário Em Curso . It resulted in the Portuguese transition to democracy and the end of the Portuguese Colonial War . The revolution began as a coup organised by the Armed Forces Movement (Portuguese: Movimento das Forças Armadas , MFA), composed of military officers who opposed the regime, but it was soon coupled with an unanticipated popular civil resistance campaign. Negotiations with African independence movements began, and by
4350-577: The Taiwan Miracle lasted into the late 1990s, for instance, while in France the period is referred to as Trente Glorieuses (Glorious 30 [years]) and is considered to extend for the 30-year period from 1945 to 1975. OECD members enjoyed real GDP growth averaging over 4% per year in the 1950s, and nearly 5% per year in the 1960s, compared with 3% in the 1970s and 2% in the 1980s. Skidelsky devotes ten pages of his 2009 book Keynes: The Return of
4495-551: The postwar economic boom or the Golden Age of Capitalism , was a broad period of worldwide economic expansion beginning with the aftermath of World War II and ending with the 1973–1975 recession . The United States, the Soviet Union and Western European and East Asian countries in particular experienced unusually high and sustained growth, together with full employment . Contrary to early predictions, this high growth also included many countries that had been devastated by
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4640-408: The 1930s, economic growth rates were considerably lower than previous decades. As a result, the 1970s adversely distinguished itself from the prosperous postwar period between 1945 and 1973. The oil shocks of 1973 and 1979 added to the existing ailments and conjured high inflation throughout much of the world for the rest of the decade. U.S. manufacturing industries began to decline as a result, with
4785-521: The 1940s, the price of oil was about $ 17, rising to just over $ 20 during the Korean War (1951–1953). During the Vietnam War (1950s–1970s) the price of oil slowly declined to under $ 20. During the Arab oil embargo of 1973 —the first oil shock—the price of oil rapidly rose to double in price. Among the causes can be mentioned the rapid normalization of political relations between former Axis powers and
4930-564: The 1960s, the outbreak of colonial wars in Africa set off significant social changes, among them the rapid incorporation of women into the labour market. Independence movements began in the African colonies of Portuguese Mozambique , Portuguese Congo , Portuguese Angola , and Portuguese Guinea . The Salazar and Caetano regimes responded with diverting more and more of Portugal's budget to colonial administration and military expenditure , and
5075-410: The 1960s. A 1957 speech by UK Prime Minister Harold Macmillan captures what the golden age felt like, even before the brightest years which were to come in the 1960s. Let us be frank about it: most of our people have never had it so good. Go round the country, go to the industrial towns, go to the farms and you will see a state of prosperity such as we have never had in my lifetime – nor indeed in
5220-409: The 1961–1974 Portuguese Colonial War . Salazar had a stroke in 1968, and was replaced as prime minister by Marcelo Caetano , who adopted a slogan of "continuous evolution", suggesting reforms, such as a monthly pension to rural workers who had never contributed to Portugal's social security . Caetano's Primavera Marcelista (Marcelist Spring) included greater political tolerance and freedom of
5365-442: The 1970s would result in a sluggish cynicism replacing the optimistic attitudes of the 1950s and 1960s and a distrust of government and technology. Faith in government was at an all-time low in the aftermath of Vietnam and Watergate, as exemplified by the low voter turnout in the 1976 United States presidential election. There was also the 1973–74 stock market crash . Great Britain also experienced considerable economic turmoil during
5510-470: The 1970s, with coupes being the most popular body style. Wood paneling and shag carpets dominated the interiors. Many automobiles began to lose their character and looked the same across brands and automakers, as well as featuring "luxury" enhancements such as vinyl roofs and opera windows . Only a few had "real personalities" such as the AMC Gremlin, which was America's first modern subcompact , and
5655-423: The 1970s, with the bellicose US–Soviet confrontations of the 1950s–60s giving way to the policy of détente , which promoted the idea that the world's problems could be resolved at the negotiating table. Détente was partially a reaction against the policies of the previous 25 years, which had brought the world dangerously close to nuclear war on several occasions, and because the US was in a weakened position following
5800-579: The 1980s. Pope Paul VI recognized the popularity of Catholic feminists, but ultimately held to tradition when it came to leaving bishops, priests, and deacons a male-only position. The opposition to the War in Vietnam that began in the 1960s grew exponentially during the early 1970s. One of the best-known anti-war demonstrations was the Kent State shootings . In 1970, university students were protesting
5945-458: The 1980s. The service sector grew rapidly and became the largest sector, generating a large foreign-trade surplus, chiefly from the earnings from tourism. The Italian economy experienced very variable growth. In the 1950s and early 1960s the Italian economy boomed , with record high growth-rates, including 6.4% in 1959, 5.8% in 1960, 6.8% in 1961, and 6.1% in 1962. This rapid and sustained growth
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6090-594: The 19th century. As a result, ecological awareness rose substantially, which had a major effect on the economy. The 1970s witnessed an explosion in the understanding of solid-state physics, driven by the development of the integrated circuit , and the laser . Stephen Hawking developed his theories of black holes and the boundary-condition of the universe at this period with his theory called Hawking radiation . The biological sciences greatly advanced, with molecular biology, bacteriology, virology, and genetics achieving their modern forms in this decade. Biodiversity became
6235-507: The AMC Pacer. "These two cars embody a sense of artful desperation that made them stand out from the crowd and epitomize at once the best and worst of the seventies." Automobiles in the U.S. reached the largest sizes they would ever attain, but by 1977, General Motors managed to downsize its full-size models to more manageable dimensions. Ford followed suit two years later, with Chrysler offering new small front-wheel-drive models, but
6380-544: The Central African Republic, Indira Gandhi continuing as Prime Minister of India until 1977 (and taking office again in 1980), Sirimavo Bandaranaike , Prime minister of Sri Lanka (Former Ceylon ) and first female head of government in the world, re-elected in 1970, Prime Minister Golda Meir of Israel and acting chairman Soong Ching-ling of the People's Republic of China continuing their leadership from
6525-519: The EEC average, slightly exceeding the level at the height of the revolutionary period. A January 2011 story in the Diário de Notícias (a Portuguese tabloid format newspaper) reported that the government of Portugal encouraged overspending and investment bubbles in public-private partnerships between 1974 and 2010, and the economy has been damaged by risky credit , public debt creation, overstaffing in
6670-578: The EEC average. Due to revolutionary economic policies, oil shocks, recession in Europe and the return of hundreds of thousands of overseas Portuguese from its former colonies, Portugal began an economic crisis in 1974–1975. Real gross domestic product growth resumed as a result of Portugal's economic resurgence since 1985 and adhesion to the European Economic Community (EEC). The country's 1991 per-capita GDP reached 54.9 percent of
6815-465: The European Union. The constitution of 1976 guarantees all religions the right to practise, and non-Catholic groups are recognised as legal entities with the right to assemble . Non-Catholic conscientious objectors have the right to apply for alternative military service. The Catholic Church , however, still sought to impede other missionary activity. Construction of what is now called
6960-724: The Land Reform Review Law the following year. Restoration of illegally occupied land began in 1978. In 1960, Portugal's per-capita GDP was 38 percent of the European Economic Community average. By the end of the Salazar period in 1968 it had risen to 48 percent, and in 1973 it had reached 56.4 percent; the percentages were affected by the 40 percent of the budget which underwrote the African wars. In 1975 (the year of greatest revolutionary turmoil), Portugal's per-capita GDP declined to 52.3 percent of
7105-580: The MFA between leftist forces often close to the Communist Party , and more moderate groups often allied with the Socialists eventually led to the group's splintering and dissolution. This stage of the PREC lasted until the coup of 25 November 1975 , led by a group of far-left officers, specifically Otelo Saraiva de Carvalho. It was said to be a Communist plot to seize power, in order to discredit
7250-538: The Master to a comparison of the golden age to what he calls the Washington Consensus period, which he dates as spanning 1980–2009 (1973–1980 being a transitional period): Skidelsky suggests the high global growth during the golden age was especially impressive as during that period Japan was the only major Asian economy enjoying high growth (Taiwan and South Korea at the time being small economies). It
7395-479: The PVDE, Polícia de Vigilância e Defesa do Estado), persecuted opponents of the regime, who were often tortured, imprisoned or killed. In 1958, General Humberto Delgado , a former member of the regime, stood against the regime's presidential candidate, Américo Tomás , and refused to allow his name to be withdrawn. Tomás won the election amidst claims of widespread electoral fraud, and the Salazar government abandoned
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#17327647770827540-518: The People's Republic of China's international relations changed significantly following its recognition by the United Nations, the death of Mao Zedong and the beginning of market liberalization by Mao's successors. Despite facing an oil crisis due to the OPEC embargo, the economy of Japan witnessed a large boom in this period, overtaking the economy of West Germany to become the second-largest in
7685-471: The Portuguese Army had retreated. A consequence of the Carnation Revolution was the sudden withdrawal of Portuguese administrative and military personnel from its overseas colonies. Hundreds of thousands of Portuguese Africans returned to Portugal, becoming known as the retornados . These people—workers, small business people, and farmers—often had deep roots in the former colonies. Angola began
7830-567: The Soviet Lunokhod program, a series of robotic lunar missions which included the first uncrewed sample return from another world, and the American Voyagers , which took advantage of a rare alignment of the outer planets to visit all of them except Pluto by the end of the 1980s. China entered the space race in 1970 with the launching of its first satellite , but technological backwardness and limited funds would prevent
7975-593: The U.S., with over a million cars sold per year by this point. Other popular compact cars included the Toyota Corolla and the Datsun Sunny , in addition to other cars from those companies and others such as Subaru , Mitsubishi , and Mazda . The role of women in society was profoundly altered with growing feminism across the world and with the presence and rise of a significant number of women as heads of state outside monarchies and heads of government in
8120-570: The UK itself was experiencing the greatest absolute prosperity in its history. In France, this period is often looked back to with nostalgia as the Trente Glorieuses , or "Glorious Thirty", while the economies of West Germany and Austria were characterized by Wirtschaftswunder (economic miracle), and in Italy it is called Miracolo economico (economic miracle). Most developing countries also did well in this period. Belgium experienced
8265-400: The US and UK) to deal with their existing government debt level and also to reduce the level of debt without needing to direct a high portion of government spending to debt service. Much property was destroyed in war. In the inter-war period, the Great Depression also caused investments to lose value. During both World Wars, progressive taxation and capital levies were introduced, with
8410-403: The United States at that time. High marginal tax rates for the wealthiest 1% were in place throughout Japan's decades of post-war growth South Korea, after the Korean War saw a similar trajectory. Marginal tax rates were high on the rich, until falling quickly in the 1990s. The state also legislated significant land reform , cutting deeply into a landholding elite's power and clientelism. In
8555-480: The United States running its last trade surplus (as of 2009) in 1975. In contrast, Japan and West Germany experienced economic booms and started overtaking the U.S. as the world's leading manufacturers. In 1970, Japan overtook West Germany to become the world's second-largest economy. Japan would rank as the world's second-largest economy until 1994 when the European Economic Area (18 countries under
8700-424: The United States, customers with a license plate ending in an odd number were only allowed to buy gasoline on odd-numbered days, while even-numbered plate-holders could only purchase gasoline on even-numbered days. The realization that oil reserves were not endless and technological development was not sustainable without potentially harming the environment ended the belief in limitless progress that had existed since
8845-562: The United States. The sharp rise in oil prices due to the 1973 oil crisis hastened the transition to the post-industrial economy , and a multitude of social problems have since emerged. During the 1970s steel crisis , demand for steel declined, and the Western world faced competition from newly industrialized countries . This was especially harsh for mining and steel districts such as the North American Rust Belt and
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#17327647770828990-583: The United States. In 1950, the average income in France was 55% of that of an American; it reached 80% in 1973. Among the "major" nations, only Japan had faster growth in this era than France. The extended period of transformation and modernization also involved an increasing internationalization of the French economy. France by the 1980s had become a leading world economic power and the world's fourth-largest exporter of manufactured products. It became Europe's largest agricultural producer and exporter, accounting for more than 10 percent of world trade in such goods by
9135-631: The West German Ruhr area . Carnation Revolution The Carnation Revolution ( Portuguese : Revolução dos Cravos ), also known as the 25 April (Portuguese: 25 de Abril ), was a military coup by military officers that overthrew the authoritarian Estado Novo government on 25 April 1974 in Lisbon, producing major social, economic, territorial, demographic, and political changes in Portugal and its overseas colonies through
9280-440: The West in foreign trade, GNP, and general quality of life. The high economic growth and political tranquility of the mid to late 1960s were slowed by the quadrupling of oil prices in 1973. Almost completely dependent on imports for petroleum, Japan experienced its first recession since World War II. Another serious problem was Japan's growing trade surplus, which reached record heights. The United States pressured Japan to remedy
9425-522: The beginning year of the golden age, while Robert Skidelsky states 1951 is the most recognized start date. Both Skidelsky and Middleton have 1973 as the generally recognized end date, though sometimes the golden age is considered to have ended as early as 1970. This long-term business cycle ended with a number of events in the early 1970s: While this is the global period, specific countries experienced business expansions for different periods; in Taiwan ,
9570-516: The conditions for a larger series of global changes at the height of the Cold War , including postmodernism , decolonisation , a marked increase in consumerism , the welfare state , the space race , the Non-Aligned Movement , import substitution , counterculture of the 1960s , the beginning of second-wave feminism , and a nuclear arms race . In 2000, economist Roger Middleton wrote that economic historians generally agree that 1950 represented
9715-400: The country became increasingly isolated from the rest of the world, facing increasing internal dissent, arms embargoes and other international sanctions . By the early-1970s, the Portuguese military was overstretched and there was no political solution in sight. Although the number of casualties was relatively small, the war had entered its second decade; Portugal faced criticism from
9860-505: The country became increasingly polarised. Thousands of left-wing students and anti-war activists avoided conscription by emigrating illegally , primarily to France and the United States . Meanwhile three generations of right-wing militants in Portuguese schools were guided by a revolutionary nationalism partially influenced by European neo-fascism , and supported the Portuguese Empire and an authoritarian regime. The war had
10005-486: The country from becoming a significant force in space exploration. Japan launched a satellite for the first time in 1972. The European Space Agency was founded during the decade as well. Social science intersected with hard science in the works in natural language processing by Terry Winograd (1973) and the establishment of the first cognitive sciences department in the world at MIT in 1979. The fields of generative linguistics and cognitive psychology went through
10150-424: The day of the revolution. The Portuguese Mint chose the 40th anniversary of the Carnation Revolution for its 2014 2 euro commemorative coin . Freedom Day (25 April) is a national holiday , with state-sponsored and spontaneous commemorations of the civil liberties and political freedoms achieved after the revolution. It commemorates the 25 April 1974 revolution and Portugal's first free elections on that date
10295-604: The decade as outdated industries proved unable to compete with Japanese and German wares. Labor strikes happened with such frequency as to almost paralyze the country's infrastructure. Following the Winter of Discontent , Margaret Thatcher was elected prime minister in 1979 with the purpose of implementing extreme economic reforms. In Eastern Europe, Soviet-style command economies began showing signs of stagnation, in which successes were persistently dogged by setbacks. The oil shock increased East European, particularly Soviet, exports, but
10440-492: The decade. Muscle cars and convertible models faded from favor during the early-1970s. It was believed that the 1976 Cadillac Eldorado would be the last American-built convertible; ending the open body style that once dominated the auto industry. Cars in the U.S. from the early 1970s are noted more for their power than their styling, but they even lost their power by Malaise era of the late-1970s. Styling on American cars became progressively more boxy and rectilinear during
10585-506: The decline and practical failure of the British car industry—a combination of militant strikes and poor quality control effectively halted development at British Leyland , owner of all other British car companies during the 1970s. The Japanese automobile industry flourished during the 1970s, compared to other major auto markets. Japanese vehicles became internationally renowned for their affordability, reliability, and fuel-efficiency, which
10730-400: The decolonisation period, and established multi-party political systems by the early 1990s. By a treaty signed in 1974, Portugal recognised the incorporation of former Portuguese India into India . The 1961 annexation of the tiny Portuguese colony of Fort of São João Baptista de Ajudá by Benin was also recognised by Portugal in 1975. A 1978 Portuguese offer to return Macau to China
10875-561: The development and implementation of a wide range of domestic and international economic policy issues. In its first 7 years the CEA made five technical advances in policy making: The economies of the United States , Japan , West Germany , France , and Italy did particularly well. Japan and West Germany caught up to and exceeded the GDP of the United Kingdom during these years, even as
11020-515: The development of: The 1970s were also the start of: British Rail introduced high-speed trains on InterCity services. The trains consisted of British Rail Class 43 diesel-electric locomotives at either end with British Rail Mark 3 carriages. The trains were built in the United Kingdom by British Rail Engineering Limited . The high speed trains ran at 125 miles per hour (201 km/h) speeding up journeys between towns and cities and
11165-571: The disc jockey at Emissores Associados de Lisboa gave the time signal Falta cinco minutos às vinte e três at 10:55 p.m. on 24 April before turntabling Paulo de Carvalho 's " E Depois do Adeus " (Portugal's entry in the 1974 Eurovision Song Contest ). This alerted rebel captains and soldiers to begin the coup. The second signal came at 12:20 a.m. on 25 April, when Rádio Renascença broadcast " Grândola, Vila Morena " (a song by Zeca Afonso , an influential political folk musician and singer, many of whose songs were banned from Portuguese radio at
11310-641: The dos Santos family ( Jerónimo Martins ). One of the largest was the Companhia União Fabril (CUF), with a wide range of interests including cement, petro and agro chemicals, textiles, beverages, naval and electrical engineering, insurance , banking, paper, tourism and mining, with branches, plants and projects throughout the Portuguese Empire. Other medium-sized family companies specialised in textiles (such as those in Covilhã and
11455-546: The early 1970s was one of the greatest eras of economic expansion in world history. In the US, Gross Domestic Product increased from $ 228 billion in 1945 to just under $ 1.7 trillion in 1975. By 1975, the US economy represented some 35% of the entire world industrial output, and the US economy was over 3 times larger than that of Japan, the next largest economy. The expansion was interrupted in the United States by five recessions ( 1948–49 , 1953–54 , 1957–58 , 1960–61 , and 1969–70 ). $ 200 billion in war bonds matured, and
11600-479: The early 1970s, as Social Democratic Prime Minister Tage Erlander held his office from 1946 to 1969. Sweden used to be a country of emigrants until the 1930s, but the demand for labor spurred immigration to Sweden, especially from Finland and countries like Greece, Italy and Yugoslavia. Urbanization was fast, and housing shortage in urban areas was imminent until the Million Programme was launched in
11745-442: The early-1970s. Rural families engaged in agriculture and forestry. Income from the colonies came from resource extraction, of oil, coffee, cotton, cashews, coconuts, timber, minerals (including diamonds), metals (such as iron and aluminium), bananas, citrus, tea, sisal, beer, cement, fish and other seafood, beef and textiles. Labour unions were subject to severe restrictions, and minimum wage laws were not enforced. Starting in
11890-536: The end of 1974, Portuguese troops were withdrawn from Portuguese Guinea , which became a UN member state as Guinea-Bissau . This was followed in 1975 by the independence of Cape Verde , Mozambique , São Tomé and Príncipe and Angola in Africa and the declaration of independence of East Timor in Southeast Asia . These events prompted a mass exodus of Portuguese citizens from Portugal's African territories (mostly from Angola and Mozambique), creating over
12035-438: The engine for economic growth of all of Western Europe. Labor unions' support of the new policies, postponed wage increases, minimized strikes, supported technological modernization, and a policy of co-determination (Mitbestimmung), which involved a satisfactory grievance resolution system and required the representation of workers on the boards of large corporations, all contributed to such a prolonged economic growth. The recovery
12180-565: The failure of the Vietnam War. As part of détente, the US also restored ties with the People's Republic of China, partially as a counterweight against Soviet expansionism. The US–Soviet geopolitical rivalry nonetheless continued through the decade, although in a more indirect faction as the two superpowers jockeyed relentlessly for control of smaller countries. American and Soviet intelligence agencies gave funding, training, and material support to insurgent groups, governments, and armies across
12325-471: The first constitutional government, led by centre-left socialist Mário Soares , took office. Before April 1974, the intractable Portuguese colonial war in Africa consumed up to 40 percent of the Portuguese budget. Although part of Guinea-Bissau became independent de facto in 1973, Bissau (its capital) and the large towns were still under Portuguese control. In Angola and Mozambique independence movements were active in more remote rural areas from which
12470-547: The form of Islamic fundamentalism, as the Shi'a theocracy of Ayatollah Ruhollah Khomeini overthrew the Shah of Iran and declared itself hostile to both Western democracy and godless communism. People were deeply influenced by the rapid pace of societal change and the aspiration for a more egalitarian society in cultures that were long colonized and have an even longer history of hierarchical social structure . The Green Revolution of
12615-577: The formal end of the Spanish Empire . The continent was, however, plagued by endemic military coups, with the long-reigning Emperor of Ethiopia Haile Selassie being removed, civil wars and famine. The economies of much of the developing world continued to make steady progress in the early 1970s because of the Green Revolution . However, their economic growth was slowed by the oil crisis, although it boomed afterwards. The 1970s saw
12760-414: The formation of large conglomerates . The regime maintained a policy of corporatism which resulted in the placement of much of the economy in the hands of conglomerates including those founded by the families of António Champalimaud ( Banco Totta & Açores , Banco Pinto & Sotto Mayor , Secil , Cimpor ), José Manuel de Mello ( Companhia União Fabril ), Américo Amorim ( Corticeira Amorim ) and
12905-547: The foundation for development in the region during the 1970s and beyond. Economically, the 1970s were marked by the energy crisis which peaked in 1973 and 1979 (see 1973 oil crisis and 1979 oil crisis ). After the first oil shock in 1973, gasoline was rationed in many countries. Europe particularly depended on the Middle East for oil; the United States was also affected even though it had its own oil reserves. Many European countries introduced car-free days and weekends. In
13050-628: The foundation of what was to become the European Union in later years. Institutional economists point to the international institutions established in the post-war period. Structurally, the victorious Allies established the United Nations and the Bretton Woods monetary system , international institutions designed to promote stability. This was achieved through a number of policies, including promoting free trade , instituting
13195-402: The generally-stated aim of distributing the sacrifices required by the war more evenly. While tax rates dipped between the wars, they did not return to pre-war levels. Top tax rates increased dramatically, in some cases tenfold. This had a significant effect on both income and wealth distributions. Such policies were commonly referred to as the "conscription of income" and "conscription of wealth".
13340-581: The global struggle between NATO , the Warsaw Pact , and the Non-Aligned Movement . Many regions had periods of high-intensity conflict, notably Southeast Asia , the Middle East , Latin America , and Africa . In the Western world, social progressive values that began in the 1960s , such as increasing political awareness and economic liberty of women , continued to grow. In the United Kingdom,
13485-401: The globe, each seeking to gain a geopolitical advantage and install friendly governments. Coups, civil wars, and terrorism went on across Asia, Africa, and Latin America, and also in Europe where a spate of Soviet-backed Marxist terrorist groups were active throughout the decade. Over half the world's population in the 1970s lived under a repressive dictatorship. In 1979, a new wrinkle appeared in
13630-578: The government (and the opposition) were planning the succession of Spanish dictator Francisco Franco . Franco died a year and a half later, in 1975. Four civilians were shot dead by government forces under the Directorate General of Security, whose personnel involved were later arrested by the MFA for their murders. After the coup, power was held by the National Salvation Junta (a military junta). Portugal experienced
13775-502: The government candidate usually ran unopposed, while the opposition used the limited political freedoms allowed during the brief election period to protest, withdrawing their candidates before the election to deny the regime political legitimacy . The Estado Novo's political police, the PIDE (Polícia Internacional e de Defesa do Estado, later the DGS, Direcção-Geral de Segurança and originally
13920-449: The highest in history. A rising cost of housing was reflected in the average price of a new home in the U.S. The average price of a new home in the U.S. was $ 23,450 in 1970 up to $ 68,700 by 1980. By the time of 1980, when U.S. President Jimmy Carter was running for re-election against Ronald Reagan , the misery index (the sum of the unemployment rate and the inflation rate) had reached an all-time high of 21.98%. The economic problems of
14065-760: The highways were designed to facilitate their evacuation and ease military maneuvers. Another explanation for this period is the theory of the permanent war economy , which suggests that the large spending on the military helped stabilize the global economy; this has also been referred to as " Military Keynesianism ". This also goes into hand with retired WWII vets with pensions to spend. This period also saw financial repression —low nominal interest rates and low or negative real interest rates (nominal rates lower than inflation plus taxation), via government policy—resulting respectively in debt servicing costs being low (low nominal rates) and in liquidation of existing debt (via inflation and taxation). This allowed countries (such as
14210-472: The history of this country. Unemployment figures show that unemployment was significantly lower during the Golden Age than before or after: In addition to superior economic performance, other social indexes were higher in the golden age; for example the proportion of Britain's population saying they were "very happy" fell from 52% in 1957 to just 36% in 2005. The period from the end of World War II to
14355-426: The imbalance, demanding that Tokyo raise the value of the yen and open its markets further to facilitate more imports from the United States. In early 1950s, the Soviet Union, having reconstructed the ruins left by the war, experienced a decade of prosperous, undisturbed, and rapid economic growth, with significant and remarkable technological achievements most notably the first earth satellite . The nation made it to
14500-564: The influence of developmentalist economics led by Raúl Prebisch . One of Eisenhower's enduring achievements was championing and signing the bill that authorized the Interstate Highway System in 1956. He justified the project through the Federal Aid Highway Act of 1956 as essential to American security during the Cold War . It was believed that large cities would be targets in a possible war, hence
14645-537: The international community, and was becoming increasingly isolated. In 1973 the UN General Assembly passed a resolution calling for Portugal's immediate withdrawal from Guinea. Atrocities such as the Wiriyamu Massacre undermined the war's popularity and the government's diplomatic position, although details of the massacre are still disputed. The war became unpopular in Portugal, and
14790-503: The late 1960s brought about self-sufficiency in food in many developing economies. At the same time an increasing number of people began to seek urban prosperity over agrarian life. This consequently saw the duality of transition of diverse interaction across social communities amid increasing information blockade across social class. Another common global ethos of the 1970s world included increasingly flexible and varied gender roles for women in industrialized societies. More women could enter
14935-548: The main headquarters of the Lisbon military police, the National Republican Guard , at the Largo do Carmo. This building was surrounded by the MFA, which pressured him to cede power to General Spínola. Caetano and President Américo Tomás were sent to Brazil; Caetano spent the rest of his life there, and Tomás returned to Portugal a few years later. The revolution was closely watched by neighbouring Spain, where
15080-465: The military coup into a popular revolution "led by radical army officers, soldiers, workers and peasants that toppled the senile Salazar dictatorship, using the language of socialism and democracy. The attempt to radicalise the outcome", noted a contemporary observer of the time, "had little mass support and was easily suppressed by the Socialist Party and its allies." Caetano found refuge in
15225-479: The nature of conscription of current income above that which is absolutely necessary". Rationing of goods was also widely used, with the aim of distributing scarce resources efficiently. Rationing was widely done with ration stamps , a second currency that entitled the bearer to buy (with regular money) a certain amount of a certain sort of good (for instance, two ounces of meat, or a certain amount of clothing or fuel). Price controls were also used (for instance,
15370-636: The northwest), ceramics, porcelain, glass and crystal (such as those in Alcobaça , Caldas da Rainha and Marinha Grande ), engineered wood (such as SONAE , near Porto ), canned fish ( Algarve and the northwest), fishing, food and beverages (liqueurs, beer and port wine ), tourism (in Estoril , Cascais , Sintra and the Algarve ) and agriculture (the Alentejo , known as the breadbasket of Portugal) by
15515-442: The number of officers by incorporating militia and military-academy officers as equals. According to government estimates, about 900,000 hectares (2,200,000 acres) of agricultural land were seized between April 1974 and December 1975 as part of land reform ; about 32 percent of the appropriations were ruled illegal. In January 1976, the government pledged to restore the illegally occupied land to its owners in 1976, and enacted
15660-457: The period was accompanied by low inflation and sharp increases in real living standards. However, lack of capital investment meant that Belgium's heavy industry was ill-equipped to compete with other European industries in the 1950s. This contributed to the start of deindustrialisation in Wallonia and the emergence of regional economic disparities. Between 1947 and 1973, France went through
15805-408: The post WWII period saw the widespread introduction of the following: Keynesian economists argue that the post war expansion was caused by adoption of Keynesian economic policies . Naomi Klein has argued the high growth enjoyed by Europe and America was the result of Keynesian economic policies and in the case of rapidly rising prosperity that this post war period saw in parts of South America, by
15950-412: The powerful Communist Party. It was followed by a successful counter-coup by more centrist officers, and was marked by constant friction between liberal-democratic forces and leftist-communist political parties. Portugal's first free election was held on 25 April 1975 to write a new constitution replacing the 1933 constitution in force during the Estado Novo era. Another election was held in 1976, and
16095-496: The practice of popularly electing the president and gave the task to the National Assembly . Portugal's Estado Novo government remained neutral in the second world war, and was initially tolerated by its NATO post-war partners due to its anti-communist stance. As the Cold War developed, Western Bloc and Eastern Bloc states vied with each other in supporting guerrillas in the Portuguese colonies , leading to
16240-456: The press , and was seen as an opportunity for the opposition to gain concessions from the regime. In 1969, Caetano authorised the country's first democratic labour union movement since the 1920s. However, after the elections of 1969 and 1973 , hard-liners in the government and the military pushed back against Caetano, with political repression against communists and anti-colonialists . The Estado Novo regime's economic policy encouraged
16385-477: The price of restaurant meals was capped). In the post-war period, progressive taxation persisted. Inheritance taxes also had an effect. Rationing in the United Kingdom lasted until 1954. Allied war bonds matured during the post-war years, transferring cash from governments to private households. In Japan, progressive tax rates were imposed during the Allied occupation , at rates that roughly matched those in
16530-498: The public sector, a rigid labour market and mismanaged European Union 's structural and cohesion funds for almost four decades. Prime Minister José Sócrates ' cabinet was unable to foresee or forestall this when symptoms first appeared in 2005, and could not ameliorate the situation when Portugal was on the verge of bankruptcy in 2011 and required financial assistance from the International Monetary Fund and
16675-722: The publication of Spínola's book, Portugal and the Future , which expressed his political and military views of the Portuguese Colonial War. Several military officers who opposed the war formed the MFA to overthrow the government in a military coup . The MFA was headed by Vítor Alves , Otelo Saraiva de Carvalho and Vasco Lourenço, and was joined later by Salgueiro Maia . The movement was aided by other Portuguese army officers who supported Spínola and democratic civil and military reform. The coup had two secret signals. First,
16820-492: The realm of portability and home accessibility . There were also great advances in fields such as physics, which saw the consolidation of quantum field theory at the end of the decade, mainly thanks to the confirmation of the existence of quarks and the detection of the first gauge bosons in addition to the photon , the Z boson and the gluon , part of what was christened in 1975 as the Standard Model . In Asia,
16965-510: The replacement of Keynesian economic theory with neoliberal economic theory, with the first neoliberal government coming to power with the 1973 Chilean coup d'état . The 1970s was also an era of great technological and scientific advances; since the appearance of the first commercial microprocessor, the Intel 4004 in 1971, the decade was characterised by a profound transformation of computing units – by then rudimentary, spacious machines – into
17110-427: The revolution it was an underdeveloped country with poor infrastructure , inefficient agriculture and some of the worst health and education indicators in Europe. Pre-revolutionary Portugal had some social and economic achievements. After a long period of economic decline before 1914, the Portuguese economy recovered slightly until 1950. It began a period of economic growth in common with Western Europe, of which it
17255-401: The sixties, Lidia Gueiler Tejada becoming the interim President of Bolivia beginning from 1979 to 1980, Maria de Lourdes Pintasilgo becoming the first woman Prime Minister of Portugal in 1979, and Margaret Thatcher becoming the first woman Prime Minister of the United Kingdom in 1979. Both Indira Gandhi and Margaret Thatcher would remain important political figures in the following decade in
17400-513: The spectacular reentry of Skylab over Australia. NASA had planned for a Shuttle mission to the space station, but the shuttles were not ready to fly until 1981, too late to save it. Meanwhile, the Soviets, having failed in their attempt at crewed lunar landings, canceled the program in 1972. By then, however, they had already begun Salyut , the world's first space station program, which began in 1971. This would have problems of its own, especially
17545-425: The streets – mingling with, and supporting, the military insurgents. A central gathering point was the Lisbon flower market, then richly stocked with carnations (which were in season). Some of the insurgents put carnations in their gun barrels , an image broadcast on television worldwide which gave the revolution its name. Although no mass demonstrations preceded the coup, spontaneous civilian involvement turned
17690-552: The time). The MFA gave the signals to take over strategic points of power in the country. The content of the songs was largely uncontroversial—censorship would have prevented more inflammatory songs—their broadcasting was a signal, not a direct call to arms. Six hours later, the Caetano government relented. Despite repeated radio appeals from the "captains of April" (the MFA) advising civilians to stay home, thousands of Portuguese took to
17835-411: The top 15 countries with highest GDP per capita in the mid-1950s. However, the growth slowed by the mid-1960s, as the government started pouring resources into large military and space projects, and the civilian sector gradually languished. While every other major nation greatly expanded its service sector, in the Soviet Union it was given low priority. Following Khrushchev's ouster, and the appointment of
17980-471: The towns and cities—a process largely completed by 1960. West Germany , under Chancellor Konrad Adenauer and economic minister Ludwig Erhard , saw prolonged economic growth beginning in the early 1950s. Journalists dubbed it the Wirtschaftswunder or "Economic Miracle". Industrial production doubled from 1950 to 1957, and gross national product grew at a rate of 9 or 10% per year, providing
18125-624: The tragic loss of the Soyuz ;11 crew in July 1971 and the near-loss of the Soyuz 18a crew during launch in April 1975. It eventually proved a success, with missions as long as six months being conducted by the end of the decade. In terms of uncrewed missions, a variety of lunar and planetary probes were launched by the US and Soviet programs during the decade. The most successful of these include
18270-568: The war and the draft. Riots ensued during the weekend and the National Guard was called in to maintain the peace. However, by 4 May 1970, tensions arose again, and as the crowd grew larger, the National Guard started shooting. Four students were killed and nine were injured. This event caused disbelief and shock throughout the country and became a staple of anti-Vietnam demonstrations. Post%E2%80%93World War II economic expansion The post–World War II economic expansion , also known as
18415-497: The war damage and began to boom, with the fastest growth rates in the world. Given a boost by the Korean War , in which it acted as a major supplier to the UN force, Japan's economy embarked on a prolonged period of extremely rapid growth, led by the manufacturing sectors. Japan emerged as a significant power in many economic spheres, including steel working, car manufacturing and the manufacturing of electronics. Japan rapidly caught up with
18560-515: The war, such as Japan ( Japanese economic miracle ), West Germany and Austria ( Wirtschaftswunder ), South Korea ( Miracle on the Han River ), Belgium ( Belgian economic miracle ), France ( Trente Glorieuses ), Italy ( Italian economic miracle ) and Greece ( Greek economic miracle ). Even countries that were relatively unaffected by the war such as Sweden ( Record years ) experienced considerable economic growth. The boom established
18705-475: The western Allies. After the war, the major powers were determined not to repeat the mistakes of the Great Depression , some of which were ascribed to post–World War I policy errors. The Marshall Plan for the rebuilding of Europe is most credited for reconciliation, though the immediate post-war situations was more complicated. In 1948 the Marshall Plan pumped over $ 12 billion to rebuild and modernize Western Europe. The European Coal and Steel Community formed
18850-476: The workforce. However, the gender role of men remained as that of a breadwinner. The period also saw the socioeconomic effect of an ever-increasing number of women entering the non-agrarian economic workforce. The Iranian revolution also affected global attitudes toward and among those of the Muslim faith toward the end of the 1970s. The global experience of the cultural transition of the 1970s and an experience of
18995-510: The world population increase from 3.7 to 4.4 billion, with approximately 1.23 billion births and 475 million deaths occurring during the decade. The most notable wars and/or other conflicts of the decade include: The most notable International conflicts of the decade include: The most prominent coups d'état of the decade include: The most notable terrorist attacks of the decade include: Worldwide Americas Europe Asia Africa Superpower tensions had cooled by
19140-633: The world saw only 38 financial crises, whereas from 1973 to 1997 (24 years) there were 139. High productivity growth from before the war continued after the war and until the early 1970s. Manufacturing was aided by automation technologies such as feedback controllers , which appeared in the late 1930s were a fast-growing area of investment following the war. Wholesale and retail trade benefited from new highway systems, distribution warehouses, and material handling equipment such as forklifts and intermodal containers . Oil displaced coal in many applications, particularly in locomotives and ships. In agriculture,
19285-710: The world. The United States withdrew its military forces from the Vietnam War . In 1979, the Soviet Union invaded Afghanistan, which led to the Soviet–Afghan War . The 1970s saw an initial increase in violence in the Middle East as Egypt and Syria declared war on Israel, starting the Yom Kippur War , but in the late 1970s, the situation was fundamentally altered when Egypt signed the Egyptian–Israeli Peace Treaty . Political tensions in Iran exploded with
19430-532: Was invaded by Indonesia , and remained occupied until 1999 . There were an estimated 102,800 conflict-related deaths from 1974 to 1999 (about 18,600 killings and 84,200 deaths from hunger and illness), most of which were incurred during the Indonesian occupation. After a long period of one-party rule, Guinea-Bissau experienced a brief civil war and a difficult transition to civilian rule in 1998. Cape Verde and São Tomé and Príncipe avoided civil war during
19575-416: Was a founding member of the European Economic Community in 1958. The post-war economic boom had many social, cultural, and political effects (not least of which was the demographic bulge termed the baby boom ). Movements and phenomena associated with this period include the height of the Cold War , postmodernism , decolonisation , a marked increase in consumerism , the welfare state , the space race ,
19720-478: Was accelerated by the currency reform of June 1948 , US gifts of $ 1.4 billion Marshall Plan aid, the breaking down of old trade barriers and traditional practices, and the opening of the global market. West Germany gained legitimacy and respect, as it shed the horrible reputation Germany had gained under the Nazis. West Germany played a central role in the creation of European cooperation; it joined NATO in 1955 and
19865-454: Was characterised by robust annual growth in GDP (6.9 percent), industrial production (nine percent), consumption (6.5 percent), and gross fixed capital formation (7.8 percent). The revolutionary period experienced a slowly-growing economy, whose only impetus was its 1986 entrance into the European Economic Community . Although Portugal never regained its pre-revolution growth, at the time of
20010-456: Was due to the ambitions of several Italian businesspeople, the opening of new industries (helped by the discovery of hydrocarbons, made for iron and steel, in the Po valley ), re-construction and the modernisation of most Italian cities, such as Milan, Rome and Turin, and the aid given to the country after World War II (notably through the Marshall Plan ). After 1950 Japan's economy recovered from
20155-459: Was no need for further missions. There was also a growing sentiment that the billions of dollars spent on the space program should be put to other uses. The Moon landings continued through 1972, but the near loss of the Apollo ;13 mission in April 1970 served to further anti- NASA feelings. Plans for missions up to Apollo 20 were canceled, and the remaining Apollo and Saturn hardware
20300-576: Was not until later that the world had the exceptional growth of China raising the global average. Skidelsky also reports that inequality was generally decreasing during the golden age, whereas since the Washington Consensus was formed it has been increasing. Globally, the golden age was a time of unusual financial stability, with crises far less frequent and intense than before or after. Martin Wolf reports that between 1945 and 1971 (27 years)
20445-554: Was refused, as the Chinese government did not want to risk jeopardising negotiations with the UK over returning Hong Kong. The territory remained a Portuguese colony until 1999, when it was transferred to China with a joint declaration , and enacted a " one country, two systems " policy similar to that of Hong Kong . The Portuguese economy changed significantly between 1961 and 1973. Total output (GDP at factory cost) had grown by 120 percent in real terms. The pre-revolutionary period
20590-459: Was suffering from a worsening financial situation caused by various factors. By 1979, the company was near bankruptcy, and under its new president Lee Iacocca (who had been fired from Ford the year before), asked for a government bailout. American Motors beat out the U.S. Big Three to subcompact sized model (the Gremlin ) in 1970, but its fortunes declined throughout the decade, forcing it into
20735-400: Was the poorest country until the 1980s. Portuguese economic growth between 1960 and 1973 (under the Estado Novo regime) created an opportunity for integration with the developed economies of Western Europe despite the colonial war. Through emigration, trade, tourism and foreign investment, individuals and companies changed their patterns of production and consumption. The increasing complexity of
20880-616: Was used for the Skylab space station program in 1973–1974, and for the Apollo–Soyuz Test Project (ASTP), which was carried out in July 1975. Many of the ambitious projects NASA had planned for the 1970s were canceled amid heavy budget cutbacks, and instead it would devote most of the decade to the development of the Space Shuttle . ASTP was the last crewed American space flight for the next five years. The year 1979 witnessed
21025-410: Was very important to many customers after the oil crisis of 1973. Japanese car manufacturing focused on computerized robotic manufacturing techniques and lean manufacturing , contributing to high-efficiency and low production costs. The Honda Civic was introduced in 1973, and sold well due to its high fuel-efficiency. By 1975 Toyota overtook Volkswagen as the top-selling imported automobile brand in
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