America: Concise History

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From the year 1973 to 1980, the United States encountered a couple of problems. This included oil crises, legalization of abortion, and severe recession of the economy among many other crimes that occurred during this time bracket.

In the year 1973, the oil crises commenced on October, when the organization of exporting countries in Arab announced an oil embargo. According to Henretta & Edwards (2012), this occurred in response to the United States decision to re-supply the military of Israeli in the time of Yom Kippur war. The crises went until March 1974. With the United States actions initiating the oil embargo and the possibility of high oil prices in the long term, disrupted recession and supply, a strong and effective rift was created. In addition, some of the Japan and European nations sought to disassociate from the United States Middle East policy. The oil producers from Arab had also linked the embargo end with successful United State efforts to initiate peace in Middle East, which made the situation complicated.

In 1973, the act of abortion was also legalized. This was done when the United State Supreme court ruled in the V. Wade that in the first trimester, a lady has the right to make a decision on what should happen in her body. The landmark decision made rested on an introduced new "right to privacy" that was announced in 1965. 

At the time when the recession of the year 1973-1975 was observed as the most severe since the time of the second world war.  The economy was a real severe recession. According to Henretta & Edwards (2012), the level of unemployment becomes very high. The Gross Domestic Product levels from the fourth quarter were decreasing. Nevertheless, it was not a catastrophic decrease being only about 7 percent, but the rate of unemployment was rising significantly. What were declining catastrophically were the purchases of investment.

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