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Subject: When year did the recession of the 70s and early 80s begin?
Written By: 80sfan on 08/24/11 at 1:15 am
Anyone? :(
I know that by 1983, the recession was over, but when did it begin?
Subject: Re: When year did the recession of the 70s and early 80s begin?
Written By: MaxwellSmart on 08/24/11 at 1:25 am
Anyone? :(
I know that by 1983, the recession was over, but when did it begin?
I seem to remember my father explaining to me what a recession was in 1978, but the double digit unemployment didn't kick in until the early '80s. We haven't reached official double-digits in this recession, but the 9+ rates are relentless.
Subject: Re: When year did the recession of the 70s and early 80s begin?
Written By: 80sfan on 08/24/11 at 1:37 am
I seem to remember my father explaining to me what a recession was in 1978, but the double digit unemployment didn't kick in until the early '80s. We haven't reached official double-digits in this recession, but the 9+ rates are relentless.
I think the recessions of the 70s and early 80s were on and off. It wasn't one looong recession that lasted 10-15 years, it was a period of okay years for the economy, then a few bad years, then good years, then bad years again. I don't think it was continous!
Subject: Re: When year did the recession of the 70s and early 80s begin?
Written By: Matthew on 10/19/11 at 4:32 pm
The 6-day war between Israel and the Arab countries in 1973 sparked off a fuel shortage and led to a three-day week in the UK. This was the start of the first economic recessionary crisis. A new Labour government came in and basically threw money at the problems between 1974-76, but in late 76, there was a share crash similar to the one in 2008. Britain had run out of money and the IMF imposed strict conditions for a bail-out... so started another recession, or at least period of austerity, that lasted till 1978.
Then, with a General Election coming up, Labour attempted to loosen the strings a little in 1978 and the economy started growing again... but this led to price inflation and higher wage rises, and eventually a crippling spiral of strikes in early 1979 as wage rises failed to keep up with inflation. So we got Thatcher with her fierce monetarist policies and cuts, which led to the main recession between 1980-82.
So there were three small recessions, punctuated by periods of artificial government-induced growth.
Subject: Re: When year did the recession of the 70s and early 80s begin?
Written By: Matthew on 10/19/11 at 4:36 pm
I think the recessions of the 70s and early 80s were on and off. It wasn't one looong recession that lasted 10-15 years, it was a period of okay years for the economy, then a few bad years, then good years, then bad years again. I don't think it was continous!
Exactly!
1973-74.
1976-78
1980-82 (the worst one, probably because Conservative governments let things find their own level.)
I think there were longer periods of recession in the US, because the governments of Ford and even Carter were way less interventionist than Wilson-Callaghan. And certainly Reagan was the apostle of non-interventionsm (perhaps because he spent so much time asleep?)