Business Project 5 Timeline

By danihernandez

  • Nixon Shock

    The Nixon shock marked the end of the Bretton Woods system, and led to high inflation as well as wage and price freezes.

  • Wage and Price Controls

    Nixon put a 90-day freeze on wages and prices to help battle inflation.

  • Dow Jones IA

    In 1972, the Dow Jones Industrial Average crossed the 1,000 mark, a symbol of the strong economy at the time.

  • Dow Jones IA

    The DIJA crosses the 1,000 mark, reflecting the strong economy at the time.

  • Stagflation

    Economists begin using this term when inflation and unemployment rise at the same time.

  • Meat Boycott

    Many people boycotted the meat industry for a week due to a rapid rise in price.

  • Arab Oil Embargo

    The OAPEC declared an oil embargo, causing panic and an energy crisis, as well as a high rise in oil prices.

  • Recession

    The economy enters recession, the worst since the Great Depression. Unemployment and prices were extremely high. It lasted until March 1975.

  • Project Independence

    Nixon launches Project Independence, with a goal of full energy self-sufficiency by 1980.

  • Inflation

    Inflation reaches 11% annually due to the oil crisis, food prices and lacking of wage and price controls.

  • Commodity Futures Trading Commission Act of 1974

    Created CFTC to regulate commodity features and options markets.

  • End of Stagflation

    Stagflation comes to an end after 2 years.

  • Japanese Car Imports

    There is a rise in Japanese Car Imports due to gas efficiency

  • Energy Policy and Conservation Act

    As a response to 1973 oil crisis and aimed to increase energy supplies and prepare for energy emergencies.

  • Bribes

    In 1976, over 175 U.S. companies admitted to offering over $300 million in bribes since the year 1970.

  • Airline Deregulation Act

    Aimed to transform airline industry, did things like removing government control over fares and routes.

  • Humphrey Hawkins Act

    Established economic policy objectives of price stability and employment, and required Federal Reserve to report to the Congress on its monetary policy twice a year.

  • Volcker Shock

    The monetary policy implemented by the Federal Reserve. Included interest rate increase, tight monetary policy, recession, unemployment, and debt.