Essay on Encyclopedia of American Business
There is no doubt that the dramatic period of the 1960s and early 1970s was a time of significant changes characterized by one of the most severe crises of the capitalist system itself. In those times, it was possible to see various changes concerning the emergence of new nations all over the world, the appearance of insurgent movements, struggling to overturn the existing governments, the establishment of countries that grew in order to become economic powerhouses and then to complete with the United States, and the rise of economic relations that came in order to predominate in the world and recognize the fact that military operations could not be the only possible way for expansion or growth.
In fact, during those critical times, the administration of President Richard Nixon greatly responded to the dramatic changes of the late 1960s and early 1970s. He not only continued the attack against crime, but also approved the Equal Rights Amendment to guarantee equal rights for women.
However, one of the most remarkable changes of those times was considered to be intervention in the marketplace. The government launched many new programs that completely contributed to the country’s prosperity. Oddly enough, but spending financial resources on both wars (the Vietnam War and the war on poverty), greatly contributed to the country’s prosperity in the short-term perspective. However, the government’s inability to raise taxes in order to cover those efforts has led to inflation that completely destroyed this prosperity. As a result, President Nixon ‘imposed price and wage controls’ (Folsom and Boulware 364) as well as rent-control laws in order to take control over inflation.
In conclusion, the dramatic period of the 1960s and early 1970s was a time of significant changes characterized by one of the most severe crises in all the spheres of people’s lives. Indeed, one of the most remarkable changes of those times was intervention in the marketplace. It was primary characterized by price and wage controls as well as rent-control laws.
Do you like this essay?
Our writers can write a paper like this for you!
(No Ratings Yet)
Loading...