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AMERICA COMPARED |  |
Economic Malaise in the Seventies
Most major economic indicators in the United States turned downward in the 1970s, as the long postwar expansion ground to an unmistakable halt. The figures below offer evidence of how developments in the United States compared with other industrialized countries.
FIGURE 29.3
Falling Gross Domestic Product
FIGURE 29.4
Rising Unemployment
QUESTIONS FOR ANALYSIS
Question
In what ways do these figures demonstrate an integrated global economy?
Question
What does the GDP graph indicate about how global economic integration affected the U.S. economy? Notice that Japan’s GDP growth remained strong in the late 1970s and early 1980s. With what historical development within the U.S. does that correspond?