The 1970s (2024)

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What happened in the 1970s in the US summary? ›

Many remember the 1970s as a decade of soaring inflation, political upheaval, and the erosion of United States' prestige worldwide. But the significance of the seventies goes beyond high gas prices, Watergate, and Vietnam - profound changes to American politics, societal norms, and the nation's economy took root.

The United States faced political turmoil as President Richard Nixon resigned amid the Watergate scandal, and in Chile Augusto Pinochet overthrew the democratically elected government. Also making news were the massacre at the Munich Olympics and the Iran hostage crisis.

Korean War, Vietnam War, 1970s.

The 1970s were an eclectic time for music and cultural phenomena. Between disco, rock, R&B, funk and soul music the 70s saw some of the greatest sonic outputs of any era, and to this day many of these songs are still celebrated and able to find new audiences due to their ingenious writing and powerful performances.

Tom Wolfe called the 1970s the "Me Decade." Across the land, Americans seemed determined to escape from the wars and social movements of the previous decade. Disillusionment with national and global action led many to look inward and find solace in discovering more about themselves.

Key Takeaways. Stagflation in the 1970s was a period with both high inflation and uneven economic growth. High budget deficits, lower interest rates, the oil embargo, and the collapse of managed currency rates contributed to stagflation.

The upheavals of the 1970s — the Watergate cover-up, defeat in Vietnam, racial conflict, and economic convulsions — formed the contours of today's polarization, argue Princeton historians Kevin M. Kruse and Julian E. Zelizer.

And often, inflation was identified as a special evil. Interest rates appeared to be on a secular rise since 1965 and spiked sharply higher still as the 1970s came to a close. During this time, business investment slowed, productivity faltered, and the nation's trade balance with the rest of the world worsened.

The term "'Me' Decade" describes a general new attitude of Americans in the 1970s, in the direction of atomized individualism and away from communitarianism, in clear contrast with social values prevalent in the United States during the 1960s.