Ford, Carter, and the Economic Malaise: Crash Course US History #42

2013-12-21

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In which John Green teaches you about the economic malaise that beset the United States in the 1970s. A sort of perfect storm of events, it combined the continuing decline of America's manufacturing base with the oil shocks of 1973 and 1979 and brought about a stagnant economy, paired with high inflation. Economists with a flair for neologisms and portmanteau words called this "stagflation," and it made people miserable. Two presidential administrations were scuttled at least in part by these economic woes; both Gerald Ford and Jimmy Carter are considered failed presidents for many reasons, but largely because of an inability to improve the economy. (hint: In reality, no one person can materially change something as big as the world economy, even if they are president, but one person sure can make a handy scapegoat!) So, by and large, the 70s were a pretty terrible time in America economically, but at least the decade gave us Mr. Green.

Crash Course is no longer available on DVD, sorry to disappoint.

Chapters:

Introduction: The 1970s 00:00

Economics in the 1970s 1:02

The End of the Gold Standard 2:32

The Decline of American Manufacturing 2:54

Oil Shocks 4:12

Stagflation and the Misery Index 5:16

Gerald Ford's Presidency 5:49

Jimmy Carter's Presidency 6:52

Mystery Document 7:15

Nuclear Power 8:51