thank you for this, I didn’t know about the government directed priority.
Here’s a take on the times
“The global economy in 1974 was characterized by a period of economic stagnation, high inflation, and recession in much of the Western world. This was due to various factors such as the 1973 oil crisis, the deficits of the Vietnam War, and the collapse of the Bretton Woods system. The 1973-1975 recession involved stagflation, with high unemployment and high inflation existing simultaneously. The United States and the United Kingdom experienced significant economic slowdown, with the US reaching a peak unemployment rate of 9% in May 1975. The worldwide economic activity was at unprecedented and unsustainable levels, leading to bottlenecks in basic industries and raw material supplies. The 1973-1974 stock market crash also contributed to the economic downturn, causing a bear market and significant loss of value in stock markets worldwide.The global economy in 1974 was marked by economic stagnation, high inflation, and recession, largely due to the 1973 oil crisis and other factors. The United States and the United Kingdom experienced significant economic slowdown, with the US reaching a peak unemployment rate of 9% in May 1975. The worldwide economic activity was at unprecedented and unsustainable levels, leading to bottlenecks in basic industries and raw material supplies. The 1973-1974 stock market crash also contributed to the economic downturn, causing a bear market and significant loss of value in stock markets worldwide.”
