In the United States, the most famous period during which inflation and unemployment were positively correlated was the 1970s. Termed stagflation, the combination of high inflation, high unemployment and sluggish economic growth that plagued this decade came about for several reasons. President Richard Nixon removed the U.S. dollar from the gold standard. Instead of being tied to a commodity with intrinsic value, the currency was left to float, its value subject to market whims.
đang được dịch, vui lòng đợi..
