Past Present Future Ideas of Globalisation: The Crisis of the 1970s (and Trump!)
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May 11, 2025 Meg Jacobs, an economic historian and author of "Panic at the Pump," explores how the crises of the 1970s reshaped America's global role. She discusses the Nixon Shock's impact on economic policies and the public's response to national self-sacrifice during the oil crisis. Jacobs also connects these historical events to Donald Trump's political narrative, examining how past lessons on energy dependency still resonate today. The conversation reveals the complexities of conservation and governance that continue to challenge today's leaders.
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1970s Energy Crisis Redefined America
- The 1970s energy crisis deeply reshaped America's self-perception on the global stage.
- Nixon's shock abruptly ended Bretton Woods and sparked calls for national self-sacrifice to stabilize prices.
Paradox of Self-Sufficiency and Vulnerability
- The 1971 Nixon Shock and 1973 Oil Shock were linked parts of a broader energy crisis.
- The U.S. faced a paradox of pursuing self-sufficiency while becoming more vulnerable to oil supply shocks.
Oil Shock's Surprising Impact
- The 1973 Oil Shock was shocking because no one believed OPEC would wield such power.
- Americans were unaware of growing oil imports and suspected corporate greed instead of geopolitical risk.