The global energy crisis, high inflation, and a shrinking economy represented what economist called ______.

Question

Quizplus · Accepted Answer

Stagflation is a condition characterized by a combination of stagnant economic growth, high unemployment, and high inflation. This term was commonly used to describe the economic conditions in the 1970s when the world was facing an energy crisis, inflationary pressures, and a slowing down of economic growth. The other options, neoliberalism, decentralization, and capitalism, do not adequately address the specific economic conditions highlighted in the question.

The Global Energy Crisis, High Inflation, and a Shrinking Economy