The phenomenon of stagflation was brought into Western economic life by the

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The oil boycott of 1973-74, also known as the oil crisis, was a major event that created stagflation in Western economies. The Organization of Arab Petroleum Exporting Countries (OAPEC) stopped selling oil to the United States and other countries that supported Israel in the Yom Kippur War. This led to a significant increase in oil prices, which caused a recession in many countries, including the U.S. The combination of high inflation and high unemployment during this period is what is now known as stagflation.

The Phenomenon of Stagflation Was Brought into Western Economic Life