In the mid-1970s,a long recessionary period in Western economies was triggered by:

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The oil embargo of 1973, imposed by members of OPEC (Organization of Petroleum Exporting Countries), was one of the major triggers of the recessionary period in Western economies in the mid-1970s. The embargo led to a sharp increase in oil prices, causing inflation and slowing down economic growth. This also led to a global energy crisis as many countries relied heavily on imported oil.

In the Mid-1970s,a Long Recessionary Period in Western Economies Was