ABSTRACT
This chapter focuses on origins and the consequences of mid-1970s worldwide economic recession. Economic crisis and social malaise are commonly seen as characterizing the 1970s, at least as far as the Western world is concerned. Alternative ways of restoring monetary stability were discussed, both within the Organisation for Economic Co-operation and Development (OECD) and the European Community (EC), but it was difficult to reach consensus on mechanisms to limit monetary fluctuations. Globalization is often primarily identified with growing economic interdependence, especially with increasing global trade and investments, and the liberalization of trade and financial relations. Up till the early 1960s, the number of industrial jobs in all Western economies had grown as a result of increasing industrialization, but from that moment on, particularly the traditional industrial sectors, such as mining, steel, and shipping, found themselves in trouble.
