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Stagflation and the Oil Crisis of the 1970s

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- There was a large decline in worker productivity, and a rise in competition from Germany and Japan, which participated to the nations economic problems.
- The economic pressures created a crisis of political identity for the Democratic Party.

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- The U.S faced a period of stagflation, which meant that the economy faced high inflation, and low economic growth.
- There was high budget deficits and low interest rates.
- There was also a collapse of managed currency rates.

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- The Carter Administration planned a phased deregulation of oil prices on April 5, 1979.
- This was caused by a decline in Iranian oil production, which went from 5.8 million barrels/day to 445,000 barrels/day in the span of less than a year.
- Oil prices started rapidly rising in 1979, then by 1980, they were more than doubling.

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Iran Hostage Crisis survivor Michael Metrinko recalls his 444 days in captivity and ultimate rescue

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November 4, 1979- January 20, 1981

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Here's How the Camp David Accords Impacted the Middle East | History

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- U.S President Jimmy Carter
- Israeli Prime Minister Menachem Begin
- Egyptian President Anwar Sadat

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- Signed on September 17, 1978

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- An agreement made by Jimmy Carter between Egyptian and Israeli leaders, that made a peace treaty between the two nations possible.
- Established A Framework for Peace in the Middle East, and a Framework for the Conclusion of a Peace Treaty Between Egypt and Israel.
- This laid the groundwork for a permanent peace agreement between Egypt and Israel after three decades of hostilities.

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Jimmy Carter campaigns in St. Louis before general election (1976)

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- Election was held November 7, 1976

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- A group of Iranian students stormed the U.S. Embassy in Tehran, taking more than 60 American hostages.
- 52 hostages were held for over a year.
- Took place during the aftermath of Iran's Islan Revolution.
- The hostages were mostly women and African Americans
- Hostages were separated into small groups, and were not allowed to communicate.

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Republican: Gerald Ford
Democrat: Jimmy Carter

Elected- Jimmy Carter

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- Became known as the Camp david Accords because the negotiations took place at the U.S presidential retreat Camp David, MD.
- This was the first type of treaty between Israel and its Arab neighbors.

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- The unemployment average was 6.6%
- The rate of joblessness went from 7.7% -72% by the end of Carter's first term.

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-Campaigns were started after the Watergate scandal, when Ford took over presidency after Nixon resigned.
- Carter announced his candidacy on December 12,1974.
- After the democratic convention, Carter had a lead of over 30 percentage points over ford in the Gallup and Harris Polls
- Ford's strategy was to stay in the White House for as long as possible to project a presidential image.
- Carter planned on entering in the 31 Presidential Primaries to get exposure.

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Electoral Votes:
Carter- 297 - 55%
Ford- 240 - 45%

Popular Votes:
Carter- 40,825,839 - 51%
Ford-39,147,770 - 48%

Final Result: Carter was elected president.

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- The cause of this crisis was because President Carter allowed Shah(pro western autocrat) to come to the U.S for cancer treatment.
- Student revolutionaries believed it was a way to declare a break with Iran’s past and an end to American interference in its affairs

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- Egypt regained the Sinai Peninsula that Israel had captured during the Six-Day War in 1967
- Israel received its first formal recognition from an Arab state.

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- This crisis ended after negotiations held in 1980 and early 1981
- 8 U.S service members were killed
- The students set their hostages free on January 21, 1981, 444 days after the crisis began