Looking Back: Top Business News of 1974

The Economy in 1974

The year 1974 was characterized by a global economic recession and a significant oil crisis. Due to high inflation and unemployment rates, the economic situation was tough for most countries around the world. The US, in particular, was struggling to manage high inflation and a recession.

The Rise of Apple Computers

In 1974, the first personal computer was introduced by a company called MITS. However, the real revolution in the personal computer industry would be sparked by the introduction of Apple Computers in the following year. In 1974, Steve Jobs and Steve Wozniak released the first Apple computer, which was a rudimentary machine capable of only basic functions.

The OPEC Oil Embargo

1974 is also remembered for the oil embargo that OPEC (Organization of Oil Exporting Countries) imposed on the US. As a result of the embargo, the price of oil skyrocketed, leading to fuel shortages and long lines at gas stations. The US gasoline prices had tripled by the end of 1974.

The Impeachment of President Nixon

One of the biggest political stories of 1974 was the impeachment of President Richard Nixon. The Watergate scandal had led to a loss of confidence in the government and the impeachment proceedings were a symbol of the country’s disillusionment with the political system.

Concluding Thoughts

The year 1974 was a tumultuous one, with major political, economic, and technological events shaping the course of history. While it was a difficult year for many, it was also a year of change and progress that would set the stage for future developments. Looking back, it’s clear that the events of 1974 had a lasting impact on the world we live in today.

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