Abstract
Several explanations have been offered for the slow down of the world economy since the early 1970s and the international recessions of the mid 1970s and early 1980s: the destruction of the international monetary system when the Bretton-Woods regime of fixed exchange rates was replaced by generally fluctuating exchange rates in 1973, the oil-price crises of 1973/74 and 1979/80 which clearly reduced domestic real disposable incomes, rising inflationary pressures, stagnating markets for many major product groups etc. Even if all these factors have certainly played a more or less considerable role, they seem to have acted mainly to accelerate and exacerbate previously established trends.
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Fischer, M.M. (1989). Innovation, Diffusion and Regions. In: Andersson, Å.E., Batten, D.F., Karlsson, C. (eds) Knowledge and Industrial Organization. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-95597-6_5
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DOI: https://doi.org/10.1007/978-3-642-95597-6_5
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