The Way it Was in 1980

Abstract

History is a continuum, but it contains nodal points — periods of outstanding and lasting significance. The years 1979–81 brought political changes that were to have substantial impacts on economic policies and developments in many countries and would begin to transform the world economy. This narrative therefore starts with the opening of a new decade — the 1980s — one that was to contrast starkly with the 1970s. In this chapter a wide-angled snapshot view is presented of how the three segments of the world economy looked in 1980.