When Arab governments cut oil exports to punish America for supporting Israel, the U.S. economy plunged into a painful recession. A decade of stagflation and political

many manufacturing sectors were struggling to deal with a currency that put them at a disadvantage. Brazilian markets were flooded with cheap Chinese imports and local producers found it hard to compete overseas. Economists were beginning to argue that Brazil was suffering from so-called ‘Dutch disease’, in which the development of a specific secto

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