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1971 was a common year starting on Friday of the Gregorian calendar, the 1971st year of the Common Era (CE) and Anno Domini (AD) designations, the 971st year of the 2nd millennium, the 71st year of the 20th century, and the 2nd year of the 1970s decade.
People were deeply influenced by the rapid pace of societal change and the aspiration for a more egalitarian society in cultures that were long colonized and have an even longer history of hierarchical social structure. The Green Revolution of the late 1960s brought about self-sufficiency in food in many developing economies. At the same time ...
April 24 – Five hundred thousand people in Washington, D.C., and 125,000 in San Francisco march in protest against the Vietnam War. [2] April 30 – The Milwaukee Bucks win the championship of the National Basketball Association in just their third season, completing a four-game sweep of the Baltimore Bullets in the finals.
The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States president Richard Nixon on 15 August 1971 in response to increasing inflation.
By the summer of 1971, Nixon was under strong public pressure to act decisively to reverse the economic tide. On August 15, 1971, he ended the convertibility of the U.S. dollar into gold, which meant the demise of the Bretton Woods system, in place since World War II. As a result, the U.S. dollar fell in world markets.
1971 – The landmark situation comedy, All in the Family, premieres on CBS. 1971 – The 26th Amendment is ratified, allowing 18-year-olds to vote. 1971 – In New York Times Co. v. United States, the Supreme Court rules that the Pentagon Papers may be published, rejecting government injunctions as unconstitutional prior restraint.
The Apollo–Soyuz and Spacelab programs ended in 1976, and there would be a five-year hiatus in American crewed spaceflight until the flight of the Space Shuttle. [3] [4] The Soviet Union developed vital technologies involving long-term human life in free-fall on the Salyut and later Mir space stations.
One of the first challenges OPEC faced in the 1970s was the United States' unilaterally pulling out of the Bretton Woods Accord and taking the U.S. off the established Gold Exchange Standard in 1971. The change resulted in instability in world currencies and depreciation of the value of the U.S. dollar, as well as other currencies. The revenues ...