The Year 1982 Up Close

Although the Cold War was not violent, there were other wars going on across the globe that was quite different. Argentina and the United Kingdom were fighting over the Falkland Islands, while Israel was invading Lebanon. In the earlier years, both Argentina and the U.K. suffered damages by losing a ship and a submarine respectively. They also lost lives in the war and thousands of Palestine refugees in camps in Beirut were slain by the Lebanese Militia. Not everything that occurred in the year was detrimental, there were instances that were celebrated. For instance, the first CD player was sold in Japan. In sports, Italy won the world cup in Spain. In the field of medicine, doctors massive improvement by implanting the first permanent artificial heart. Commercial whaling is also banned in this year with the help of the International Whaling Commission. On a relatively surprising end, the largest cash robbery was reported in New York after just below ten million dollars is stolen from an armored car (Collins 308). The Recession The recession of early 1980s began in July of 1981 and ended in November the following year. Although it was considered that the developed nations had been experiencing some economic hardships since the 70s, the recession in the United States was clearly evident in this time frame of 1981-1982. The key reason stated for the destitution was that the Federal Reserve System has an ineffective contractionary monetary system in place to control inflation. This system had been put in place since the country was hurting from the 1973 Oil Crisis along with the energy crisis in 1879. These two events in the 70s had caused the Federal Reserve to seek a plan as they were causing massive inflation… The recession of the early 1980s began in July of 1981 and ended in November the following year. Although it was considered that the developed nations had been experiencing some economic hardships since the 70s, the recession in the United States was clearly evident in this time frame of 1981-1982. The key reason stated for the destitution was that the Federal Reserve System has an ineffective contractionary monetary system in place to control inflation. This system had been put in place since the country was hurting from the 1973 Oil Crisis along with the energy crisis in 1879. These two events in the 70s had caused the Federal Reserve to seek a plan as they were causing massive inflation at a time of little growth. In an economy such as the United States, it was utterly irresponsible to use systems without the proper knowledge of the possible outcomes.The recession caused some adverse impacts that were felt on an international scale since the U.S. was a big part of the global economy. Some of the most notable outcomes are discussed below, and some proposals put forth to solve them.As with any other period with economic hardships, the employment figures in the U.S. in 1982 swelled rapidly. It stood at 5.1% at the start of 1974 and 9% in May 1975. The 70s were times of crisis such as the Oil Crisis followed by the Energy Crisis and hence the figures would occasionally shift. At the start of the recession in 1981, the unemployment percentage was 7.5% but steadily rose through to the following year.