A Timeline of the World's Economic History | by Faisal Khan | Technicity | Medium 500 Apologies, but something went wrong on our end. The expectation of low inflation was important, as current inflation is driven in part by expectations of future inflation. The 1980s Business and the Economy: Overview When the 1980s began, many Americans hoped it would be decade of peace and prosperity, quite unlike the decade that had just ended. By the summer of 1984, unemployment had hit a new record of 3.3 million although the Great Depression had seen a higher percentage of the workforce unemployed. Michael Jackson's "Thriller" was released on Nov. 30, 1982, and has sold 33 million copies since. 1980s - Boom and Bust economy - The UK economy in the 1980s. As unemployment mounted, the Fed eased up, an action reminiscent of the stop-go policies the public had come to expect. The Government said more time is . The YoungstownWarren Metropolitan Area had an 18.7% rate, the highest of all metro areas, and Stamford, Connecticut, had the lowest unemployment, at 3.5%. . Although some economists were nervous that heavy government spending and borrowing would lead to steep inflation, the Federal Reserve succeeded in its role as an economic traffic cop during the 1980s. To document and evaluate the number of TACs meetings, their timeline, and total members present since its inception or as earlier as possible (at least since 1980) 2. July 28: The Summer Olympics open in Los Angeles, California, where Carl Lewis wins four gold medals in track and field. Crisis of 1772 - started in London and Amsterdam, began by the collapse of the bankers; Neal, James, Fordyce, and Down. In May 1984, federal banking regulators finally offered a $4.5 billion rescue package to Continental Illinois. Proponents argue that supply-side economics results in more savings, investment, production, and, ultimately, greater economic growth. (Associated Press photo by Jim Bourdier), by June 4: Singer Bruce Springsteen releases his album "Born in the U.S.A.". Another wave of rioting occurred across numerous areas of Britain, including several areas across London. However, federal regulators were reassured by Continental Illinois executives that steps were being taken to ensure the bank's financial security. After its collapse, federal regulators were willing to let the bank fail to reduce moral hazard and so other banks would rein in some of their more risky lending practices. (2021, February 16). May 11: The jury trial of Nikolaus "Klaus" Barbie (19131991), the Nazi "Butcher of Lyon," begins in Lyon, France. The FDIC had long known of its problems. Lesson Transcript. 13 December 2022. Written as of November 22, 2013. Unemployment Continued to Rise in 1982 as Recession Deepened. Bureau of Labor Statistics Monthly Labor Review, February 1983. It would become one of the most popular arcade games of the decade. In financial circles, the FHLBB and FSLIC were called "the doormats of financial regulation". July 3: "Back to the Future," the first of a sci-fi trilogy about teenager Marty McFly and a time-traveling DeLorean, premieres, and will become the highest grossing film of the year. Its central recommendation - that Natal should be merged with the KwaZulu 'homeland' to form a new multi-racial regional administration - is rejected by the government . When is GTA 6 coming out? Moffatt, Mike. From a high of 10.8% in December 1982, unemployment gradually improved until it fell to 7.2% on Election Day in 1984. Oct. 31: India's prime minister Indira Gandhi (19171984) is shot and killed by two of her bodyguards, an assassination followed by the four-day long Anti-Sikh Riots in which thousands of Indians are killed. Furthermore, virtually all the growth in national wealth took place in . He also believed that the Fed faced a credibility problem when it came to keeping inflation in check. Execs grew convinced that its soda's tastenot competitor's adswas the reason for its declining market share, and they . EIX CRONOLOGIC. The S&L industry has huge volumes of low, fixed-rate mortgages that were issued in the 1950s and 1960s. Jan. 8: The Dow Jones industrial average closes over 2,000 for the first time in its history., and it will continued to set new records for the next 10 months. Like Canada, the early 1980s recession in the United States technically consisted of two separate downturns, one commencing in January 1980 which yielded to modest growth in July 1980 with a deeper downturn from July 1981 to November 1982. By 1981, homes and offices were beginning to adapt to new technologies. [1] It is widely considered to have been the most severe recession since World War II. "Go Back in Time With This 1980s History Timeline." 1970 [47][48][49][50][51], Pressured to counteract the increased deficit caused by the recession, Reagan agreed to a corporate tax increase in 1982. Smith Collection/Gado/Contributor/Getty Images. The recession came at a particularly bad time for banks because of a recent wave of deregulation. In Pyramid symbolism, if a "New Corridor" is discovered, this is (ahem) huge. [10] Canada's inflation rate was 10.2% for 1980 overall, rising to 12.5% for 1981 and 10.8% for 1982 before dropping to 5.8% for 1983. https://www.thoughtco.com/us-economy-in-the-1980s-1148148 (accessed March 5, 2023). Bancroft supports major research and instructional activities and plays a leading role in the development of the university's research collections. Nov. 13: Architect Maya Lin's Vietnam War Memorial is established in Washington DC as a National Memorial. The 70s had everything except stability. Nepal has 30.3 million people. The Olympics in Sarajevo, the murder of the prime minister in India, and Michael Jackson moonwalking are among the events marked in 1984. Only in Southeast England did unemployment remain below 10%. This relatively short and mild recession followed the script of the post-WWII recession as heavy government military spending dried up after . [16][26], The recession had a severe effect on financial institutions such as savings and loans and banks. The economic disorder of the 1970s lingered into the beginning of the 1980s. Oct. 21: The Philadelphia Phillies defeat the Kansas City Royals to win the World Series in six games. -. the national debt had reached an all time high of 3.7 trillion, Great Depression in the Americas Timeline Activity (1929-1939)(HL), The Great Depression and New Deal 1920s-1941, World War I, the Treaty of Versailles, and the Great Depression, Economics Hundred Years Timeline Provenzano, Econmic Events from Jan. 1, 1900 - Dec. 31,2010, Economics Hundred Years Timeline - Sukowski, The Great depression Made By Max M & Dakota D. The 5 Best Years for GDP Growth 1942: 18.9% 1941: 17.7% 1943: 17.0% 1936: 12.9% 1934: 10.8% The 5 Worst Years for GDP Decline 1932: -12.9% 1946: -11.6% 1930: -8.5% 1931: -6.4% 1938: -3.3% Taking a long 90-year view of GDP growth, combined with major historical events, reveals a few interesting facts. [74] However, the unemployment figures did not include benefit claimants who were placed on Employment Training schemes, an adult variant of the controversial Youth Training Scheme, who were paid the same rate of benefit for working full-time hours. [11] Despite this, Canada's GDP growth rate was among the highest of the OECD countries from 198486, although growth was by far strongest in Ontario and Quebec.[9]. Nepal has eight of the world's highest mountains including Mount Everest, the highest point on Earth. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. What Is Fiscal Policy? The economy contracted strongly in 1930 and 1931, but recovered quite vigorously in the following years. Moffatt, Mike. 1968) makes headlines for making an illegal landing in Red Square, Moscow. [20], The peak of the recession occurred in November and December 1982, when the nationwide unemployment rate was 10.8%, the highest since the Great Depression. Globally, while some countries experienced downturns in economic output in 1980 and/or 1981, the broadest and sharpest worldwide decline of economic activity and the largest increase in unemployment was in 1982, with the World Bank naming the recession the "global recession of 1982". The 1982 US midterm elections were largely viewed as a referendum on Reagan and his economic policies. March 4: The U.S. Food and Drug Administration approves the first blood test to detect the virus that causes AIDS. [64] Thatcher set about controlling inflation with monetarist policies and changing trade union legislation in an attempt to reduce the strikes of public-sector workers. When the Conservative Party, led by Margaret Thatcher won the general election of May 1979, and swept James Callaghan's Labour Party from power, the country had just witnessed the Winter of Discontent in which numerous public sector workers had staged strikes. [30], The recession also significantly exacerbated the savings and loan crisis. It jumped sharply to 6.9% in April 1980 and to 7.5% in May 1980. Although Coca-Cola was the world's best-selling soft drink, rival Pepsi-Cola gained market share in the 1970s and 1980s, thanks in part to its aggressive "Pepsi Challenge" campaign. The rule meant that S&Ls less than 20 years old had practically no capital reserve requirements. Nov. 12: The Church of England votes to allow women to serve as priests. March 25: Pop singer Michael Jackson moonwalks for the first time at the Pasadena Civic Auditorium, a performance broadcast at the MTV Awards in May. [18] The passage of the Depository Institutions Deregulation and Monetary Control Act and the GarnSt. 0. Yvonne Hemsey/Getty Images 3. Reagan operated on the basis of supply-side economicsthe theory that advocates lower tax rates so people can keep more of their income. Nikolaus "Klaus" Barbie, a former Nazi official, was found guilty of crimes against humanity by a French court on July 4, 1987. The growth rate was 8 percent between 1985 and 1995, peaking at 13.6 percent in 1988. Greed Is Good or Is It? Oct.19: On what will come to be called "Black Monday," the Dow Jones experiences a sudden and largely unexpected drop of 22.6%. with the state setting goals and priorities for the whole economy, . During the 1960s and 1970s, economists and policymakers believed that they could lower . Strikes were also at their lowest level since the early 1950s, and wage growth rose to 3.8% by 1983. During the 1960s and 1970s, economists and policymakers believed that they could lower unemployment through higher inflation, a tradeoff known as the Phillips Curve. April 2: Argentine forces land on the British-owned Falkland Islands, beginning the Falklands War between the two countries. In 1980, there were approximately 4590 state and federally chartered savings and loan institutions (S&Ls), with total assets of $616 billion. 1990s - Recession and great stability - Recovering from the recession and leaving ERM. He took this approach for two reasons. Chairman. Late 1980s - The Lawson Boom. A mild recession from January to July 1980 kept unemployment high, but despite economic recovery, it remained at historically high levels (about 7.5%) until the end of 1981. By. July 1953 to May 1954: Post-Korean War Recession. [17] In the wake of the 1973 oil crisis and the 1979 energy crisis, stagflation began to afflict the economy. The 1980s began with the world in a major recession, and the U.S. had massive Inflation and Unemployment. Oct. 25: U.S. troops invade the Caribbean island of Grenada, ordered by Ronald Reagan to counter the Marxist government threats to residential Americans. Liberal Prime Minister Pierre Trudeau, who was in power from the start of the recession in early 1980, was very low in the public opinion polls in early 1984 and on February 29, 1984, decided to resign as Liberal Party leader. April 28: The U.S. makes an abortive attempt to rescue American hostages held in Iran since November 1979. To find out the gaps occurred in the frequency and duration of TAC meetings over the period of time and make a comparative analysis of performance of TAC before and after Paul A. Volcker There was a deep recession in 1981 as the government tried to control inflation. Transcript, Federal Open Market Committee Meeting. April 17, 1979. Share page. Ultimately, this persistence paid off. Between 1930 and 1983, presidents averaged only. Federal Reserve Economic Data (FRED). Accessed October 29, 2013. Feb. 9: Halley's Comet makes its closest approach to the sun on its 76 year periodic visit to our solar system. (2021, September 9). The 1980s Education: Chronology 1980: A Gallup poll shows parents believe the three worst problems in the nation's schools are discipline, drug use, and poor curriculum. Economics Hundred Years Timeline- Bremer. The American banking system had been significantly weakened by the severe recession and the effects of deregulation. Economic Timeline 1900 1907 A banking panic erupts when New York's Knickerbocker Bank fails. The Economic Recovery Tax Act of 1981 led to a boom in commercial real estate. Jan. 1: The Internet is born when ARPAnet adopts TCP/IP protocols which would allow data exchange among a network of different models of computers. [28] By the end of the year, the Federal Deposit Insurance Corporation (FDIC) had spent $870 million to purchase bad loans in an effort to keep various banks afloat. The FHLBB relied heavily on its persuasive powers and the US states to enforce banking regulations. Sept. 1: A Korean Air Lines flight from New York City to Seoul (KAL-007) that had deviated into Soviet airspace, is shot down by a Soviet Su-15 interceptor, killing all aboard, 246 passengers and 23 crew. [14][61] Corporate income rose by 29% in the JulySeptember quarter of 1983, compared with the same period in 1982. Nov. 3: A transport ship carrying 50,000 assault rifles is shot down over Nicaragua, the first alert to the American public of the Iran-Contra arms deal. Dec. 21: Pan Am flight 103 explodes over Lockerbie, Scotland killing all 259 on-board and 11 people on the ground, the result of a terrorist bombing attributed to Libyans. Unemployment had risen from 5.1% in January 1974 to a high of 9.0% in May 1975. She was the only lady to ever hold the position and went on to become the longest-serving prime minister in the United Kingdom. [18] Nearly two million people left the unemployment rolls. the Extra-Terrestrial," opens and instantly becomes a blockbuster. July 15: Taiwan ends 38 years of martial law. This inflationary episode was caused by a booming economy, which increased prices. . Between 1980 and 1983, 118 S&Ls with $43 billion in assets failed. Unemployment during the 1981-82 recession was widespread, but manufacturing, construction, and the auto industries were particularly affected. It eventually declined to average only 3.5 percent in the latter half of the 1980s. The economy officially entered a recession in the third quarter of 1981, as high interest rates put pressure on sectors of the economy reliant on borrowing, like manufacturing and construction. May 25: Spielberg's third entry in the Star Wars trilogy, "Return of the Jedi" opens in theaters. On February 18, 1983, or viernes negro as it is known in Venezuela, the government established currency controlssomething Chvez would do 20 years laterto stop this flight and halt inflation. Friday, 3 March 2023, 2:18 AM. [7] Real Canadian GDP declined by 5% during the 17-month 1981-82 recession with the unemployment rate peaking at 12%. The early 1980s recession was a severe economic recession that affected much of the world between approximately the start of 1980 and 1983. Unemployed Chicagoans line up to apply for insurance at the Bureau of Unemployment, 1981. In the wake of the disastrous Vietnam War, Reagan successfully pushed for big budget increases for defense spending by arguing that the U.S. had neglected its military. Lasting from July 1981 to November 1982, this economic downturn was triggered by tight monetary policy in an effort to fight mounting inflation. Some of those early gamers might also be fiddling with a colorful Rubik's Cube. However, an economic recovery, combined with the Falklands War, led to the Thatcher-led Conservative Party winning 42.4% of votes for a parliamentary majority in the general election in 1983. The CCEA pushed the FHLBB to refrain from re-regulating the S&L industry and adamantly opposed any governmental expenditures to resolve the S&L problem. [27] The FSLIC pushed mergers as a way to avoid insolvency. close panel. GitHub export from English Wikipedia. Depositors rush to withdraw their bank savings, causing the collapse of 246 other U.S. banks. 1980 Americans flocked to video arcades when Pac-Mac debuted in October 1980. The unemployment rate would remain similarly high for a number of years afterwards. From 1965 through 1969, for instance, real quarterly GDP growth averaged 4.8 percent at an annual rate. 1920s | 1930s | 1940s | 1950s | 1960s | 1970s | 1980s | 1990s | 2000s The 1980's The 1980s The economy slows because of "stagflation," the economic problem of excess capacity and unemployment coexisting with inflation and no economic growth. TIMELINE 1900 TO THE PRESENT. July 29: Britain's Prince Charles weds Diana Spencer in a royal wedding televised live. Jan. 20: Iran releases the 52 U.S. hostages held in Tehran for 444 days. ThoughtCo, Feb. 16, 2021, thoughtco.com/us-economy-in-the-1980s-1148148. Unemployment grew from 7.4 percent at the start of the recession to nearly 10 percent a year later. 1930) becomes the first female Justice on the Supreme Court. It was the decade of Ronald Reagan in America who had a conservative agenda that shaped the economic and political fortunes of the United States. Philippines economic growth for 2019 was $376.82B, a 8.64% increase from 2018. Rosenberg, Jennifer. 31 October 2013. This period usually includes declines in industrial and agricultural production, trade, incomes, stock markets, consumer spending, and levels of employment. Soviet Union timeline. Many of the economic sectors that supplied the basic industries were also hit hard. ThoughtCo. Under Reagan the national debt nearly tripled. However, the commitment of Volcker and his successors to aggressively targeting price stability helped ensure that the double-digit inflation of the 1970s would not return. 6 (November/December 1990): 25-55. 30 siglos de desarrollo. [29], In July 1982, the US Congress enacted the GarnSt. By the 1980s the "Era of Stagnation" began to take hold of the Russian economy, which threatened to dislodge the country from its position as a world super power. ThoughtCo. Why did the American economy experience such a turnaround in the 1980s? Despite some occasional economic downturns (e.g., during the oil crisis of 1973-74), West Germany's economy followed an upward trend. In the 1980s' historical timeline, Margaret Thatcher, Ronald Reagan, and Mikhail Gorbachev were the three leading names. Outstanding debt from less-developed countries increases from $29 billion to $327 billion during the decade. [71], The mass unemployment and social discontent resulting from the recession were widely seen as major factors in widespread rioting across Britain in 1981 in parts of towns and cities including Toxteth, Liverpool, as well as a number of districts of London. All 329 aboard are killed. This period of relative economic stability distinguishes Australia from other similar developed economies over a timeframe characterised by several periods of global economic volatility. [13][14][15][16] One cause was the Federal Reserve's contractionary monetary policy, which sought to rein in the high inflation. June 4: After months of peaceful but increasing protests, Chinese troops fire on civilians and students in Tienanmen Square, killing an unknown number of people and ending the demonstrations. Kathmandu is the nation's capital and the largest city. Recession follows. In the first three years of Thatcher's premiership, opinion polls gave the government approval ratings as low as 25%, with the polls initially being led by the Labour opposition and then by the SDP-Liberal Alliance, the latter being formed by the Liberal Party and the Social Democratic Party in 1981. [1] The sharp rise in oil prices pushed the already high rates of inflation in several major advanced countries to new double-digit highs, with countries such as the United States, Canada, West Germany, Italy, the United Kingdom and Japan tightening their monetary policies by increasing interest rates in order to control the inflation. [2][3] A key event leading to the recession was the 1979 energy crisis, mostly caused by the Iranian Revolution which caused a disruption to the global oil supply, which saw oil prices rising sharply in 1979 and early 1980. [dubious discuss][67] Areas of Tyneside, Yorkshire, Merseyside, South Wales, Western Scotland and the West Midlands were particularly hard hit by the loss of industry and subsequent sharp rise in unemployment. The year that saw the birth of the Internet also saw volcanic eruptions and aircraft tragedies; the first woman in space and that holiday season craze of the Cabbage Patch Kids. There was a recession in the early 1990s. In the early 1980s, the American economy was suffering through a deep recession. Published. Go back in time and relive the era of Reagan and Rubik's Cubes with this 1980s timeline. July 1: The "PG-13" rating for movies is added to existing rating classes used by the Motion Picture Association of America, and first applied to John Milius's "Red Dawn.". A terrorist bomb destroyed Pan Am Flight 103 over Lockerbie, Scotland, on Dec. 21, 1988. Rosenberg, Jennifer. As of Britain in the 1980s' timeline, Margaret Thatcher reigned as the Prime Minister throughout. the Labor Department indicated a growth rate of 3.8%. [11], To control its inflation, the US introduced credit controls producing a slump in demand for Canada's housing and auto industry exports in early 1980 thereby triggering the 1980 portion of the larger early 1980s recession in Canada. [53][54][55][56][57][58] However, the net balance of power in the US Senate was unchanged. While economists debate the relative importance of the factors that motivated and perpetuated inflation for more than a decade, there is little debate about its source. In November, West Virginia and Michigan had the highest unemployment with 16.4%, Alabama was in third with 15.3%. Feb. 22: The U.S. Olympic hockey team defeats the Soviet Union in the semifinals at the Winter Olympics in Lake Placid, New York. In the 1970s, the Fed pursued what economists would call stop-go monetary policy, which alternated between fighting high unemployment and high inflation. But by 1983, the economyhad rebounded and enjoyed a sustained period of growth as the annual inflation rate stayed below 5 percent for the remainder of the 1980s and part of the 1990s. June 5: The Center for Disease Control publishes the first official report of men infected with what will be known later as the AIDS (Acquired Immunodeficiency Syndrome) virus. The United Kingdom's economy grew by 7.5 percent in 2021, after it shrank by a record 11 percent in 2020 due to the economic fallout caused by the Coronavirus (COVID-19) pandemic. [27], One consequence of the FHLBB's lack of enforcement abilities was the promotion of deregulation and of aggressive, expanded lending to forestall insolvency. Though buffeted by the . The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. Indira Gandhi, India's first female prime minister, was assassinated on Oct. 31, 1984. 1990-1991: Shanghai and Shenzhen stock exchanges open Combined, the Shanghai (SSE) and Shenzhen (SZSE) stock exchanges are worth over $8.5 trillion in total market capitalization today. Also, the FHLBB was unable to add to its staff because of stringent limits on the number of personnel that it could hire and the level of compensation it could offer. Under the leadership of Paul Volcker and his successor Alan Greenspan, the Federal Reserve effectively guided Americas economy and eclipsed Congress and the president. 1980s economic evevnts. Furthermore, the Reagan administration did not want to alarm the public by closing a large number of S&Ls. With only five enforcement lawyers, the FHLBB would have been in a poor position to enforce the law, even if it had wanted to. Nov. 8: George H. W. Bush (19242018) bests the Democratic challenger Michael Dukakis (born 1933) to become the 41st president, the third straight victory for the Republican party. [36], The recession was nearly a year old before President Ronald Reagan stated on October 18, 1981 that the economy was in a "slight recession". The tangible net worth for the entire S&L industry was virtually zero. In Outline of the U.S. Economy, Christopher Conte and Albert R. Karr point to the lasting impacts of the 1970s, Reaganism, and the Federal Reserve. Twenty-seven years of economic growth England's Prince Charles married Lady Diana Spencer in Westminster Cathedral in London on July 29, 1981, before a live TV audience of millions. Consequently, unemployment had gradually increased since the mid-1960s. A recession is a temporary period of time when the overall economy declines; it is an expected part of the business cycle. By the end of the 1980s, the economy was in a shamblesshortages of food, massive budget debts, and immense growth in money supply led to inflation. Incorporated as a not-for-profit foundation in 1971, and headquartered in Geneva, Switzerland, the Forum is tied to no political, partisan or national interests. Volcker shifted Fed policy to aggressively target the money supply rather than interest rates. Urquhart, Michael A., and Marillyn A. Hewson. Had other banks been forced to write off loans to Continental Illinois, institutions like Manufacturer's Hanover Trust Company, Bank of America, and perhaps Citicorp would have become insolvent. The Fed allowed the federal funds rate to fall back to 9 percent, and unemployment declined quickly from the peak of nearly 11 percent at the end to 1982 to 8 percent one year later (Federal Reserve Bank of St. Louis; Goodfriend and King 2005). [5], Canada had higher inflation, interest rates, and unemployment than the United States during the early 1980s recession. It would become one of the most popular arcade games of the decade. However, he refused to raise income tax or to cut defense spending. During the previous decade, the Fed had demonstrated that it did not place much emphasis on maintaining low inflation, and public expectation of such continued behavior would make it increasingly difficult for the Fed to bring inflation down. [12] By the start of 1982, however, Alberta's oil boom had ended due to over-expansion and the deep global recession of that year, which caused oil prices to plummet, with Alberta then suffering the steepest drop (7.2 percentage points) in its employment ratio of all the provinces by mid-1983. Published. [41][42][43] In January 1983, Reagan's popularity rating fell to 35%, approaching levels experienced by Richard Nixon and Jimmy Carter at their most unpopular periods. St. Helens erupts, killing more than 50 people. Dec. 23: A storage tank at the Union Carbide pesticide plant at Bhopal, India springs a leak and spills methyl isocyanate into the surrounding community, killing between 3,0006,000 people. It jumped sharply to 6.9% in April 1980 and to 7.5% in May 1980. In order to encourage stability, and influenced by a revived interest in Confucian mores, the Tokugawa regime segregated society into four classes: warriors, farmers, artisans, andat the bottom of the heapmerchants.Seeking to control public behavior, the Tokugawa shogunate set aside walled . May 1: The World's Fair begins in Knoxville, Tennessee. Severe flooding in November 1995 slowed the economy. unsuccessful assassination attempt on President Ronald Reagan, AIDS (Acquired Immunodeficiency Syndrome), Martin Luther King Jr.'s birthday a federal holiday, Pan Am flight 103 explodes over Lockerbie, B.A., History, University of California at Davis. June 11: Director Steven Spielberg's "E.T. At the very beginning of the 2010s, government spending contributed to a big chunk of economic growth, as the 2009 stimulus played out and social programs like unemployment benefits and food . The economy was already in weak shape coming into the downturn, as a recession in 1980 had left unemployment at about 7.5 percent. Brit History: Ten Most Important Events in British History of the 1980s September 8, 2021 By John Rabon No Comments Shoulder pads, Cold War, Thatcherism, the Falklands, Privatization, and Hip Hop. 1980 - 1986 Economic Timeline By holt.josie Timeline List 1980 1981 1982 1983 1984 1985 1986 1987 1980, 1980 1981, 1981 1982, 1982 1983, 1983 1984, 1984 1985, 1985 1986, 1986 1980, 1980 Details 1983, 1983 Rebound 1986, 1986 and federal budget 1980, Fiscal Policy Jan 4, 1980, Embargo On Soviet Union Sep 4, 1980, Reagan Elected President