Unit 10: 1970s & 1980s-end of the cold war conservative resurgence (1969-1989)

KEY TERMS: 

Normalization - to restore relationships between two countries. U.S. & China & USSR (Soviets).

Détente - the relaxing of tensions with the People’s Republic of China & USSR (Soviet Union).

Peace Through Strength - Reagan’s idea to prevent war by making America’s enemies believe that the United States had the power and will to stop aggression. 

Conservative - favoring free enterprise, private ownership, and socially traditional ideas. averse to change or innovation and holding traditional values.

Resurgence - increase or revival after a period of little activity, popularity, or occurrence.

Free enterprise system - economic system where a government places very few restrictions on the types of business activities or ownership that citizens want to engage in. This type of system is often called a free market, or capitalist system.

Impeachment - a charge of misconduct made against the holder of a public office.

Watergate Scandal - Brought the actions of President Nixon under suspicion, and people began to question his authority and power; people's trust in the federal government declined. 

GATT (General Agreement on Tariffs & Trade) - multilateral agreement regulating international trade. Purpose was the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis." It was negotiated during the United Nations Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create an International Trade Organization (ITO). GATT was signed in 1947, took effect in 1948, and lasted until 1994; it was replaced by the World Trade Organization in 1995.

OPEC (Organization of Petroleum Exporting Countries) - permanent, intergovernmental Organization, created at Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. OPEC’s formation by five oil-producing developing countries in Baghdad in September 1960 occurred at a time of transition in the international economic & political landscape, with extensive decolonization and the birth of many new independent states in the developing world. Currently, the organization consists of 12 member countries with a primary goal to stabilize the oil market by balancing supply and demand.