The 1970s, pronounced “the Nineteen Seventies”, refers to a decade within the Gregorian calender that began on January 1, 1970, and ended on December 31, 1979.
In the 21st century historians have increasingly portrayed the decade as a “pivot of change” in world history focusing especially on the economic upheavals. In the Western world, social progressive values that began in the 1960s, such as increasing political awareness and political and economic liberty of women, continued to grow. In the United Kingdom the 1979 elections resulted in the victory of its Conservative Party under Margaret Thatcher, the first and to date only female British Prime Minister. Industrialized countries, except Japan, experienced an economic recession due to an oil crisis caused by oil embargoes by the Organization of Arab Petroleum Exporting Countries. The crisis saw the first instance of stagflation which began a political and economic trend of the replacement of Keynesian economic theory with neoliberal economic theory, with the first neoliberal governments being created in Chile, where a military coup led by Augusto Pinochet took place in 1973.