Early 1980s Recession

The early 1980s recession describes the severe global economic recession affecting much of the developed world in the late 1970s and early 1980s. The United States and Japan exited recession relatively early, but high unemployment would continue to affect other OECD nations through at least 1985. Long term effects of the recession contributed to the Latin American debt crisis, the savings and loan crisis in the United States, and a general adoption of neoliberal economic policies throughout the 1980s and 1990s.