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. The hippie culture, which started in the 1960s, peaked in the early 1970s and faded towards the middle part of the decade, which involved opposition to the Vietnam War, opposition to nuclear weapons, the advocacy of world peace, and hostility to the authority of government and big business. The environmentalist movement began to increase dramatically in this period. 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, in with the first neoliberal governments being created in Chile, where a military coup led by Augusto Pinochet took place in 1973, and in the United Kingdom with the 1979 elections resulting in the victory of its Conservative Party under Margaret Thatcher in 1979.

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