"No form of capitalism works smoothly indefinitely. Starting in the late 1960s, problems arose from the viewpoint of the 1% that eventually adversely affected most Americans. The average rate of profit for business began to fall and kept falling through the 1970s, the inflation-adjusted value of stocks declined substantially, and the banking system entered a crisis period in the late 1970s and early 1980s
Conflict between labor and capital increased starting in the late 1960s, with many long strikes, as employers, facing heightened competition from foreign firms, tried to push their labor costs down. Inflation became a serious problem in the 1970s, partly due to big oil price increases that led to rising conflict between employers and workers over their shares of the income pie. Employers raised prices to sustain high profits in the face of inflation, while unions demanded wage increases to maintain
workers’ purchasing power"
