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In the Western world, social progressive values that began in the 1960s, such as increasing political awareness and economic liberty of women, continued to grow. President Richard Nixon doing the V for Victory sign after his resignation from office after the Watergate scandal in 1974; refugees aboard a US naval boat after the Fall of Saigon, leading to the end of the Vietnam War in 1975; the 1973 oil crisis put the nation of America in gridlock and caused economic damage throughout the developed world; both the leaders of Israel and Egypt shake hands after the signing of the Camp David Accords in 1978; the 1970 Bhola cyclone kills an estimated 500,000 people in the densely populated Ganges Delta region of East Pakistan (which would become independent as Bangladesh in 1971) in November 1970; the Iranian Revolution of 1979 ousted Mohammad Reza Shah Pahlavi who was later replaced by an Islamic theocracy led by Ayatollah Khomeini; the popularity of the disco music genre peaked during the mid-to-late 1970s.
Although there was no severe economic depression as witnessed in the 1930s, economic growth rates were considerably lower than previous decades.In the US, the average annual inflation rate from 1900 to 1970 was approximately 2.5%.From 1970–1979, however, the average rate was 7.06%, and topped out at 13.29% in December 1979.In 1979, the Soviet Union invaded Afghanistan, which led to an ongoing war for ten years.The 1970s saw an initial increase in violence in the Middle East as Egypt and Syria declared war on Israel, but in the late 1970s, the situation in the Middle East was fundamentally altered when Egypt signed the Egyptian–Israeli Peace Treaty.
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Détente was partially a reaction against the policies of the previous 25 years, which had brought the world dangerously close to nuclear war on several occasions, and because the US was in a weakened position following the failure of the Vietnam War.