[dragonwriter]

No, the oil shocks of the 1970s were short term disruptions which unsettled things, but the big durable change was the major tax burden shift under Reagan.

[fuzzfactor]

>the oil shocks of the 1970s were short term disruptions which unsettled things

Which led to the removal of the gold standard by those who knew the outcome would proceed as it has.

If Reagan didn't shift the tax burden the very wealthy would not have been able to recover their massive losses as rapidly.