In contrast, the rise in oil prices during the 1970s was probably seen at the time as largely reflecting a permanent shift in global demand/supply balances. Another factor that might help to account for some of the changes in inflation dynamics is globalization.
The great Austrian thinker Karl Popper reminds us what “our attitude to the future must be: We are responsible now for what happens in the future.”  [20] Thank you for your attention! Footnotes: 1. Bellamy, E. (1888), Looking Backward, 2000-1887, ﬁrst published by Ticknor and Company. 2. Mersch, Y.