The 1970s, often referred to as the «seventies», marked the end of the «Glorious Thirty» period with the U.S. decision to suspend the convertibility of the dollar in 1971. the first oil shock following the Yom Kippur war in 1973 and the second oil shock following the Iranian revolution in 1979.
This decade is marked by important political and social movements, such as the sexual liberation of women, and by the awareness of the seriousness of environmental problems. It is also the beginning of a new economic crisis. The 1970s also mark the return to strength of liberal ideas. In terms of entertainment, the 1970s saw the beginning of the mass arrival of technology, and art and dance are all the rage. This period was a breath of new, and we had fun there.
Source : various Internet documents including Wikipedia