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Deja vu? Why it feels like the '70s again

An oil shock and specter of inflation bring the world to another turning point

Group of Six leaders pose for a photo in Rambouillet, France, at their first summit in 1975. From left: Italian Prime Minister Aldo Moro, British Prime Minister Harold Wilson, U.S. President Gerald Ford, French President Valery Giscard d'Estaing, West German Chancellor Helmut Schmidt and Japanese Prime Minister Takeo Miki. (AP)

TOKYO -- Kenneth Rogoff, a professor of economics at Harvard University and a former chief economist at the International Monetary Fund, listed many similarities between the 1970s and today in a syndicated opinion piece titled "Back to the Seventies?" in late August.

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