Nixon shock

English

Etymology

Richard Nixon +‎ shock

Pronunciation

• Rhymes: -ɒk

Proper noun

the Nixon shock

1. (economics, historical) A series of economic measures undertaken by United States President Richard Nixon in 1971, in response to increasing inflation, the most significant of which were wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold.