The Cold War

The Cold War ended with the breakup of the Soviet Union in 1991, leaving the United States the undisputed superpower in the world. The most serious challenges late in the 20th century were economic ones, however. Beginning in the 1970s, rates of economic growth slowed and living standards stagnated or even fell as the American economy was forced to cope with increased foreign competition, its own steadily declining vigour, and the effects of massive budget deficits and a huge national debt.