Is it true that from the mid-1970s the international financial system changed in important ways?

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Detailed Solution

The above statement is true.
The international financial system underwent significant changes in the mid-1970s. Earlier, developing nations could seek loans and development help from international institutions. But, they were now compelled to take out loans from Western commercial banks and lending organisations. Due to this, the developing world saw recurring debt crises, decreasing incomes, and an increase in poverty, particularly in Africa and Latin America.
Unemployment in the industrialised world also took a toll; it rose to start in the mid-1970s and remained high until the 1990s. MNCs started moving their industrial activities to low-wage Asian nations starting in the late 1970s.

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