Nixon shock
E48745
The Nixon shock was a series of unexpected economic measures in 1971, most notably ending the U.S. dollar’s convertibility to gold and imposing wage and price controls, which effectively dismantled the Bretton Woods system and reshaped the global monetary order.
All labels observed (5)
| Label | Occurrences |
|---|---|
| Nixon shock canonical | 2 |
| Nixon Shock | 1 |
| Nixon dollar shock | 1 |
| Nixon economic shock | 1 |
| Nixon shock speech | 1 |
How this entity was disambiguated
This entity first appeared as the object of triple T384104 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: Nixon shock Context triple: [Great Inflation, cause, Nixon shock]
-
A.
Panic of 1873
The Panic of 1873 was a severe global financial crisis that triggered a prolonged economic depression in the United States and Europe, marking a major turning point in the early Gilded Age.
-
B.
Mexican peso crisis of 1994
The Mexican peso crisis of 1994 was a severe currency and financial crisis triggered by a sudden devaluation of the peso, leading to capital flight, a deep recession in Mexico, and a major international bailout.
-
C.
Panic of 1893
The Panic of 1893 was a severe nationwide economic depression in the United States marked by bank failures, railroad bankruptcies, and mass unemployment that helped bring the Gilded Age to a close.
-
D.
Russian financial crisis of 1998
The Russian financial crisis of 1998 was a severe economic collapse marked by a sharp devaluation of the ruble, default on domestic debt, and banking sector turmoil that undermined confidence in Russia’s post-Soviet market reforms.
-
E.
Asian financial crisis of 1997–1998
The Asian financial crisis of 1997–1998 was a severe regional economic meltdown that began with currency devaluations in East and Southeast Asia, triggering widespread financial instability, recessions, and international policy responses.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: Nixon shock Target entity description: The Nixon shock was a series of unexpected economic measures in 1971, most notably ending the U.S. dollar’s convertibility to gold and imposing wage and price controls, which effectively dismantled the Bretton Woods system and reshaped the global monetary order.
-
A.
Panic of 1873
The Panic of 1873 was a severe global financial crisis that triggered a prolonged economic depression in the United States and Europe, marking a major turning point in the early Gilded Age.
-
B.
Mexican peso crisis of 1994
The Mexican peso crisis of 1994 was a severe currency and financial crisis triggered by a sudden devaluation of the peso, leading to capital flight, a deep recession in Mexico, and a major international bailout.
-
C.
Panic of 1893
The Panic of 1893 was a severe nationwide economic depression in the United States marked by bank failures, railroad bankruptcies, and mass unemployment that helped bring the Gilded Age to a close.
-
D.
Russian financial crisis of 1998
The Russian financial crisis of 1998 was a severe economic collapse marked by a sharp devaluation of the ruble, default on domestic debt, and banking sector turmoil that undermined confidence in Russia’s post-Soviet market reforms.
-
E.
Asian financial crisis of 1997–1998
The Asian financial crisis of 1997–1998 was a severe regional economic meltdown that began with currency devaluations in East and Southeast Asia, triggering widespread financial instability, recessions, and international policy responses.
- F. None of above. chosen
Statements (50)
| Predicate | Object |
|---|---|
| instanceOf |
economic policy decision
ⓘ
historical event ⓘ monetary reform ⓘ |
| alsoKnownAs |
Nixon shock
ⓘ
surface form:
Nixon dollar shock
Nixon shock ⓘ
surface form:
Nixon economic shock
|
| announcedBy | Richard Nixon ⓘ |
| announcedIn | televised address to the nation ⓘ |
| announcementDate | 1971-08-15 ⓘ |
| consequence |
collapse of the Bretton Woods fixed exchange rate system
ⓘ
devaluation of the U.S. dollar relative to other major currencies ⓘ end of the post–World War II gold exchange standard ⓘ reshaping of the international monetary system ⓘ transition to floating exchange rates ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| decade | 1970s ⓘ |
| domesticGoal |
combat inflation
ⓘ
improve U.S. trade balance ⓘ reduce unemployment ⓘ |
| effectOnBrettonWoodsSystem |
dismantled
ⓘ
ended fixed exchange rate regime based on gold and the U.S. dollar ⓘ |
| followedBy | Smithsonian Agreement ⓘ |
| historicalContext |
Cold War
ⓘ
post–World War II economic order ⓘ |
| internationalReaction |
concern among U.S. allies
ⓘ
negotiations leading to the Smithsonian Agreement ⓘ |
| introducedMeasure |
10 percent import surcharge
ⓘ
90-day wage and price freeze ⓘ end of dollar convertibility into gold for foreign governments ⓘ |
| legalInstrument | Executive authority of the President of the United States ⓘ |
| longTermImpact |
entrenchment of fiat currency system
ⓘ
greater exchange rate volatility ⓘ increased autonomy of national monetary policy ⓘ |
| mainComponent |
import surcharge
ⓘ
suspension of dollar convertibility to gold ⓘ wage and price controls ⓘ |
| monetarySystemAffected | Bretton Woods system ⓘ |
| policyType |
fiscal policy
ⓘ
incomes policy ⓘ monetary policy ⓘ |
| positionOfAnnouncer | President of the United States ⓘ |
| predecessorSystem |
Bretton Woods system
ⓘ
surface form:
Bretton Woods gold exchange standard
|
| reason |
U.S. balance of payments problems
ⓘ
declining U.S. gold reserves ⓘ inflationary pressures in the United States ⓘ speculative attacks on the U.S. dollar ⓘ |
| sectorAffected |
U.S. domestic economy
ⓘ
global financial markets ⓘ international trade ⓘ |
| televisedAddressTitle | Address to the Nation Outlining a New Economic Policy ⓘ |
| year | 1971 ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: Nixon shock Description of subject: The Nixon shock was a series of unexpected economic measures in 1971, most notably ending the U.S. dollar’s convertibility to gold and imposing wage and price controls, which effectively dismantled the Bretton Woods system and reshaped the global monetary order.
Referenced by (6)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form:
Nixon economic shock
this entity surface form:
Nixon dollar shock
this entity surface form:
Nixon Shock
this entity surface form:
Nixon shock speech