1971

1971 was a year in the Gregorian calendar, beginning on a Friday. It falls within a period when the global order underwent significant change on two fronts: the world economy and the emergence of new nation-states following decolonization.

That year saw the birth of a new state in South Asia (Bangladesh), a shift in the membership of the UN Security Council regarding China, and the end of the fixed exchange rate between the dollar and gold—each of these having profound effects on political and financial systems.

The Bangladesh War of Independence and the India–Pakistan conflict

In March 1971, a war of independence broke out in East Pakistan following disputes over election results and the distribution of power. The war caused massive displacement of people into India. By late in the year, in December, India and Pakistan entered into direct armed conflict; it ended with the surrender of Pakistani forces in Dhaka and the establishment of the state of Bangladesh.

Economics: the end of gold-backed currency exchange

In August 1971, the U.S. administration halted the conversion of dollars into gold at a fixed price. This step—commonly known as the "Nixon shock"—dismantled the Bretton Woods framework, which had linked world currencies to the dollar and the dollar to gold. As a result, the following years saw the introduction of a floating exchange rate system.

The United Nations and new states

In October 1971, the UN General Assembly passed a resolution transferring China's seat to the People's Republic of China. That same year, several Arab Gulf states—Bahrain, Qatar, and the United Arab Emirates—became independent following the end of British protection agreements.

Technology and space

1971 is noted for advances in microprocessor technology, notably the introduction of the Intel 4004, one of the earliest single-chip CPUs. In space, the Soviet Union launched Salyut 1, the first space station; the United States continued its Apollo missions to the Moon.