How and why did the US experience a severe economic crisis in the 1970s?
In the 1970's the United States of America experienced a severe economic crisis to due the war in Vietnam. The war effort's took a toll on the American economy as a direct result.
The original group was intended to provide major industrial powers of the non-communist world a venue in which to address economic concerns, which at the time included inflation and the recession sparked by the oil crisis of the 1970s. Cold War politics also invariably entered the group's agenda soon after its founding.