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The United States lost their place as an world economic leader when Europe and Japan challenged America's world economic supremacy. Inexpensive and efficient Japanese cars went into the market while Europe products made strong competition to Americanized goods. This led to underemployment, causing a downfall in the United State's economy and a loss in place of a world economic leader.

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Q: Why did the United States lose its place as a world economic leader in the 1970's?
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