The American economy boomed for about 30 years after World War II with the benefit of Keynesianism, robust antitrust regulation to promote competition and financial regulations preventing the most volatile forms of market speculation, high unionization rates and protections promoting the growth of domestic industry. However, during the 1970s, stagflation was brought on by the 1973 oil crisis and the shift from the gold standard to fiat currency, which discredited the policy consensus that was set in place by the New Deal Coalition. Eventually, Ronald Reagan was elected as president in 1980, and many of the statutes and organizations created by the New Deal were dismantled.