In an interdependent world, President's have less control of their economy no doubt. You only mention demand in your sentence on what inflation is driven by nothing about supply. Economics studies both demand and supply.\n\nThe theory that Nixon's price controls began inflation in the 1970s neglects to recognize that price controls were used to control pre-existing inflation. Price controls are usually used in an ill advised means of controlling inflation. Nixon was trying to control existing inflation before the 1972 election.\n\nhttps:\/\/en.wikipedia.org\/wiki\/Nixon_shock\n\nThe inflation of the 1970s began the mid\/late 1960s.