In an age of high energy costs and constricted supply, inflation and unemployment rose together. Forced to choose, governments and central banks decided to prioritise controlling inflation. Western governments made it harder for trade unions to strike, curtailing the ability of workers to demand higher wages. The US Federal Reserve then administered a severe monetary shock to the world economy. In driving interest rates up to exceptionally high levels, Paul Volcker, the chair of the Federal Reserve, accelerated the de-industrialisation of most Western economies.