This chapter turns to the crisis of stagflation during the turbulent decade of the 1970s. Characterised by the simultaneous occurrence of inflation, stagnation, and unemployment, it probes how the decade challenged the postwar Keynesian consensus. It asks whether this period of disorder can be understood as a crisis of social democracy or of capitalism more broadly. Focusing on the ‘Winter of Discontent’ in late 1970s Britain, the chapter highlights the importance of narrative and political ideology in the construction of crisis, the rise of the New Right, the emergence of Thatcherism, and the importance of understanding crises as moments of intervention and political transformation. Finally, it considers the historical legacy of the 1970s within public discourse and economic policy, and the lessons this decade may offer for understanding the current period of disequilibrium and accelerating crisis.