From subprime mortgages to quantitative easing – these obscure financial terms have a habit of suddenly becoming hot conversational topics during global economic crises.

And now another. "Stagflation."

The World Bank is warning the world could be facing stagflation, a period of high inflation combined with a shrinking economy.

To understand what that might mean for consumers and corporations alike, CGTN's Owen Fairclough looked back at the 1970s, the last time stagflation occurred in the U.S.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.