Political Events
* Jimmy Carter inaugurated as 39th President of the United States: Carter defeated incumbent Gerald Ford in the 1976 election.
* Egyptian President Anwar Sadat visits Israel: This was the first visit by an Arab head of state to Israel.
* Soviet dissident Vladimir Bukovsky is exchanged for Luis Corvalán: Bukovsky was a well-known human rights activist who had been imprisoned in the Soviet Union for his activities.
* The United Nations Security Council passes Resolution 425, calling for a ceasefire in the Lebanese Civil War: The resolution was not successful in stopping the fighting.
* The Shah of Iran is deposed: The Shah was overthrown in a revolution led by Ayatollah Ruhollah Khomeini.
* The United Kingdom, Ireland, West Germany, and Japan are admitted to the European Economic Community (EEC): These countries were previously part of the European Free Trade Association (EFTA).
Economic Events
* The United States experiences a recession: The recession began in January 1977 and lasted until March 1978.
* The Organization of the Petroleum Exporting Countries (OPEC) raises oil prices by 10%: This caused a sharp increase in the price of gasoline and other petroleum products.
* The United States dollar weakens against other currencies: This made American goods more expensive for foreign buyers.
* The United Kingdom experiences a period of high inflation: Inflation reached a peak of over 25% in 1977.
Social and Cultural Events
* The Space Shuttle Columbia is launched into orbit: Columbia was the first reusable spacecraft.
* The movie Star Wars is released: Star Wars was a huge box office success and is considered one of the greatest films of all time.
* The punk rock movement begins: Punk rock was a genre of music that originated in the United States and the United Kingdom. It was characterized by its fast tempo, loud guitars, and rebellious lyrics.
* The AIDS epidemic begins: The first cases of AIDS were reported in the United States in 1977.