History doesn’t repeat, they say, but it often rhymes. And the latest economic headlines feature an uncanny tonal resemblance to those of the early 1970s.

General Motors workers are on strike, seeking more of the spoils of their employer’s successes. The president of the United States is pressuring the Federal Reserve to lower interest rates, hoping for a booming economy as he seeks re-election. And now, violence in the Middle East is pushing up global oil prices.

At first glance, at least, it seems similar to an era of gas lines and “stagflation.”

In each of these situations, though, there are big underlying differences between the early 1970s and now. Understanding those differences is important in properly understanding the world economy in 2019 and the risks posed by this combination of events.

The G.M. strike, which began late Sunday with about 50,000 autoworkers walking off the job, could turn out to be the most important clash between labor and management in years.