The Reagan revolution that began in the 1980s came to fruition due to the recession of the 1970s. The recession was caused by stagflation, which is when both unemployment and inflation rise simultaneously. (Just as an aside this temporarily ended the Keynesian revolution, which did not think rising unemployment and inflation was possible.) For whatever reason President Carter is usually cited as responsible for the economic woes of the 1970s. In reality it was not his policies that caused the stagflation nor did it begin under his watch.
These two graphs show both inflation and unemployment spiked at the same time, around 1974 and 1975, over a year before Mr. Carter even set foot in office. Further the stagflation was caused by policies put in place by President Nixon. It was caused by too much expansionary monetary policy; in other words practicing too much Keynesian economics when it is not necessary. Although Mr. Carter did not greatly improve the economy he tends to receive undeserved credit for causing the problem in the first place.