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| 1970 |
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| SENDERO LUMINOSO (the Shining Path), a Maoist movement, was founded by the philosophy lecturer Abimael Guzmán Reynoso in Ayacucho. | 1 |
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| 1971 |
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| Velasco created the National System for the Support of Mobilization (SINAMOS). Founded in response to the growing problems of squatter communities around Lima, which the regime renamed “pueblos jovenes,” SINAMOS gave the new residents title to the land they occupied. Over the next decades, more than 4 million people would migrate to Lima's shantytowns. | 2 |
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| 1973, Dec. 31 |
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| As part of an economic reform process, the regime nationalized the Cerro de Pasco mining complex. | 3 |
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| 1975, Aug |
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| In economic crisis due to the rising price of oil and a fall in the value of Peruvian exports, the nationalist wing of the Velasco regime was ousted by conservatives, replacing Velasco with Francisco Morales Bermúdez. The new leadership sought to promote private enterprise and support a free market economy. Austerity measures caused widespread rioting. | 4 |
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| 1976, June |
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| The regime announced an end to the land reform. | 5 |
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| 1977, July |
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| Morales Bermúdez announced June 1978 elections for a constituent assembly to write a new constitution in preparation for a return to civilian rule. | 6 |
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| 1978, May 22–23 |
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| A million workers participated in a general strike. | 7 |
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| June 18 |
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| In constituent elections, APRA won a plurality of seats, followed by the rightist Popular Christian Party (PPC), with whom they formed a coalition majority. They produced a constitution that ensured a free market economy with a protected private sector. | 8 |
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| Aug. 7 |
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| The regime reached agreement with the IMF for a new austerity program, including massive cuts in the state sector, further price increases, and wage controls. | 9 |
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