The common description of Jimmy Carter as perhaps the best ex-president in U.S. history is a deservedly flattering assessment of much of Carter’s post political life. His political legacy is more complex.

Carter’s political legacy is defined by two issues that are more related than may be obvious: inflation and the 1978 Iranian revolution. These two powder kegs proved that foreign policy is ultimately domestic policy – a lesson that has lasting and timely implications.

From a traditionally domestic-policy standpoint, in the past 44 years Carter has received a lot of undeserved criticism, and very little praise for some long-lasting and influential policies he implemented. Despite his name being almost synonymous with “inflation,” Carter ironically appointed inflation hawk Paul Volcker as Chairman of the Federal Reserve, considered by many to be the most effective chairman in the history of the Fed.

In a way, Carter was also the Great Deregulator, responsible for price deregulation of the trucking industry (Motor Carrier Act of 1980), airlines (Airline Deregulation Act of 1978), railroads (Staggers Rail Act of 1980) and long-distance telephone service (Telecommunications Act of 1980). Carter, whose brother Billy introduced his own Billy Beer in 1977, is responsible for eliminating excise taxes on small beer and wine makers, creating the environment that eventually became the craft beer industry.

Carter’s economic problems at home had their roots overseas, not in Washington.

By the time Carter took office in 1977, the marginal inflationary effects of the 1973 OPEC oil embargo were mostly over. However, when the Shah of Iran (a jilted U.S. ally) was deposed in February 1979, Iran cut its oil production by almost 10%, throwing world energy markets into turmoil. By June 1980, oil prices had jumped from $14 to $40 a barrel, and inflation had skyrocketed to a record high of 13.5%. This plunged the U.S. into a recession, right in the middle of the 1980 election season.

Historians disagree about the extent to which Carter’s actions (or inactions) emboldened Iranian militants and tacitly, even though unintentionally, encouraged the 1979 revolution. But the effects of that revolution 6,300 miles way were felt at gas stations and grocery stores across the U.S. They resulted in 8 percent unemployment and an ill-timed (for Carter) recession.

Carter never had a chance. Ronald Reagan’s 45 state victory provided an electoral landslide, 489-45.

Commentators today are quick to compare our recent bout of inflation with the Carter years, but that is a lazy analysis. Unlike our 2022 inflation spike, 1980’s hyperinflation was not the result of simultaneously dropping money from airplanes while shutting down the economy.

David Moon is president of Moon Capital Management. A version of this piece originally appeared in the USA TODAY NETWORK.