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[113] Some researchers regard the 1973 "oil price shock" and the accompanying 1973–74 stock market crash as the first discrete event since the Great Depression to have a persistent effect on the US economy. [114] The embargo had a negative influence on the US economy by causing immediate demands to address the threats to U.S. energy security ...
The targeted countries responded with a wide variety of new, and mostly permanent, initiatives to contain their further dependency. The 1973 "oil price shock", along with the 1973–1974 stock market crash, have been regarded as the first event since the Great Depression to have a persistent economic effect. [23]
The 1973–1974 stock market crash caused a bear market between January 1973 and December 1974. Affecting all the major stock markets in the world, particularly the United Kingdom, [1] it was one of the worst stock market downturns since the Great Depression, the other being the financial crisis of 2007–2008. [2]
Markets crash for a variety of reasons. For example, in 2022 and 1973 the stock market crashed because of external events. The 1973 crash was significantly brought on when oil embargoes spiked the ...
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The main stock indexes in Britain and Germany were down by almost 7%. Japan’s benchmark closed down 5.1% while Australia’s lost 7.3% and the Shanghai market in China was off 3%.