The 1973–1974 global stock-market collapse associated with the oil crisis and the end of the postwar boom was the 1973–1974 bear market.
The decline followed years of strong postwar expansion but emerged amid inflation, slower growth, and mounting political and financial uncertainty. The Yom Kippur War in October 1973 preceded an Arab oil embargo, and oil prices rose sharply. Energy costs, shortages, and inflation intensified pressure on companies and consumers.
In the United States, the Watergate scandal and the resignation of President Richard Nixon added to uncertainty. The collapse of the Bretton Woods system also marked a major change in the international monetary environment. Equity valuations fell across many major markets.
The episode is frequently described as a stock-market crash, but it was principally a prolonged bear market lasting from 1973 into 1974. It forms part of the broader “stagflation” era, in which weak growth and high inflation occurred together.