What term describes the 1973–1974 global stock-market collapse?

The 1973–1974 stock-market crash was the global collapse in equity markets that accompanied the 1970s economic crisis.

The downturn followed the collapse of the Bretton Woods monetary system, the 1973 oil crisis, high inflation, and slowing economic growth. The Yom Kippur War led Arab members of OPEC to impose an oil embargo on several countries, and oil prices rose sharply. Higher energy costs damaged corporate profits and contributed to stagflation.

From its January 1973 high to its December 1974 low, the Dow Jones Industrial Average lost about 45 percent. Other national markets also suffered severe declines. The crisis was therefore broader than a single exchange or country and involved monetary, energy, geopolitical, and economic pressures.

It is sometimes confused with the 1970 bear market, but the 1973–1974 episode was a distinct and more prolonged global collapse. The term describes a market event, while the wider economic period is often called the 1970s oil crisis or stagflation era.