Looking Back: The Top Business News Stories of 1974
As we usher in a New Year, it’s always wise to reflect on past events which have brought us to where we are today. Business news, in particular, has been a major highlight of the past year, and in this article, we’ll take a trip down memory lane to the top business news stories of 1974.
The Year of the Oil Embargo
1974 will forever be remembered as the year of the oil embargo. This was mainly due to the actions taken by the Organization of Arab Petroleum Exporting Countries (OAPEC) which imposed an oil embargo on countries that supported Israel in the Yom Kippur War. The resulting consequences were staggering, with global oil prices shooting up by over 300%.
This move plunged the world into an energy crisis, sparking some of the most significant shifts in global economics. The US economy, which was heavily reliant on oil imports, was hit the hardest, with the price of gasoline surging to record highs. The embargo led to the adoption of a more energy-efficient lifestyle, paving the way for renewable energy sources, which have seen remarkable growth in recent years.
The Rise of Tech Giants
1974 also saw the birth of some of the most successful tech companies, including Microsoft and Apple. Apple was founded by Steve Jobs and Steve Wozniak, who developed one of the first personal computers that went on to change the world. Microsoft was also founded that year by Bill Gates and Paul Allen and has since grown into one of the most successful companies globally.
The impact of these companies on the world’s economy was tremendous. They have revolutionized the way we communicate, access entertainment, conduct business, and more. These tech giants have become household names and continue to drive innovation and advancement across the globe.
The Unpredictable Stock Market
The stock market was also grabbing headlines in 1974, with investors looking to make their fortunes. However, it was an unpredictable year, with wild swings in share prices, particularly in the wake of the oil embargo. By the end of the year, the US stock market was in the midst of a massive downturn, with the Dow Jones Industrial Average dropping by over 45%.
The financial crisis was so severe that it led to the creation of the President’s Committee on Financial Markets. This committee was tasked with reviewing the stock market and suggesting ways to prevent future financial crises.
Conclusion
Looking back, 1974 was a remarkable year for business news, with events that have impacted the world as we know it today. The year of the oil embargo put the world onto a new path towards energy efficiency. The birth of tech giants Apple and Microsoft saw the dawn of a new era in communication and technology. Lastly, the unpredictable stock market created a sense of uncertainty that would eventually lead to significant economic changes.
In summary, these business news stories played a critical role in shaping the world we live in today. They serve as a reminder that every year is a unique year, with its own set of challenges and opportunities. As we enter the new year, it’s important to take these past lessons to heart and use them to shape a brighter future.
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