The first oil crisis, that of 1973-1974, ended up generating, especially in the developed Western world, a situation that was defined as "stagflation", that is, the simultaneity of economic stagnation and inflation. The world had come from a place where the two concepts were quite opposed, given that stagnation was fought with expansionary policies that were inflationary and inflation could be reduced with stabilization policies (i.e., stagnation or contraction). The repetition of expansionary policies simultaneous to the existence of strong supply inflation —the increase in the price of oil was due to unforeseen extra-economic causes—, ended up meaning that economic stimulus policies were useless. Only the same stagnation that was sought to be combated was achieved, but with the addition of inflation.