1940 Economy & Business Events — Verified Historical Highlights
1940 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to
- 08 Jan United Kingdom introduces food rationing: On January 8, 1940, the UK government implemented food rationing to ensure fair distribution during wartime shortages, starting with butter, bacon, and sugar. source: iwm.org.uk
- 15 Jan British government nationalizes meat industry during World War II: On January 15, 1940, the British government took control of the meat industry to ensure adequate supplies during World War II. This move was part of broader efforts to manage resources and maintain food security amid wartime challenges. source: bbc.co.uk
- 31 Jan First Social Security Monthly Benefit Check Issued: On January 31, 1940, Ida May Fuller of Ludlow, Vermont, received the first monthly Social Security benefit check, amounting to $22.54. She had paid a total of $24.75 into the system over three years. source: ssa.gov
- 10 Feb USSR-Germany trade treaty: On February 10, 1940, the USSR and Germany signed a trade treaty, solidifying economic ties between the two nations during a time of political alliance. This treaty was part of the broader Molotov-Ribbentrop Pact framework. source: britannica.com
- 14 Feb British merchant fleet armed during World War II: On February 14, 1940, the British merchant fleet was armed to defend against German U-boat attacks. This measure aimed to protect vital supply lines during the Battle of the Atlantic. source: en.wikipedia.org
- 11 Mar Britain introduces meat rationing during World War II: On March 11, 1940, the British government implemented meat rationing as part of its wartime measures during World War II. This was aimed at managing food supplies and ensuring equitable distribution among the population. source: bbc.co.uk
- 01 Apr British Overseas Airways Corporation begins operations: On April 1, 1940, the British Overseas Airways Corporation (BOAC) commenced operations as a single company. This consolidation aimed to streamline British air services during World War II. source: en.wikipedia.org
- 02 Apr Walt Disney Productions goes public: On April 2, 1940, Walt Disney Productions held its initial public offering, offering 155,000 shares of preferred stock at $25 per share and 600,000 shares of common stock at $5 per share, raising $3.5 million. source: islandnet.com
- 06 May UK Unemployment Falls Below 1 Million: The United Kingdom experienced a significant economic milestone as unemployment dropped below 1 million people for the first time in two decades. This marked an important moment in the nation's economic recovery and labor market transformation during the pre-World War II era.
- 15 May First McDonald's Restaurant Opens: Richard and Maurice McDonald inaugurated the first McDonald's restaurant in San Bernardino, California, laying the groundwork for what would become one of the world's largest and most recognizable fast-food chains. source: Wikipedia (day-month pages)
- 16 May US Congress approves massive aircraft production funding: On May 16, 1940, the United States Congress approved significant funding for aircraft production as part of its efforts to bolster national defense. This decision was influenced by the escalating conflict in Europe and the need for military preparedness. source: archives.gov
- 28 May Death of Adriaan J Enscredt: Adriaan J Enscredt, director of the renowned Dutch printing company Joh Enscredt, passes away at the age of 50.
- 01 Jun Coffee and Tea Rationing in the Netherlands: The Netherlands implemented rationing of coffee and tea, reflecting the economic pressures and resource scarcity during the German occupation in World War II.
- 05 Jun Netherlands Petroleum Rationing: The Netherlands implemented petroleum rationing, likely in response to the growing tensions and resource constraints of World War II.
- 12 Jun Turkey Halts Commercial Relations with Italy: Turkey discontinued commercial relations with Italy, reflecting the growing international isolation of Axis powers and the expanding geopolitical tensions of World War II.
- 15 Jun Food Rationing in Holland: The Netherlands implements bread and flour rationing, reflecting the economic pressures and resource scarcity caused by the ongoing World War II.
- 17 Jun George Akerlof Birth: George Akerlof, an American economist who would later become a Nobel Prize laureate, was born. He is known for his significant contributions to economic theory, particularly in the area of information asymmetry.
- 18 Jun German Occupation Economic Disruption: German occupying forces systematically slaughter livestock in occupied territories, demonstrating the destructive economic impact of military occupation and warfare.
- 28 Jun Muhammad Yunus Birth: Muhammad Yunus, the renowned Bangladeshi economist and Nobel Prize laureate known for pioneering microfinance and social entrepreneurship, was born.
- 01 Jul British Wartime Conservation Measures: The British government issued guidance for women to conserve wood resources by wearing shoes with flatter heels, demonstrating the comprehensive resource management during World War II.
- 05 Jul Operation Fish: Massive Wealth Transfer to Canada: Operation Fish was a significant operation during World War II, involving the transfer of British gold reserves to Canada for safekeeping. This operation was crucial for maintaining the financial stability of Britain during the war. source: bbc.com
- 23 Jul Britain's third war budget introduced: On July 23, 1940, the British government introduced its third war budget, aimed at addressing the financial needs of the ongoing conflict in World War II. This budget included significant allocations for military expenditures and support for the war effort against Axis powers. source: theguardian.com
- 12 Aug Netherlands implements textile rationing: In August 1940, the Netherlands introduced textile rationing as part of wartime measures. This policy aimed to control the distribution of textiles and ensure equitable access during the ongoing conflict.
- 31 Aug Soap Rationing in Occupied Netherlands: German occupiers implemented soap rationing in the Netherlands, a typical wartime measure to control resources and manage civilian supplies during the German occupation.
- 26 Sep US imposes total embargo on scrap metal to Japan: On September 26, 1940, the United States imposed a total embargo on the export of scrap metal to Japan. This action was part of a series of economic sanctions aimed at curbing Japan's military expansion in Asia. source: upi.com
- 01 Oct Pennsylvania Turnpike opens: The Pennsylvania Turnpike, the first long-distance, limited-access toll road in the United States, opened on October 1, 1940. Spanning 160 miles from Irwin to Carlisle, Pennsylvania, it reduced travel time between Pittsburgh and Harrisburg by three hours and spurred economic growth in the region. source: washingtonpost.com
- 20 Oct Cheese rationing implemented in the Netherlands: On October 20, 1940, the German occupying forces in the Netherlands imposed cheese rationing as part of broader food control measures during World War II. This action was part of a series of rationing policies affecting various food items in the occupied territories. source: brainyhistory.com
- 24 Oct 40-hour workweek implemented in the US: On October 24, 1940, the eight-hour day and 40-hour workweek became standard practice in various industries across the United States, following the amendment of the Fair Labor Standards Act. source: archives.gov
- 15 Nov New York Midtown Tunnel opens: The New York Midtown Tunnel, connecting Manhattan and Queens, opened on November 15, 1940, providing a new route for vehicular traffic under the East River. source: en.wikipedia.org
- 12 Dec Britain's 'Potato Pete' Campaign: The British government launched the 'Potato Pete' promotional drive to encourage potato consumption and opened government-run fish & chips shops, reflecting wartime food rationing and economic strategies.
- 19 Dec US Military Aid to China: On December 19, 1940, U.S. President Franklin D. Roosevelt approved $25 million in aid to the Republic of China, allowing the Nationalist government to purchase one hundred P-40 pursuit aircraft. source: en.wikipedia.org
What happened in 1940?
Discover what the world looked like in 1940: