1959 Economy & Business Events — Verified Historical Highlights
1959 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to
- 26 Jan Chain Island land sale finalized: On January 26, 1959, the sale of Chain Island was finalized, marking a significant real estate transaction. This event had implications for local development and land use in the area. source: britannica.com
- 04 Feb Israel achieves milestone in copper ore exports: On February 4, 1959, Israel marked a significant milestone by exporting its first copper ore. This event highlighted the country's growing industrial capabilities and its efforts to develop its economy post-independence. source: britannica.com
- 09 Feb Yugoslavia and Spain Establish Trade Relations: Yugoslavia and Spain initiated trade relations, marking a diplomatic and economic engagement between two European nations with complex post-World War II histories.
- 06 Mar Castro government reduces Cuban rents: In March 1959, Fidel Castro's government implemented measures to reduce rents for urban dwellings, halving rents for those paying less than $100 per month. This initiative aimed to increase the purchasing power of the Cuban populace. However, the policy led to decreased productivity and drained the country's financial reserves within two years. source: en.wikipedia.org
- 08 Apr Inter-American Development Bank establishment: The Inter-American Development Bank (IDB) was established on April 8, 1959, to support Latin American and Caribbean economic development, social development, and regional integration. It is the largest source of development financing for these regions. source: iadb.org
- 25 Apr St. Lawrence Seaway opens for navigation: The St. Lawrence Seaway officially opened on April 25, 1959, allowing ships to travel from the Atlantic Ocean to the Great Lakes. This monumental engineering project significantly enhanced trade and transportation in North America. source: britannica.com
- 27 Apr UK Import Tariffs Lifted: The United Kingdom removes import tariffs, a significant economic policy change that could potentially stimulate international trade and economic growth.
- 08 May Little Caesars Pizza Chain Founded: Entrepreneurs Mike Ilitch and his wife Marian launched the first Little Caesars pizza restaurant in Garden City, Michigan, initiating what would become a significant fast-food franchise in American culinary history.
- 09 May St. Lawrence Seaway opening: The St. Lawrence Seaway was officially opened on May 9, 1959, allowing ships to travel from the Atlantic Ocean to the Great Lakes. This engineering feat significantly enhanced trade and transportation in North America. source: britannica.com
- 20 May Ford introduces the Falcon automobile: On May 20, 1959, Ford Motor Company unveiled the Falcon, a compact car that aimed to capture the growing market for smaller vehicles in America. The Falcon became popular for its affordability and efficiency, influencing future car designs. source: ford.com
- 26 Jun Saint Lawrence Seaway inauguration ceremony: The Saint Lawrence Seaway was inaugurated on June 26, 1959, marking a significant development in North American maritime trade. This project allowed ships to travel from the Atlantic Ocean to the Great Lakes, enhancing trade routes and economic opportunities for the region. source: britannica.com
- 07 Jul Black Sea Fishing Convention: The Convention Concerning Fishing in the Black Sea was signed on July 7, 1959, by the Soviet Union, Bulgaria, and Romania. This treaty aimed to promote rational fishing practices, improve fishing techniques, and conduct research to maintain and increase fish stocks in the Black Sea. source: fao.org
- 15 Jul 1959 United States Steel Strike: The United States Steel Strike began on July 15, 1959, as steelworkers sought better wages and working conditions. The strike lasted for 116 days, significantly impacting the steel industry and the economy. source: britannica.com
- 28 Jul United Kingdom introduces postal codes in Norwich: On July 28, 1959, the UK Postmaster General announced the introduction of postal codes in Norwich as an experiment to improve mail sorting efficiency. This initiative marked the beginning of the national postcode system, which was fully implemented between 1959 and 1974. source: en.wikipedia.org
- 07 Aug Lincoln Memorial Penny Design Introduced: The U.S. Mint began circulating the new Lincoln Memorial penny design, replacing the previous 'sheaves of wheat' design. This new design would remain in use for decades, becoming a familiar part of American currency.
- 16 Aug USSR introduces installment buying: On August 16, 1959, the Soviet Union announced the introduction of installment buying, allowing citizens to purchase goods on credit. This marked a significant shift in consumer policy within the USSR, aimed at increasing consumer access to goods. source: britannica.com
- 28 Aug Indonesia's currency redenomination: On August 28, 1959, Indonesia announced a currency redenomination, changing the currency from the gulden to the rupiah. This move was part of broader economic reforms during a period of political change in the country. source: reuters.com
- 11 Sep Food Stamps Authorization Bill passed: On September 11, 1959, the U.S. Congress passed the Food Stamps Authorization Bill, which aimed to provide nutritional assistance to low-income families. This legislation marked a significant step in the development of the U.S. food assistance program. source: fns.usda.gov
- 18 Sep First Jetway introduced at Atlanta Airport: On September 18, 1959, Delta Air Lines inaugurated the use of the 'Jetway,' a boarding bridge that allows passengers to board aircraft directly from the terminal, at Atlanta's airport. source: airporthistory.org
- 05 Oct IBM 1401: A revolutionary business computer: On October 5, 1959, IBM announced the IBM 1401, a groundbreaking business computer that revolutionized data processing. It became one of the most popular computers of its time, widely used in various industries for its versatility and efficiency. source: ibm.com
- 31 Oct USSR and Egypt sign Aswan Dam construction contracts: On October 31, 1959, the USSR and Egypt signed contracts for the construction of the Aswan Dam, a significant project aimed at controlling the Nile River's flooding and generating hydroelectric power. This agreement marked a key moment in Soviet-Egyptian relations during the Cold War. source: britannica.com
- 02 Nov First section of UK's M1 motorway opens: On November 2, 1959, the first section of the UK's M1 motorway opened, marking a significant development in the country's road infrastructure. source: bbc.com
- 17 Nov De Beers announces synthetic diamond technology: On November 17, 1959, De Beers announced the development of synthetic diamond technology, which aimed to create diamonds in a laboratory setting. This breakthrough had significant implications for the diamond industry, potentially altering the market dynamics and accessibility of diamonds. The technology has evolved over the years, leading to the rise of lab-grown diamonds. source: bbc.com
- 19 Nov Ford discontinues the Edsel: On November 19, 1959, Ford Motor Company announced the discontinuation of the Edsel, a car model that had failed to meet sales expectations. Launched with much fanfare, the Edsel became infamous for its marketing missteps and design flaws, leading to its short-lived production. source: ford.com
- 25 Nov First Bilateral Investment Treaty Signed: On November 25, 1959, the world's first Bilateral Investment Treaty (BIT) was signed between Pakistan and Germany. BITs are agreements between two countries that establish the terms and conditions for private investment across borders, aiming to protect and promote foreign investments. source: en.wikipedia.org
- 14 Dec Xerox 914 commercial copier introduced: On December 14, 1959, the Xerox 914, the first commercial plain paper copier, was introduced. This innovation revolutionized office document reproduction. source: en.wikipedia.org
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