1966 Economy & Business Events — Verified Historical Highlights
1966 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to
- 02 Jan Cuba-China trade agreement terminated: On January 2, 1966, Cuba and China announced the termination of their trade agreement, which had been established to strengthen economic ties. This decision reflected the shifting political landscape during the Cold War and the evolving relationship between the two nations. source: reuters.com
- 03 Jan Atlantic Richfield Company formation: On January 3, 1966, the Atlantic Richfield Company (ARCO) was formed through the merger of Atlantic Refining Company and Richfield Oil Corporation, becoming a major American oil company. source: britannica.com
- 27 Jan New Zealand-Australia Free Trade Agreement: On January 27, 1966, the New Zealand-Australia Free Trade Agreement (NAFTA) was implemented, aiming to eliminate tariffs and quantitative restrictions between the two countries. This agreement built upon the 1933 Australia–New Zealand Trade Agreement, further promoting economic integration. NAFTA remained in force until 1983, when it was succeeded by the Australia–New Zealand Closer Economic Relations Trade Agreement (ANZCERTA). source: abf.gov.au
- 09 Feb Dow Jones Industrial Average reaches record high: On February 9, 1966, the Dow Jones Industrial Average closed at 995.15, marking its highest point at that time. This peak was part of a significant bull market that began in 1949, during which the index increased nearly 500% over the next eight years. source: en.wikipedia.org
- 12 Feb New York City Transit Strike Concludes: On February 12, 1966, the New York City transit strike, which had disrupted subway and bus services, concluded after 12 days, leading to the resumption of normal operations.
- 14 Feb Australia's Decimalization Day celebrated: February 14, 1966, marked Australia's Decimalization Day, the day the Australian dollar was introduced. This event was significant in modernizing the country's currency system. source: britannica.com
- 19 Feb Australia introduces new national currency: On February 19, 1966, Australia introduced a new national currency, replacing the Australian pound with the Australian dollar. This change was part of a broader effort to decimalize the currency system, making transactions simpler and more efficient. source: britannica.com
- 04 Mar End of Studebaker Car Production in Canada: Studebaker ceased car production in Canada on March 4, 1966, marking the end of its manufacturing operations in the country. source: en.wikipedia.org
- 08 Mar US Mint Introduces New Coin Compositions: The United States Mint releases new copper-nickel clad dimes dated 1965 and silver-copper-nickel clad half dollar coins into circulation, marking a significant change in coin metallurgy and monetary policy.
- 21 Mar World Trade Center construction begins: Construction of the World Trade Center in New York City began on March 21, 1966, marking the start of the project's development. source: en.wikipedia.org
- 30 Mar US Mint Releases New Roosevelt Dimes: The United States Mint released new Roosevelt dimes on March 30, 1966, featuring a new design. This release was part of the Mint's ongoing efforts to update coin designs and commemorate significant figures in American history. source: usmint.gov
- 18 Apr China halts economic aid to Indonesia: On April 18, 1966, China announced the cessation of economic aid to Indonesia. This decision followed the military coup in Indonesia in 1965, which led to the rise of General Suharto. The Chinese government had previously supported Indonesia's Sukarno regime, but the change in leadership prompted a reevaluation of bilateral relations. The suspension of aid marked a significant shift in China's foreign policy approach towards Indonesia during this period. source: id.china-embassy.gov.cn
- 05 May FIAT Signs Agreement with Soviet Government: Italian automaker FIAT concluded a landmark agreement with the Soviet government to establish a car manufacturing factory within the Soviet Union, representing a significant international industrial collaboration during the Cold War era.
- 07 May Irish bank workers strike begins: On May 7, 1966, workers at Ireland's four major banks—the Bank of Ireland, Allied Irish Banks, Northern Bank, and Ulster Bank—initiated a strike that lasted until July 30, 1966. This action led to the closure of all clearing banks in the Republic of Ireland, significantly impacting the country's banking operations. The strike provided economists with a unique opportunity to study the functioning of a modern economy without access to bank deposits. source: en.wikipedia.org
- 21 May FIAT and Soviet Union establish automotive partnership: On May 21, 1966, FIAT and the Soviet Union announced a partnership to produce automobiles in the USSR. This collaboration aimed to enhance the Soviet automotive industry and was part of broader economic exchanges between Italy and the Soviet Union during the Cold War. source: reuters.com
- 17 Jun An Air France personnel strike begins: A personnel strike at Air France commenced on June 17, 1966, leading to significant disruptions in airline operations. The strike was part of broader labor disputes affecting the airline industry during that period. source: reuters.com
- 20 Jun Canada-Soviet Union wheat trade deal: Canada and the Soviet Union signed a significant wheat trade agreement, enhancing agricultural trade between the two nations. This deal was part of Canada's efforts to expand its export markets during the Cold War. source: theglobeandmail.com
- 28 Jun UK Sailors' Strike Concludes: The National Union of Seamen's maritime labor dispute in the United Kingdom comes to an end.
- 01 Jul BART Construction Begins in San Francisco: On July 1, 1966, construction began on the Bay Area Rapid Transit (BART) system in San Francisco, aiming to improve public transportation in the Bay Area.
- 05 Jul New York City Transit Fare Increase: The New York City transit fare increased from 15 to 20 cents, reflecting the ongoing economic changes and infrastructure costs in mid-1960s urban transportation.
- 08 Jul Major US airline strike: On July 8, 1966, a significant strike involving major U.S. airlines occurred, leading to widespread disruptions in air travel. The strike was part of a series of labor actions in the airline industry during that period. source: en.wikipedia.org
- 12 Jul US Treasury Silver Coin Purchase Announcement: The United States Treasury announced it would purchase mutilated silver coins at bullion price at mints in Philadelphia and Denver, indicating a significant monetary policy decision.
- 02 Aug Salazar Bridge Opens in Lisbon: The Salazar Bridge (now known as the 25 de Abril Bridge) is inaugurated in Lisbon, Portugal, becoming a crucial infrastructure project connecting the city.
- 05 Aug Caesars Palace Opens in Las Vegas: The iconic Caesars Palace hotel and casino opens on the Las Vegas Strip, marking a significant expansion of the city's entertainment and gambling landscape.
- 29 Sep Chevrolet Camaro Debut: The Chevrolet Camaro was introduced on September 29, 1966, as a competitor to the Ford Mustang.
- 03 Oct Israel Applies for EEC Membership: Israel formally submitted its application for membership in the European Economic Community (EEC) on October 3, 1966, marking an important diplomatic and economic outreach by the young nation.
- 04 Oct Israel applies for EEC Treaty of Association: On October 4, 1966, Israel formally applied for associate membership in the European Economic Community (EEC), seeking closer economic and political ties with Western Europe. This application aimed to replace the existing commercial agreement expiring in 1967 with a more comprehensive association agreement.
- 17 Oct Food Price Boycott in Denver: The Housewives for Lower Food Prices organization initiated a boycott of five major grocery stores in Denver, Colorado, as a grassroots consumer protest against rising food costs.
- 27 Oct Norwegian Oil Tanker Transits Suez Canal: The Norwegian oil tanker 'Birghaven', a massive vessel with a capacity of 153,511 tons and measuring 278.9 meters in length, successfully navigated through the Suez Canal, symbolizing the continued importance of maritime trade routes.
- 08 Nov AFL-NFL Merger Antitrust Exemption: U.S. President Lyndon B. Johnson signs an antitrust exemption into law, facilitating the historic merger between the National Football League (NFL) and the American Football League (AFL), which would reshape professional football in the United States.
- 17 Nov UN establishes Industrial Development Organization: On November 17, 1966, the United Nations General Assembly passed resolution 2152 (XXI), establishing the United Nations Industrial Development Organization (UNIDO) as an autonomous body within the UN. Its mission is to promote and accelerate the industrialization of developing countries. Ibrahim Helmi Abdel-Rahman of Egypt was appointed as UNIDO's first Executive Director. source: unido.org
- 26 Dec Congolese Nationalization of Mining Resources: The Congolese government assumes control of the Union Minière du Haut Katanga, a major mining enterprise, signaling a significant step in post-colonial economic sovereignty and resource management.
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