1968 Economy & Business Events — Verified Historical Highlights
1968 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to
- 07 Jan U.S. First-Class Postage Rate Increase: On January 7, 1968, the United States Postal Service increased the first-class postage rate from 5 to 6 cents per ounce, marking the first rate change since 1963. source: about.usps.com
- 30 Jan Penn Central Railroad merger: On January 30, 1968, the merger of the Pennsylvania Railroad and the New York Central Railroad was finalized, creating the Penn Central Transportation Company. This merger was significant in the history of American railroads. source: britannica.com
- 01 Feb UNCTAD 2 Conference in New Delhi: The United Nations Conference on Trade and Development (UNCTAD) 2 convened in New Delhi, focusing on international economic cooperation and development strategies for emerging nations.
- 14 Feb Pennsylvania Railroad merger announced: On February 14, 1968, the merger of the Pennsylvania Railroad with the New York Central Railroad was announced, creating one of the largest railroads in the United States. This merger was part of a trend of consolidation in the railroad industry during the 1960s. source: nytimes.com
- 14 Mar London Gold Pool suspension and British political upheaval: On March 14, 1968, the United States requested the British government to close the London gold market to address heavy demand for gold. The next day, the UK declared a bank holiday, closing banks and stock exchanges. This led to the dissolution of the London Gold Pool, a consortium of central banks established in 1961 to maintain the gold price at $35 per ounce. The closure marked a significant shift in international monetary policy. source: numismaticnews.net
- 15 Mar US Mint Halts Gold Transactions: The U.S. Mint officially stops buying and selling gold, a significant monetary policy decision with potential economic implications.
- 18 Mar U.S. Congress repeals gold reserve requirement: On March 18, 1968, the U.S. Congress repealed the gold reserve requirement, allowing banks to hold reserves in other forms. This marked a significant shift in U.S. monetary policy, reflecting the changing economic landscape of the time. source: congress.gov
- 18 Apr US Bell Telephone System Strike: On April 18, 1968, approximately 200,000 members of the Communications Workers of America initiated a nationwide strike against 20 Bell System companies, marking the first such walkout in 21 years. The strike lasted 21 days and resulted in a three-year agreement that provided for wage increases of about six percent per year and full-paid company-provided health care. source: time.com
- 02 May Gold Reaches Record Price: Gold prices hit a record high of US$39.35 per ounce in London, England, reflecting significant economic dynamics and market conditions of the time.
- 08 Jul Chrysler Wildcat Strike in Detroit: On July 8, 1968, the Dodge Revolutionary Union Movement (DRUM) led a wildcat strike at Chrysler's Hamtramck assembly plant in Detroit. Approximately 4,000 workers participated, halting production for two and a half days and preventing the production of 3,000 cars. This action highlighted the group's militancy and willingness to challenge the United Auto Workers (UAW) hierarchy. source: socialistworker.org
- 18 Jul Intel Corporation Founded: Intel Corporation was founded on July 18, 1968, by semiconductor pioneers Robert Noyce and Gordon Moore, along with investor Arthur Rock. The company was initially named NM Electronics but was renamed Intel, a portmanteau of 'Integrated Electronics'. source: intel.com
- 05 Sep AT&T's Strategic Technology Introduction: AT&T Corporation introduced a strategic technological device aimed at maintaining its telecommunications monopoly, reflecting the complex regulatory and technological landscape of the American telecommunications industry in the late 1960s.
- 09 Sep Major UK Industrial Merger: General Electric Company and English Electric completed the largest industrial merger in the United Kingdom up to that date, representing a significant moment in British industrial and economic history.
- 09 Oct Peru nationalizes oil fields: On October 9, 1968, Peru nationalized its oil fields, a significant move in the context of Latin American economic policies. This action was part of a broader trend of nationalization in the region during the 1960s, aimed at increasing state control over natural resources. The decision had lasting implications for Peru's economy and foreign relations. source: britannica.com
- 14 Oct Euston Railway Station Reopens: The rebuilt Euston railway station in London was officially reopened, representing ongoing urban infrastructure development and modernization efforts in the United Kingdom.
- 18 Oct Circus Circus Casino opens in Las Vegas: On October 18, 1968, Circus Circus Casino opened in Las Vegas, featuring a casino on its first floor and carnival games for children on the second floor. source: en.wikipedia.org
- 30 Oct IJ Tunnel Opening in Amsterdam: Queen Juliana of the Netherlands officially opens the IJ tunnel in Amsterdam, a significant infrastructure project enhancing transportation in the Dutch capital.
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