1971 Economy & Business Events — Verified Historical Highlights
1971 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to
- 12 Jan Nixon Administration Inflation Report: The Nixon Administration announced an inflation rate of 2.3 percent in 1970, the lowest since 1967, indicating some economic stabilization during a challenging economic period.
- 08 Feb NASDAQ stock market index launches: On February 8, 1971, the NASDAQ stock market index was launched, marking a significant development in the financial markets. It was the first electronic stock market, allowing for faster and more efficient trading. This innovation transformed the landscape of stock trading and investment. source: sec.gov
- 10 Feb UK banks close for Decimal Day preparations: On February 10, 1971, UK banks closed at 3:30 p.m. to prepare for Decimal Day, scheduled for February 15, 1971. This closure allowed for the conversion of all bank accounts from the old £sd system to the new decimal currency system. source: bbc.com
- 15 Feb OPEC oil embargo measures: On February 15, 1971, OPEC implemented measures that would later contribute to the oil embargo of 1973. This marked a significant shift in global oil politics, affecting economies worldwide. source: britannica.com
- 06 Mar British Postal Workers' Strike Concludes: The prolonged postal workers' strike, led by UPW General Secretary Tom Jackson, finally ended after 47 days, marking a significant moment in British labor relations.
- 25 Mar European Council accepts Mansholt Plan: On March 25, 1971, the European Council approved the Mansholt Plan, aimed at reforming agricultural policy in the European Economic Community. The plan sought to modernize farming practices and improve the economic viability of rural areas. source: europarl.europa.eu
- 29 Mar Chile nationalizes banks and copper industry: On March 29, 1971, Chile's government, led by President Salvador Allende, nationalized the country's banks and copper industry. This move was part of a broader socialist agenda aimed at redistributing wealth and resources in Chile. source: britannica.com
- 31 Mar South Africa National Debt Milestone: South Africa's national debt reaches US$5.45 billion, reflecting the country's economic challenges during the apartheid era.
- 08 Apr First Legal Off-Track Betting System in New York: New York established the first legal off-track betting (OTB) system, revolutionizing gambling regulations and providing a new legal framework for horse race betting.
- 20 Apr Nixon ends China trade blockade: On April 20, 1971, President Richard Nixon announced the end of the trade blockade against China, marking a significant shift in U.S.-China relations. This decision paved the way for future diplomatic engagement and trade between the two nations. source: britannica.com
- 29 Apr Bolivian Mine Nationalization: Bolivia nationalizes the American-owned Matilde zinc mine, reflecting a broader trend of resource sovereignty and economic nationalism in Latin America during the early 1970s. This action signaled Bolivia's efforts to gain greater control over its natural resources and challenge foreign economic interests.
- 30 Apr Amtrak begins national rail service: On April 30, 1971, Amtrak commenced operations, consolidating passenger rail services from 20 private railroads into a unified national network. The inaugural train departed New York City for Philadelphia, marking the start of Amtrak's extensive service across 43 states and the District of Columbia. source: history.amtrak.com
- 01 May Amtrak begins operations: On May 1, 1971, Amtrak officially began operations, taking over intercity passenger rail services from 20 private railroads. The company launched with 184 trains daily, serving 323 stations across the United States. source: history.amtrak.com
- 05 May US Dollar floods European currency markets: On May 5, 1971, the US dollar experienced significant fluctuations, impacting European currency markets. This event was part of a broader economic context involving currency devaluation and international monetary policy changes. source: brookings.edu
- 18 May US Congress ends supersonic transport funding: On May 18, 1971, the U.S. Congress voted to terminate funding for the supersonic transport program, effectively ending the development of the Concorde aircraft in the United States. source: nytimes.com
- 14 Jun U.S. ends trade embargo with China: On June 14, 1971, President Nixon announced the end of the trade embargo with China, marking a significant shift in U.S.-China relations. This decision paved the way for future diplomatic engagements and economic exchanges between the two nations. source: history.com
- 18 Jun FedEx founded: FedEx, originally known as Federal Express, was founded on June 18, 1971, by Frederick W. Smith. The company revolutionized the logistics industry by introducing overnight shipping services, utilizing a hub-and-spoke model to efficiently deliver packages across the United States. source: en.wikipedia.org
- 01 Jul United States Postal Service Established: On July 1, 1971, the U.S. Post Office Department was transformed into the United States Postal Service, becoming an independent establishment of the executive branch of the U.S. government. source: about.usps.com
- 11 Jul Chilean Parliament nationalizes US copper mines: On July 11, 1971, the Chilean Parliament voted to nationalize U.S.-owned copper mines, a pivotal moment in Chile's economic history. This decision aimed to increase state revenue and reduce foreign control over natural resources. source: bbc.com
- 12 Jul Nixon signs Emergency Employment Act: On July 12, 1971, President Nixon signed the Emergency Employment Act into law, aimed at addressing unemployment through job creation programs. This legislation was part of Nixon's broader economic strategy during a period of economic challenges. source: whitehouse.gov
- 20 Jul First McDonald's opens in Japan: On July 20, 1971, the first McDonald's restaurant in Japan opened in Tokyo. This marked the fast-food chain's expansion into the Asian market, influencing local dining habits. source: bbc.com
- 31 Jul Venezuela's hydrocarbons reversion law: On July 31, 1971, Venezuela enacted a hydrocarbons reversion law that aimed to reclaim control over its oil resources. This legislation was a pivotal moment in the country's energy policy and had lasting implications for the oil industry. source: reuters.com
- 05 Aug DC-10 jumbo jet enters commercial service: On August 5, 1971, the McDonnell Douglas DC-10 jumbo jet entered commercial service, revolutionizing air travel with its capacity and range. This aircraft became a significant player in the aviation industry for decades. source: nytimes.com
- 11 Aug Nixon ends Bretton Woods system and imposes economic freeze: On August 11, 1971, U.S. President Richard Nixon announced the end of the Bretton Woods system, which had established fixed exchange rates, and imposed a 90-day economic freeze to combat inflation. source: archives.gov
- 13 Aug Nixon's economic policy transformation: On August 13, 1971, President Richard Nixon announced a significant shift in U.S. economic policy, including wage and price controls, marking a departure from traditional free-market principles. This transformation aimed to combat inflation and stabilize the economy during a challenging period. source: nytimes.com
- 15 Aug Nixon ends Bretton Woods system: On August 15, 1971, President Nixon announced the end of the Bretton Woods system, which had established fixed exchange rates and the U.S. dollar's convertibility into gold. This decision led to a shift towards floating exchange rates and transformed international monetary policy. source: nytimes.com
- 19 Aug Intelsat Organization established: On August 19, 1971, the International Telecommunications Satellite Organization (Intelsat) was established to provide global satellite communication services. source: en.wikipedia.org
- 18 Sep First Cup Noodle launched by Momofuku Ando: On September 18, 1971, Momofuku Ando launched the first Cup Noodle, revolutionizing instant food. This innovation made it easier for consumers to prepare meals quickly and contributed to the global popularity of instant noodles. source: bbc.com
- 14 Oct First Eisenhower Silver Proof Dollars Released: The United States Mint began mailing the 1971 Eisenhower silver proof dollars to the public, a significant moment for coin collectors and numismatists.
- 01 Nov Introduction of the Eisenhower Dollar Coin: The U.S. Mint began issuing the Eisenhower dollar coin on November 1, 1971. This coin, featuring President Dwight D. Eisenhower on the obverse and a stylized image honoring the 1969 Apollo 11 Moon mission on the reverse, was the first dollar coin produced since 1935. It was minted in copper-nickel clad for circulation and 40% silver for collectors. source: usmint.gov
- 05 Dec Libya nationalizes British Petroleum concession: On December 5, 1971, Libya announced the nationalization of the British Petroleum (BP) concession, marking a significant shift in the country's oil policy. This move was part of a broader trend of nationalization in the region, aimed at increasing state control over natural resources and revenues. source: reuters.com
- 16 Dec US Dollar devaluation: On December 16, 1971, the United States announced a devaluation of the US Dollar, marking a significant shift in international monetary policy. source: federalreservehistory.org
- 29 Dec First Australian McDonald's Opens: The first McDonald's restaurant in Australia opens in Yagoona, Sydney, marking the beginning of the fast-food chain's expansion in the country.
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