1972 Economy & Business Events — Verified Historical Highlights
1972 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to
- 05 Jan NYC Transit Fare Increases: The New York City transit fare increased from 30 cents to 35 cents, reflecting the ongoing economic adjustments and urban infrastructure costs of the early 1970s.
- 22 Jan European Economic Community expansion: On January 22, 1972, the European Economic Community expanded by signing a Treaty of Accession with the United Kingdom, Ireland, Denmark, and Norway. source: en.wikipedia.org
- 08 Feb UK state of emergency during coal miners' strike: On February 8, 1972, the UK government declared a state of emergency due to a coal miners' strike that severely impacted energy supplies. This strike was part of a larger movement for better wages and working conditions. source: theguardian.com
- 17 Feb Volkswagen Beetle surpasses Ford Model T sales: On February 17, 1972, the Volkswagen Beetle officially surpassed the Ford Model T in total production numbers, marking a significant milestone in automotive history. The Beetle became an iconic symbol of the 1960s and 1970s. source: autoweek.com
- 07 Mar Federal Express receives FAA operating certificate: On March 7, 1972, Federal Express was granted its operating certificate by the Federal Aviation Administration (FAA). This milestone allowed the company to begin its overnight delivery service, revolutionizing the logistics and shipping industry. source: faa.gov
- 16 May Malta introduces decimal currency: On May 16, 1972, Malta transitioned from the British system of pounds, shillings, and pence to a decimal currency system. The Maltese pound was divided into 100 cents, each cent into 10 mils. The first series of decimal coins included denominations of 50 cent, 10 cent, 5 cent, 2 cent, 1 cent, 5 mils, 3 mils, and 2 mils. source: centralbankmalta.org
- 19 May Delta Air Lines Acquires Northeast Airlines: Delta Air Lines completed the acquisition of Northeast Airlines, expanding its route network with direct flights from New York and Boston to Florida destinations, signaling continued consolidation in the airline industry.
- 26 May Thomas Cook & Son Privatized: On May 26, 1972, Thomas Cook & Son was privatized, marking a significant change in the company's structure and operations. This move aimed to enhance its competitiveness in the travel industry. source: bbc.com
- 01 Jun Iraq nationalizes Iraq Petroleum Company: On June 1, 1972, Iraq announced the nationalization of the Iraq Petroleum Company, a significant move in asserting control over its oil resources and asserting economic independence.
- 06 Jun Gold price reaches record high: On June 6, 1972, gold prices reached a record high, with the London afternoon fixing at $61.50 per ounce. source: sdbullion.com
- 20 Jun Howard Johnson's founder dies: Howard Johnson, the founder of the famous restaurant and motel chain, passed away on June 20, 1972. His contributions to the American dining and hospitality industry were significant, making his brand a household name. source: nytimes.com
- 27 Jun Atari Inc. founded by Bushnell and Dabney: On June 27, 1972, Nolan Bushnell and Ted Dabney founded Atari Inc. in Sunnyvale, California. The company became a pioneer in the video game industry, introducing the first commercially successful arcade game, Pong, in 1972. source: axios.com
- 28 Jul UK nationwide dock workers strike begins: On July 28, 1972, dock workers across the UK initiated a nationwide strike, demanding better wages and working conditions. This strike significantly impacted shipping and trade, leading to widespread disruptions in the economy. source: bbc.com
- 29 Jul A national dock strike begins in Britain: On July 29, 1972, a national dock strike commenced in Britain, escalating from earlier regional strikes. The workers demanded improved pay and conditions, leading to significant disruptions in port operations across the country. source: bbc.com
- 31 Jul Northeast Airlines' Final Flight: Northeast Airlines completed its last independent flight before being integrated into Delta Air Lines the following day, marking the end of an era in commercial aviation.
- 03 Aug South Korea's Emergency Economic Decree: On August 3, 1972, South Korean President Park Chung-hee enacted the "Presidential Emergency Order for Economic Stability and Growth," commonly known as the August 3 Decree. This measure aimed to alleviate financial burdens on major corporations by converting high-interest debts from the unregulated curb market into long-term loans at a reduced interest rate, thereby stabilizing the economy and supporting industrial growth. source: elibrary.imf.org
- 25 Aug Walmart goes public on NYSE: On August 25, 1972, Walmart, the retail giant founded by Sam Walton, went public on the New York Stock Exchange (NYSE). This move marked a significant milestone in the company's growth and expansion, allowing it to raise capital for further development. source: nytimes.com
- 18 Sep São Paulo Metro inaugurated in Brazil: On September 18, 1972, the São Paulo Metro, the first underground rapid transit system in Brazil, was inaugurated. This significant development aimed to alleviate the city's traffic congestion and improve public transportation for its residents. source: en.wikipedia.org
- 20 Sep United Kingdom joins European Economic Community: On September 20, 1972, the United Kingdom officially became a member of the European Economic Community (EEC), marking a significant step in its integration into European economic structures. source: en.wikipedia.org
- 01 Oct Malaysia–Singapore Airlines split: On October 1, 1972, Malaysia–Singapore Airlines ceased operations, leading to the formation of two separate national carriers: Singapore Airlines and Malaysian Airline System. source: en.wikipedia.org
- 05 Oct OPEC-Oil Company Participation Agreement: On October 5, 1972, OPEC and several major oil companies signed an agreement to enhance cooperation and participation in oil production. This agreement was a response to the changing dynamics of the global oil market. source: bbc.com
- 10 Oct Malaysia Singapore Airlines Split: A significant aviation industry restructuring occurred with the separation of Malaysia Singapore Airlines into two distinct national carriers: Singapore Airlines (SIA), which initially operated 10 aircraft, and Malaysia Airlines.
- 18 Oct Soviet Union agrees to repay Lend-Lease debt: On October 18, 1972, the Soviet Union signed an agreement to repay $722 million of the Lend-Lease debt to the United States by July 1, 2001. This debt was incurred during World War II when the U.S. supplied the USSR with military aid. Payments began in 1973 but were suspended due to trade measures unfavorable to the USSR. source: stanislavs.org
- 23 Oct Access credit cards launched in Britain: On October 23, 1972, Access credit cards were officially launched in Britain, marking a significant development in consumer finance. This initiative aimed to provide a new method of payment and credit access for consumers in the UK. source: britannica.com
- 25 Oct Nobel Prize in Economics awarded to Kenneth J. Arrow and John R. Hicks: On October 25, 1972, the Royal Swedish Academy of Sciences awarded the Nobel Prize in Economic Sciences to Kenneth J. Arrow and John R. Hicks for their pioneering contributions to general economic equilibrium theory and welfare theory. Arrow's work, including his 'impossibility theorem,' demonstrated the challenges in aggregating individual preferences into a collective social welfare function. Hicks's contributions included his analysis of consumer surplus and welfare economics. source: nobelprize.org
- 27 Oct OPEC approves oil ownership plan: On October 27, 1972, the Organization of Petroleum Exporting Countries (OPEC) approved a plan granting 25% government ownership of Western oil interests operating in Kuwait, Qatar, Abu Dhabi, and Saudi Arabia, effective January 1, 1973, with an increase to 51% by January 1, 1983. Iraq declined to agree to this plan. Agreements were signed on December 21, 1972. source: la.utexas.edu
- 01 Nov Standard Oil Becomes Exxon: Standard Oil of New Jersey officially changed its corporate name to Exxon, signaling a major rebranding in the oil industry.
- 14 Nov Dow Jones Industrial Average surpasses 1,000 points: On November 14, 1972, the Dow Jones Industrial Average closed at 1,003.16 points, marking the first time the index surpassed the 1,000-point milestone. This achievement reflected investor optimism following President Richard Nixon's re-election and a growing economy. source: washingtonpost.com
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