1981 Economy & Business Events — Verified Historical Highlights
1981 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to
- 01 Jan Roger Smith Becomes GM CEO: Roger Smith was appointed Chief Executive Officer of General Motors, a pivotal leadership transition for one of the world's largest automotive manufacturers during a challenging period for the industry.
- 15 Jan FCC votes to ease rules on radio ads and fare: On January 15, 1981, the Federal Communications Commission (FCC) voted to deregulate major portions of the nation's radio broadcast industry. The decision allowed stations to air as many commercials as they wished, eliminated specific time requirements for public affairs programming, and ended rules requiring stations to survey the needs of their community. This move was hailed as a 'turning point in the history of broadcast regulation' by the National Association of Broadcasters. source: csmonitor.com
- 28 Jan Reagan lifts federal controls on oil prices and allocations: On January 28, 1981, President Ronald Reagan signed Executive Order 12287, removing federal price and allocation controls on crude oil and refined petroleum products. This action aimed to stimulate domestic oil production and reduce U.S. dependence on foreign oil. The decontrol was expected to lead to higher gasoline prices, with estimates ranging from 3 to 13 cents per gallon. source: reaganlibrary.gov
- 29 Jan MLB approves sale of Chicago White Sox and Seattle Mariners: On January 29, 1981, Major League Baseball owners approved the sale of the Chicago White Sox to Jerry Reinsdorf and Eddie Einhorn for $20 million, and the sale of 80% of the Seattle Mariners to George Argyros for $10.4 million. source: baseball-reference.com
- 01 Feb Dutch Antilles Census: The population of the Dutch Antilles was recorded at 231,932 in this census.
- 18 Feb Reagan's first budget proposal: On February 18, 1981, President Ronald Reagan addressed a joint session of Congress, presenting his economic recovery plan, which included $41.4 billion in budget cuts and tax reductions. He emphasized the need for substantial cuts in federal spending to address the economic crisis, aiming to reduce the deficit and stimulate economic growth. This proposal marked a significant shift in U.S. fiscal policy, focusing on reducing government expenditures and taxes to combat inflation and unemployment. source: reaganlibrary.gov
- 06 Mar Reagan announces permanent federal hiring freeze and job cuts: On March 6, 1981, President Ronald Reagan declared a permanent freeze on hiring federal civilian employees, aiming to reduce the federal workforce by nearly 33,000 in fiscal year 1982 and an additional 63,000 in fiscal year 1983. This initiative was part of a broader effort to control federal spending and address the national budget deficit. source: reaganlibrary.gov
- 10 Mar UK budget increases taxes during economic downturn: On March 10, 1981, Chancellor of the Exchequer Geoffrey Howe presented a budget that raised taxes to address the UK's economic challenges. Measures included a 20% tax on North Sea oil, a 2.5% levy on certain bank deposits, and significant increases in excise duties on petrol, cigarettes, beer, spirits, and wine. Additionally, personal income tax allowances were not adjusted for inflation, effectively raising taxes for individuals. These actions aimed to reduce inflation and the budget deficit but faced criticism for potentially worsening the recession and increasing unemployment. source: washingtonpost.com
- 22 Mar US Postal Rate Increase: The United States Postal Service raised first-class postage rates from 15 cents to 18 cents, reflecting ongoing economic adjustments and postal service operational costs.
- 25 Mar Bowers and Ruddy Galleries Auction of Garrett Coin Collection: On March 25-26, 1981, Bowers and Ruddy Galleries conducted the fourth and final auction of the Garrett Collection, a significant assemblage of rare coins from the Johns Hopkins University. This sale featured 1,180 lots, including notable items such as the Brasher Doubloon and various Washington medals. The auction concluded with total sales of $1,589,215. source: pcgs.com
- 26 Mar Rare Brasher Doubloon Auctioned for $625,000: On March 26, 1981, a rare 1787 Brasher Doubloon was auctioned at the Beverly Wilshire Hotel in Beverly Hills, California. The coin, part of the Garrett Collection now owned by Johns Hopkins University, fetched $625,000, marking it as the second-highest price ever paid for such a collector's item at that time. source: upi.com
- 22 Apr Chilean Copper Workers Strike: On April 22, 1981, copper workers in Chile initiated a significant strike to demand better working conditions and wages. This event highlighted the ongoing labor struggles in the country during a tumultuous period. source: reuters.com
- 24 Apr U.S. ends grain embargo against USSR: On April 24, 1981, President Ronald Reagan lifted the 15-month grain embargo imposed by the previous administration in response to the Soviet invasion of Afghanistan. Reagan stated that the embargo had been ineffective and had unfairly burdened American farmers. The decision was made after consulting with national security advisers and U.S. allies, and it aimed to correct what was perceived as a mistake by the previous administration. source: washingtonpost.com
- 26 Apr Jari Project Abandoned: The Jari Project, a significant venture in Brazil aimed at developing the region's resources, was officially abandoned on April 26, 1981. This decision was influenced by various economic and environmental factors. source: theguardian.com
- 28 Apr Reagan presents economic recovery program to Congress: On April 28, 1981, President Ronald Reagan addressed a joint session of Congress, presenting his comprehensive economic recovery program. The plan aimed to reduce federal spending, cut tax rates, provide regulatory relief, and implement a stable monetary policy to combat inflation and stimulate economic growth. source: reaganlibrary.gov
- 01 May Chile introduces private pension system: In May 1981, Chile implemented a private pension system, replacing its public pay-as-you-go model. This reform established individual retirement accounts managed by private companies, known as Administradoras de Fondos de Pensiones (AFPs), marking a significant shift in the country's social security structure. source: ssa.gov
- 26 May US-Canada Albacore Tuna Treaty signed in 1981: The United States and Canada signed the Treaty on Pacific Coast Albacore Tuna Vessels and Port Privileges on May 26, 1981. This agreement allowed U.S. vessels to fish for albacore tuna in Canadian waters beyond 12 miles from shore, and vice versa. It also permitted Canadian vessels to use certain U.S. ports for supplies and services, and established a framework for exchanging fisheries data between the two nations. source: fisheries.noaa.gov
- 01 Jun Arthur Nielsen, market research pioneer, passes away: Arthur Nielsen, the founder of the Nielsen Company, known for his pioneering work in market research and audience measurement, passed away on June 1, 1981. His innovations in data collection and analysis transformed how businesses understand consumer behavior and media consumption. Nielsen's legacy continues to influence the fields of marketing and advertising today. source: nytimes.com
- 10 Jun Reagan Administration Proposes Silver Sale: The Reagan administration seeks Congressional authorization to sell silver starting in October as a strategy to help balance the federal budget, reflecting the economic challenges of the early 1980s.
- 21 Jun Rare Wine Auction: A 12-bottle case of 1979 Napamedoc Cabernet wine was sold at auction for an impressive $24,000, reflecting the growing market for rare and collectible wines.
- 25 Jun Microsoft incorporates in Washington State: On June 25, 1981, Microsoft restructured to become an incorporated business in Washington State, with Bill Gates as president and chairman of the board, and Paul Allen as executive vice president. source: en.wikipedia.org
- 03 Jul New York City Transit Fare Increase: The New York City transit fare increased from 60 cents to 75 cents, accompanied by the introduction of a new brass Y-cut-out token.
- 08 Jul France introduces nationalization proposals: On July 8, 1981, French Prime Minister Pierre Mauroy unveiled a program to nationalize key industrial and banking groups, marking the most radical economic measures in two generations. The plan included immediate nationalization of companies like Dassault-Breguet and Matra's armaments division, with studies to begin on others. The government aimed to combat unemployment and inflation through these measures. source: washingtonpost.com
- 13 Jul US Senate confirms Donna Pope as US Mint Director: On July 13, 1981, the US Senate confirmed Donna Pope as the Director of the United States Mint. She was nominated by President Ronald Reagan on June 5, 1981, and was sworn in on September 10, 1981. Pope served as the 33rd Director of the Mint until August 1991. source: congress.gov
- 10 Aug Coca-Cola's $30 million program to expand Black involvement: On August 10, 1981, Coca-Cola announced a $30 million initiative to enhance Black participation across its operations. The plan included a $1.8 million fund for Black investors, establishment of 32 Black-owned distributorships, increased advertising in Black-owned media, and heightened banking activities with minority banks. This agreement followed a brief boycott by Operation PUSH, led by Rev. Jesse Jackson, which was subsequently called off. source: upi.com
- 13 Aug Reagan signs Economic Recovery Tax Act into law: On August 13, 1981, President Ronald Reagan signed the Economic Recovery Tax Act of 1981 into law at his Rancho del Cielo retreat in California. This legislation, also known as the Kemp–Roth Tax Cut, introduced significant tax reductions aimed at stimulating economic growth. The Act reduced the highest individual income tax rate from 70% to 50% and the lowest from 14% to 11%, among other provisions. source: reaganlibrary.gov
- 22 Sep Home Depot's Initial Public Offering: On September 22, 1981, The Home Depot went public on the NASDAQ, offering 600,000 shares at $12 per share, raising $7.2 million. This capital enabled the company to expand its home-improvement superstores. Over the years, Home Depot executed multiple stock splits, significantly increasing the number of shares outstanding. As of October 1, 2025, the stock price was $397.02. source: fool.com
- 30 Sep US debt ceiling raised to $1.08 trillion: On September 30, 1981, the United States' debt ceiling was increased to $1.08 trillion, marking the first time it surpassed the $1 trillion threshold. This adjustment was part of a two-step process: a temporary increase to $999.8 billion for one day, followed by a permanent increase to $1.08 trillion through September 30, 1982. President Reagan signed the legislation on the same day. source: govinfo.gov
- 05 Oct European Monetary System currency realignment on October 5, 1981: On October 5, 1981, European finance ministers agreed to revalue the West German mark and the Dutch guilder by 5.5% and to devalue the French franc and Italian lira by 3% within the European Monetary System. This decision aimed to stabilize European currencies amid fluctuations in the U.S. dollar and to promote financial discipline among Common Market countries. source: washingtonpost.com
- 13 Oct James Tobin awarded Nobel Prize in Economics: James Tobin, an American economist, was awarded the Nobel Prize in Economics in 1981 for his analysis of financial markets and his contributions to the theory of portfolio selection. His work has had a significant impact on economic theory and practice, particularly in understanding how financial markets operate. Tobin's influential ideas continue to shape economic policies and financial strategies today. source: britannica.com
- 22 Oct U.S. national debt surpasses $1 trillion for the first time: On October 22, 1981, the United States' national debt exceeded $1 trillion for the first time in history. This milestone occurred early in President Ronald Reagan's first term, highlighting the nation's growing fiscal challenges. The debt continued to rise during Reagan's presidency, reflecting increased government spending and tax cuts. source: budget.house.gov
- 01 Nov US First-Class Mail postage rate increased to 20 cents: On November 1, 1981, the U.S. Postal Service raised the price of a first-class stamp from 18 cents to 20 cents, marking the sixth increase since 1971. This decision aimed to address operating losses and was expected to generate an additional $1 billion annually in revenue. The new rates were set to remain in effect for at least two years, depending on inflation. source: washingtonpost.com
- 07 Dec Lockheed announces phase-out of L-1011 TriStar production: On December 7, 1981, Lockheed Corporation announced the phase-out of its L-1011 TriStar airliner due to declining orders and an unpredictable market. Approximately 9,000 employees were expected to lose their jobs as a result. The last of the L-1011s on firm order was scheduled for delivery in 1984. source: washingtonpost.com
- 21 Dec Treaty establishing the Preferential Trade Area for Eastern and Southern Africa signed in Lusaka: On December 21, 1981, in Lusaka, Zambia, the Treaty establishing the Preferential Trade Area (PTA) for Eastern and Southern Africa was signed. This agreement aimed to promote economic integration among member states by reducing trade barriers and fostering regional cooperation. The PTA served as a precursor to the Common Market for Eastern and Southern Africa (COMESA), which was later established in 1994. source: globaledge.msu.edu
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