Economics

44 sourced events. Showing 25-44.

Events

Economics Timeline

1903

Ford Motor Company Incorporated in Detroit

At the turn of the 20th century, the automobile industry was emerging in the United States amid rapid industrialization and growing demand for personal transportation. On June 16, 1903, Henry Ford and eleven investors formally incorporated the Ford Motor Company in Michigan with an initial capitalization of $28,000. The new firm aimed to produce affordable gasoline-powered vehicles following Ford's earlier experiments with the Detroit Automobile Company. Early models focused on reliability and simplicity rather than luxury. Within months, the company sold its first car, the Model A, and began building a reputation for innovative manufacturing approaches. The incorporation marked the beginning of what would become one of the world's largest automakers.

Event Detail America 250 Atlas

1903

Economics 20th Century North America

Ford Motor Company Sells Its First Automobile

Henry Ford had already founded and dissolved two earlier automobile ventures when he incorporated the Ford Motor Company in June 1903 with $28,000 in capital from investors. The company focused on an affordable, reliable vehicle rather than luxury models then dominating the market. On July 23, 1903, Chicago dentist Dr. Ernst Pfennig purchased the first production Model A, a two-cylinder runabout priced at $850, from the Mack Avenue plant in Detroit. The sale nearly exhausted the company's remaining funds but validated Ford's vision of volume production. Within months, additional orders followed, laying the groundwork for the assembly-line revolution that would follow.

Event Detail America 250 Atlas

1905

Economics 20th Century Sub-Saharan Africa

World's Largest Diamond Discovered in South Africa

South Africa's Premier Mine near Pretoria had recently opened and was yielding significant finds in the early 20th century diamond rush. On January 26, 1905, mine manager Frederick Wells spotted a massive rough diamond embedded in the pit wall during a routine inspection. The stone weighed 3,106 carats and measured over 10 centimeters in length. Named the Cullinan after mine owner Thomas Cullinan, it was the largest gem-quality rough diamond ever found. It was later acquired by the Transvaal government and presented to the British Crown.

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1908

Economics 20th Century Middle East & North Africa

First Major Oil Strike in the Middle East

British prospector William Knox D'Arcy had secured a concession to explore for oil in Persia years earlier but faced repeated setbacks and near bankruptcy. After persistent drilling at Masjed Soleyman, a gusher erupted from Well No. 1 in the early hours of May 26, 1908. The discovery yielded commercial quantities at Maidan-i-Naftun, later renamed Masjed Soleyman. The find prompted formation of the Anglo-Persian Oil Company and shifted global attention to Middle Eastern petroleum reserves.

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1908

Economics 20th Century North America

William Durant Incorporates General Motors

By the early twentieth century, the American automobile industry was expanding rapidly, with dozens of manufacturers competing for market share in a new technology-driven sector. William C. Durant had already turned the Buick Motor Company into a leading producer through aggressive marketing and production improvements. On September 16, 1908, Durant incorporated the General Motors Company in New Jersey, initially using $2,000 of his own funds to consolidate Buick with other firms. The new corporation quickly acquired additional manufacturers such as Olds and Cadillac. This structure allowed shared resources, parts standardization, and broader market reach in the nascent auto industry.

Event Detail America 250 Atlas

1913

Economics 20th Century North America

Woodrow Wilson Signs Federal Reserve Act into Law

The United States had endured recurring financial panics, including the severe 1907 crisis that exposed weaknesses in its decentralized banking system. After years of congressional debate and reform proposals, the Federal Reserve Act emerged as legislation to create a central banking framework with regional reserve banks overseen by a Board of Governors. President Woodrow Wilson signed the bill on December 23, 1913, just before Congress recessed for the holidays, using multiple pens to mark the occasion. The new system aimed to provide elastic currency, supervise banks, and stabilize the economy through tools like discount lending. Implementation followed quickly with the establishment of twelve regional Federal Reserve Banks.

Event Detail America 250 Atlas

1914

Economics 20th Century North America

Ford Announces $5 Daily Wage

Following the success of the moving assembly line at the Highland Park plant, Ford Motor Company faced high worker turnover and training costs despite rising production of the Model T. On January 5, 1914, Henry Ford and vice president James Couzens publicly announced a profit-sharing plan that would pay eligible workers a minimum of $5 per day—more than doubling the previous average wage of about $2.34—for an eight-hour shift. The new policy took effect January 12 and included requirements for sobriety and proper home life. Thousands lined up at the plant gates seeking employment the following day.

Event Detail America 250 Atlas

1917

Economics 20th Century Latin America & Caribbean

United States Purchases Virgin Islands from Denmark

Strategic concerns over German influence in the Caribbean during World War I prompted renewed U.S. interest in acquiring the Danish West Indies. Negotiations, ongoing for decades, culminated in a treaty signed in 1916 that addressed security, citizenship, and financial terms. On January 17, 1917, the U.S. Senate ratified the agreement, and President Woodrow Wilson signed it, committing $25 million in gold for the islands of St. Thomas, St. John, and St. Croix. Denmark had sought safeguards for the local population amid fears of U.S. racial policies. The purchase transferred sovereignty, with formal possession occurring later in March. This acquisition secured a key naval position near the Panama Canal route.

Event Detail US Military Atlas

1929

Economics 20th Century North America

Black Thursday Stock Market Crash Begins

The 1920s had brought unprecedented stock market speculation in the United States fueled by easy credit, margin buying, and optimistic economic forecasts following World War I recovery. Warning signs emerged in September and early October as prices fluctuated wildly and some sectors showed weakness. On October 24, 1929, panic selling erupted on the New York Stock Exchange with a record 12.9 million shares traded and prices plunging sharply at the opening bell. Bankers attempted to stabilize the market by purchasing large blocks of stock, providing temporary relief, but the underlying lack of confidence persisted. The day became known as Black Thursday, marking the start of the broader Wall Street crash.

Event Detail America 250 Atlas

1929

Economics 20th Century North America

Black Tuesday Stock Market Crash Begins Great Depression

The Roaring Twenties had fueled speculative investment in U.S. stocks, with prices detached from economic fundamentals amid rising unemployment, agricultural woes, and overproduction. After earlier warnings and a sharp drop on Black Thursday, panic selling intensified on October 29, 1929, as over 16 million shares changed hands on the New York Stock Exchange, erasing billions in value and leaving the ticker tape hours behind. Leading bankers attempted support but could not stem the tide, which continued for days and wiped out fortunes built on margin buying. The crash shattered public confidence in the financial system and exposed vulnerabilities in unregulated markets. Immediate effects included bank runs and business failures that rippled across the industrialized world.

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1935

Economics 20th Century North America

Roosevelt Signs Social Security Act

During the Great Depression, millions of elderly Americans faced poverty with no reliable retirement system, prompting President Franklin D. Roosevelt to push for federal social insurance as part of the New Deal. Congress passed the Social Security Act after intense debate over its scope and funding mechanisms. On August 14, 1935, Roosevelt signed the legislation into law in the presence of congressional leaders, establishing a national old-age pension system financed through payroll taxes on employers and employees. The act also created unemployment insurance and aid for the disabled and dependent children. It represented the first major federal commitment to economic security for ordinary citizens in the United States.

Event Detail America 250 Atlas

1947

Economics 20th Century Global

GATT Signed by 23 Nations in Geneva

After World War II, nations sought to rebuild the global economy and reduce trade barriers that had contributed to prewar tensions. Negotiations under the United Nations Conference on Trade and Employment produced a framework agreement when plans for a full International Trade Organization faced delays. On October 30, 1947, representatives from 23 countries signed the General Agreement on Tariffs and Trade in Geneva. The treaty established rules for nondiscriminatory trade, tariff reductions, and dispute resolution on a provisional basis. It entered into force in 1948 and served as the primary multilateral trade system for nearly five decades.

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1948

Economics 20th Century Europe

Truman Signs the Marshall Plan into Law

World War II left much of Western Europe devastated, with economies in ruins and communist parties gaining strength amid hardship and political instability. U.S. Secretary of State George C. Marshall proposed in 1947 a program of American economic aid to help European nations rebuild, with Europeans themselves designing the recovery plan. Congress passed the Economic Cooperation Act after extensive debate, and on April 3, 1948, President Harry S. Truman signed it into law, authorizing over $5 billion initially for 16 European countries. The European Recovery Program, administered by the Economic Cooperation Administration, provided grants, loans, and technical assistance that funded infrastructure, industry, and agriculture. The Soviet Union and its satellites declined participation, deepening the emerging Cold War divide.

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1956

Economics 20th Century Middle East & North Africa

Egypt Nationalizes the Suez Canal Under Nasser

Following the 1952 revolution that ended the Egyptian monarchy, Gamal Abdel Nasser emerged as a leader promoting Arab nationalism and economic independence. After the United States and World Bank withdrew funding for the Aswan High Dam project, Nasser sought alternative revenue. On July 26, 1956, he announced the nationalization of the Suez Canal Company, transferring control from British and French interests to the Egyptian government. The move aimed to fund the dam through canal tolls and asserted sovereignty over a vital waterway. Britain, France, and Israel viewed it as a threat, leading to the Suez Crisis and brief military intervention later that year. The canal remained under Egyptian control after international pressure forced withdrawal.

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1957

Economics 20th Century Europe

Treaty of Rome Establishes European Economic Community

In the aftermath of World War II, six Western European nations sought deeper economic integration to foster peace and recovery. On March 25, representatives from Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany signed the Treaty establishing the European Economic Community at the Palazzo dei Conservatori in Rome. The agreement created a common market with free movement of goods, services, capital, and people, alongside the parallel Euratom treaty for atomic energy cooperation. It entered into force in 1958 and laid institutional foundations for later European unity.

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1973

Economics 20th Century Middle East & North Africa

OPEC Announces Oil Embargo Against West

Following the outbreak of the Yom Kippur War, Arab members of OPEC sought leverage against nations supporting Israel. On October 17, 1973, they announced production cuts of 5 percent per month and threatened embargoes on countries aiding Israel. The measures targeted the United States, the Netherlands, and others. Oil prices rose sharply as supplies tightened. The action created immediate energy shortages and economic pressure across the West. It marked the first successful use of oil as a geopolitical weapon by producer nations.

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1979

Economics 20th Century Middle East & North Africa

Carter Halts U.S. Oil Imports from Iran

Following the November 4 seizure of the U.S. Embassy in Tehran and the taking of American hostages, the Iranian Revolution created a major foreign policy crisis for the United States. President Jimmy Carter viewed continued petroleum imports as a national security risk amid escalating tensions. On November 12, 1979, he ordered a halt to all oil imports from Iran. This action came shortly after the hostage crisis began and aimed to pressure the new Iranian regime. The decision marked an early economic response in what became a prolonged standoff. It underscored the vulnerability of U.S. energy supplies to geopolitical events in the Middle East.

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1986

Economics 20th Century North America

Coca-Cola Introduces Reformulated New Coke

Facing intense competition from Pepsi in the 1980s, Coca-Cola executives conducted extensive blind taste tests showing consumers preferred a sweeter formula. On April 23, 1986, the company unveiled New Coke, replacing its flagship beverage after nearly a century. The reformulation aimed to boost sales and appeal to younger drinkers, but it triggered widespread public backlash from loyal customers who viewed the change as a betrayal of tradition. Protests, boycotts, and bottler revolts followed rapidly. Just seventy-nine days later, the original formula returned as Coca-Cola Classic, and New Coke was eventually phased out by 2002.

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1987

Economics 20th Century North America

Black Monday: Dow Suffers Record One-Day Percentage Drop

The 1980s bull market had driven U.S. stocks to historic highs amid deregulation, program trading, and global interconnectedness. Concerns over trade deficits, rising interest rates, and overvaluation built tension by mid-October. On October 19, 1987, the Dow Jones Industrial Average plunged 508 points or 22.6 percent in a single session—the largest one-day percentage decline in its history. Programmed selling and panic amplified the freefall, wiping out over $500 billion in market value. Markets worldwide followed with sharp losses the next day.

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1999

Economics 20th Century Europe

Euro Debuts as Official Currency

After decades of European economic integration efforts following World War II, the Maastricht Treaty laid the groundwork for a single currency among European Union members. On January 1, 1999, eleven nations—Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain—adopted the euro as their official currency for electronic transactions and accounting. National currencies remained in circulation for cash until 2002, but the euro instantly unified monetary policy under the European Central Bank. This transition eliminated exchange rate risks within the eurozone and symbolized deeper political and economic unity. The launch represented the largest currency changeover in history at the time.

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