New Zealand wool boom

New Zealand wool boom

The New Zealand Wool Boom of 1951 was one of the greatest economic booms in the history of New Zealand, and the direct result of US policy in the 1950–53 Korean War.

In 1950, as a result of the Korean War, the United States sought to buy large quantities of wool to complete its strategic stockpiles. This led to the greatest wool boom in New Zealand's history, with prices tripling overnight.[1] In 1951 New Zealand experienced economic growth such as has never been seen again since.[2] The echoes of the boom reverberated into the late 1950s, by which time a record number of farms were in operation.[3]

The export price of wool crashed by 40% in 1966,[4] however New Zealand's sheep population continued to rise. From a total of 34.8 million in 1951, sheep numbers rose dramatically to peak at 70.3 million in 1982.[5] However the subsequent free market reforms of the Fourth Labour Government, and the associated removal of agricultural subsidies, saw numbers decline even quicker than they had risen. By 2004 the national flock had dropped to a total of 39.3 million,[6] the lowest in 50 years.

Recent years have seen the number increase again for the first time since 1982. New Zealand's sheep population stood at 40.1 million as of June 2006.[7]

See also

References

  1. ^ New Zealand History Online: Impact of the War - NZ in the Korean War, accessed 29 May 2007
  2. ^ John McDermott, Motu Public Policy Seminar Series: The Evolution of the New Zealand Business Cycle: Returning to a Golden Age?, 17 March 2005
  3. ^ Professor Tom Brooking, The Evolution of the New Zealand Business Cycle: Returning to a Golden Age?, RM Update, Issue 18, 18 April 2006
  4. ^ Te Ara Encyclopedia, The European economy: a history, Accessed 29 May 2007
  5. ^ Stats NZ, Agricultural Production Statistics to 2002
  6. ^ Stats NZ, Agricultural Production Statistics (Final) (June 2004) - Media Release
  7. ^ Stats NZ, Agricultural Production Statistics (Final)

Wikimedia Foundation. 2010.

Игры ⚽ Поможем сделать НИР

Look at other dictionaries:

  • New Zealand dollar — Tāra o Aotearoa (Māori) ISO 4217 code NZD User(s)  New Zealand …   Wikipedia

  • New Zealand pound — ISO 4217 code NZP User(s) New Zealand, Cook Islands, Niue, Pitcairn Islands, Tokelau Subunit 1/20 shilling …   Wikipedia

  • New Zealand free trade agreements —   New Zealand …   Wikipedia

  • New Zealand Trade and Enterprise — Agency overview Formed 1 July 2003 Jurisdiction New Zealand Parent agency …   Wikipedia

  • New Zealand head tax — New Zealand imposed a poll tax on Chinese immigrants during the 19th and early 20th centuries. The poll tax was effectively lifted in the 1930s following the invasion of China by Japan, and was finally repealed in 1944. Prime Minister Helen Clark …   Wikipedia

  • New Zealand–China Free Trade Agreement — The New Zealand – China Free Trade Agreement is a bilateral free trade agreement signed between the People s Republic of China and New Zealand in April 2008. It is the first free trade agreement that China has signed with any developed country,… …   Wikipedia

  • New Zealand one dollar coin — One dollar New Zealand Value 1.00 New Zealand dollars Mass  8.00 g Diameter  23.00 mm Thickness  2.74 mm …   Wikipedia

  • New Zealand Business Roundtable — The New Zealand Business Roundtable (NZBR), a market oriented thinktank, operates from Wellington, New Zealand. Businessman Robert McLeod chairs the organisation, with Bill Gallagher MBE, Nick Calavrias and Bill Day as Vice Chairs. Members, who… …   Wikipedia

  • New Zealand 20 cent coin — Twenty cents New Zealand Value 0.20 New Zealand dollars Mass  4.00 g Diameter  21.75 mm Thickness  1.56 mm …   Wikipedia

  • New Zealand 100 dollar note — Five Dollars (New Zealand) Value: 100 New Zealand Dollar …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”