A shipment of wool being loaded in Wellington, in the mid-1960s
Duration
1951 - 1960
Type
Historic economic event
Cause
Resulted from the 1950-1953 Korean War
The New Zealand wool boom of 1951, one of the greatest economic booms in the history of New Zealand, resulted directly from United States policy in the 1950–53 Korean War.
In 1950, when the Korean War broke out, the United States of America 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 never 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 declined 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 (in office: 1984–1990), 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[update] sheep numbers increase again for the first time since 1982. New Zealand's sheep population stood at 40.1 million as of June 2006[update].[7]
^New Zealand History Online: Impact of the War – NZ in the Korean War, Accessed 5 April 2018
^John McDermott, Motu Public Policy Seminar Series: The Evolution of the New Zealand Business Cycle: Returning to a Golden Age? Archived 28 September 2007 at the Wayback Machine, 17 March 2005
^Professor Tom Brooking, The Evolution of the New Zealand Business Cycle: Returning to a Golden Age? Archived 28 September 2007 at the Wayback Machine, RM Update, Issue 18, 18 April 2006
^Te Ara Encyclopedia, The European economy: a history, Accessed 29 May 2007
^Stats NZ, Agricultural Production Statistics to 2002 Archived 27 September 2007 at the Wayback Machine
^Stats NZ, Agricultural Production Statistics (Final) (June 2004) – Media Release Archived 4 March 2016 at the Wayback Machine
^
Stats NZ, Agricultural Production Statistics (Final) Archived 12 June 2007 at the Wayback Machine
and 28 Related for: New Zealand wool boom information
demand for these primary products, manifested by the New Zealand woolboom of 1951, NewZealand had one of the highest standards of living in the world for...
This is a list of economic booms created by physical commodities. "NUEXCO Exchange Value (Monthly Uranium Spot)". Archived from the original on 22 July...
occurred during the introduction of sheep. Amazon rubber boom Argentine beef NewZealandwoolboom Patagonia rebelde lo que convenía al Territorio era la...
materials, such as mineral wool and glass wool, that have some properties similar to animal wool. As an animal fiber, wool consists of protein together...
shepherds. Although wool was once the primary income source for NewZealand sheep owners (especially during the NewZealandwoolboom), today it has shifted...
breed or group of breeds of domestic sheep, characterised by very fine soft wool. It was established in Spain near the end of the Middle Ages, and was for...
good meat and wool; and Coopworth, in a well tended farmland, this breed has good meat and wool value. An annual event of the NewZealand Ewe Hogget Competition...
were expected to increase at a rate of 5.4% annually up to 2022. Wool was NewZealand's major agricultural export during the late 19th century. Even as...
and attracted many new migrants. In the 1880s, NewZealand's economy grew from one based on wool and local trade to the export of wool, cheese, butter and...
issue for NewZealand as wool was one of its top exports and the entire economy underwent a diversification period as its solution. NewZealand began looking...
commodities, and NewZealand is well placed to take advantage of this. The other view is that NewZealand will only gain limited rewards from this boom because...
The independence of NewZealand is a matter of continued academic and social debate. NewZealand has no fixed date of independence from the United Kingdom;...
1950 Naval and ground forces sent to Korean War. NewZealand Legislative Council abolished. Woolboom. June: Butter rationing ends. 1951 Prolonged waterfront...
Wellington is the capital city of NewZealand. It is located at the south-western tip of the North Island, between Cook Strait and the Remutaka Range...
principally for their meat (lamb and mutton), milk (sheep's milk), and fiber (wool). They also yield sheepskin and parchment. Sheep can be raised in a range...
The political history of NewZealand covers political events and trends related to the history of NewZealand, from the precolonial to the contemporary...
to NewZealand in 1769. Prior to him was Dutchman Abel Tasman in 1642. The establishment of British colonies in Australia from 1788 and the boom in whaling...
Cook claimed NewZealand for Britain on his arrival in 1769. The establishment of British colonies in Australia from 1788 and the boom in whaling and...
Manawatū-Whanganui region of NewZealand. The city is located on the west coast of the North Island at the mouth of the Whanganui River, NewZealand's longest navigable...
the availability of large seams of cheap coal for fuel. Another typical boom town is Trieste in Italy. In the 19th century the free port and the opening...
one had a showroom. The woolboom of the 1950s occasioned the construction of the final two woolstores in Teneriffe: Dalgety's new No 3 Store, and Australian...
The Dominion of NewZealand was the historical successor to the Colony of NewZealand. It was a constitutional monarchy with a high level of self-government...
The development of state schooling in NewZealand has been shaped by social, economic and political interactions between Māori as tangata whenua, missionaries...
history of NewZealand, its constitution, and its national mythos. It has played a major role in the treatment of the Māori people in NewZealand by successive...
The military history of NewZealand is an aspect of the history of NewZealand that spans several hundred years. When first settled by Māori almost a millennium...
European settlers in NewZealand, locally also known as Pākehā settlers, began arriving in the country in the early 19th century as immigrants of various...
Global Information