Topics in the News
Agriculture in the 1960s
Larger Farms, Fewer Farmers.During the 1960s the post-World War II agricultural trends of larger farms and fewer farmers accelerated. Over the course of the decade nine hundred thousand farms disappeared, largely because of consolidation. This meant that the average size of farms increased from 297 acres in 1960 to 374 acres by 1970. Although it was true that corporations and conglomerates were moving into agriculture, the family
Image Pop-UpRalph Nader cited the design of the Chevrolet Corvair as making a significant contribution to highway accidents.
Increasing Production and Specialization.
As farm size increased, farmers took advantage of new technology that made economies of scale possible. New machines, fertilizers, and pesticides pushed the value of farm output from $29 billion in 1946 to $54 billion in 1970. Over the same period labor productivity tripled. By 1970, for ex-ample, one farmer (making use of the latest feeding equipment) could take care of...
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The Big Three and the Auto Industry
Challenge of the Imports.
By 1960 the American automobile industry had been consolidated into the Big Three (General Motors [GM], Ford, and Chrysler) and American Motors. These firms not only dominated the domestic market, they were supreme globally. In 1960 American companies built 93 percent of the autos sold in the United States and 48 percent of world sales. In the mid 1950s, however, led by Volkswagen and soon followed by Fiat, Renault, Datsun, and Hillman, imports began to nibble their way into the rich American market. The growing presence of imports disturbed Detroit, and the Big Three responded with their own small cars—GM produced the Corvair, Ford the Falcon, and Chrysler the Valiant. They then introduced the so-called muscle cars, powerful, sleek sports models such as the Mustang. The tactic worked: Americans, dazzled by the horsepower and the style, turned away from the boxy, utilitarian imports. By 1965 American firms appeared to have beaten back the challenge, and import sales, which had risen to 668,000 in 1959, dropped to 540,000. Given the American love affair with the automobile, the country's growing affluence, and the fact that the two-car family was fast becoming the badge of the middle class, there was no reason to doubt that the Big Three's prosperity and success would continue.
Automobiles first became...
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Unsafe at any Speed
Concern over automobile safety was heightened by Ralph Nader's 1965 book alleging that unsafe automobile design (particularly the Chevrolet Corvair) was the major contributor to highway accidents. This led to the passage of the National Traffic and Motor Vehicle Safety Act in 1965 and the Highway Safety Act the following year. Together they required safety features (seat belts, for example) installed in all motor vehicles and the development of comprehensive traffic safety pro-grams. Much like the government's regulation of air quality, these new safety standards made auto travel safer and led to a decline in highway fatalities.
End of an Era.
By the late 1960s foreign manufacturers—largely Volkswagen, Toyota, and Datsun—were once again putting pressure on Detroit. While the recession at decade's end hurt American auto firms because people delayed purchasing new domestic cars, it helped the foreign companies as many opted to buy less-expensive models, which often turned out to be imports. By 1970 imports had captured 11 percent of the U.S. market, and with two oil crises over the next ten years, smaller, more-fuel-efficient foreign automobiles continued to increase their share of the market. As of 1987 imports made up 31 percent of all vehicles sold in the United States.
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The Volkswagen Beetle
The first serious overseas challenge to the U.S. automakers came from a small, rather odd-looking, four-cylinder import from Germany called the Volkswagen (VW). It was originally designed in the 1930s as the answer to Adolf Hitler's dream of producing a car for the German masses (Volkswagen translates as people's car). World War II intervened, however, and the car was never built. At war's end American and British firms considered buying Volkswagen, but with the factory destroyed and only one model plan, they declined. The German government picked up the pieces and began production slowly. Over the next few years, the awkward "Bug," as it would affectionately be called later, became a common sight on German roads.
Volkswagen's entry into the United States went largely unnoticed until company executives realized that to break into the American market, VW had to guarantee good service and support for their auto. With a national sales and service organization stretching across the country, sales began to climb. Unexpectedly, the car's lack of style caught on, and it tapped into an antisnob appeal. In 1955 VW sold 28,000 cars in the United States accounting for nearly half of all imports. This leading role among imports continued through the 1960s, peaking in 1968, when VW accounted for 68 percent of all imports sold in the United States. Like the Model T, the VW did not have annual model changes, it...
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The Boom on Wall Street
Up, Up, and Away.
Ever since mid 1949, when the Dow Jones industrial average stood at 161, the stock market had been rising. By 1959, despite the recession, the Dow Jones average was 685. In 1960, however, the market seemed to stall, and in 1962 it suffered its worst year since 1931: in June, when the market hit bottom, the Dow had lost 27 percent of its value since December. But from that point on to 1966, the market shot up, with the Dow Jones gaining 460 points, inching above the 1,000 mark in January. Although it would drop from that peak, in the years 1962 through 1968 the market increase was greater than the famous bull market of the 1920s.
Although nearly thirty million Americans held stock, few knew much about the market. This limited knowledge led many to play the stock market through mutual funds. Although they had existed since the 1920s, mutual funds did not become popular until the 1950s, In essence, mutual funds were diversified stock portfolios managed by professionals. For a fee investors could put their money into one of these funds. Fund managers then bought and sold large blocks of desirable stocks in an effort to increase the fund's value. By 1965 such funds were so popular they accounted for one quarter of all transactions on the New York Stock Exchange. Three years later new ones were being started at...
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"Ill Just Charge It."
Ubiquitous words and phrases generally associated with the 1960s—"Don't trust anyone over thirty," "the Generation Gap," "the Establishment," "peace/' and "groovy"—capture only part of the decade. One important change during these years might best be depicted by the expression that revolutionized the way Americans bought things: "I'll just charge it." The burgeoning use of credit cards simplified the idea of buying now and paying later, thereby adding fuel to the economic boom already under way. Although various kinds of charge cards had been available for nearly fifty years, the credit-card industry took off in the 1960s.
Consumer credit in the form of installment-buying plans became prominent during the years following World War I. In order to encourage the purchasing of big-ticket items such as automobiles, washing machines, radios, and the like, companies in the 1920s allowed customers to spread the cost of their purchase over several months rather than making one lump-sum payment. With installment buying, more automobiles were on the road, and oil companies began issuing gasoline cards to customers permitting them to charge purchases at any of the firm's affiliated gas stations. The airline industry followed suit in the 1930s. American Airlines opened the credit door with its Universal Air Travel...
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Dow Chemical and Student Activists
For many, student protests are remembered as synonymous with the 1960s. At first associated with the civil rights movement, protests spread as college students soon found other reasons for demanding change in the status quo: at Berkeley, California, for example, the 1964 free-speech movement led students around the country to attack their universities as huge impersonal places, with largely irrelevant curricula. By 1965 and 1966 the more-radical students found another cause—"the illegal war in Vietnam." Starting out as teach-ins at colleges and universities across the country in 1965, the protests against the war grew to huge marches and rallies by decade's end.
Dow and the Vietnam War.
Dow was one of America's largest chemical corporations and had a fine reputation. Although its major business involved selling chemicals to other companies, most consumers knew the firm as the maker of the convenient kitchen products Saran Wrap and Handi-Wrap. But in the mid 1960s Dow became widely known for a relatively small government contract that amounted to one-fourth of 1 percent of the company's total sales. The contract was for the manufacture of napalm, a gasoline gel, packed into canisters and dropped from bombers during the war in Vietnam. Napalm was designed to stick to its victims and burn them. For antiwar activists, it...
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Perhaps most symbolic of the renewed concern for the environment was the establishment of Earth Day. Its origins dated back to a 1969 speech by Wisconsin senator Gaylord Nelson, who called for a nationwide environmental teach-in on college campuses, modeled after the antiwar protest gatherings of the same name. Held on 22 August 1970, the first annual Earth Day involved an astonishing fifteen hundred colleges and ten thousand schools; Time magazine estimated that overall, upward of twenty million people participated. Audubon magazine referred to the hugely successful event by writing: "Now, suddenly, everybody is a conservationist."
With preservation now clearly on the national agenda, the capstone event for the environmental movement of the 1960s was the National Environmental Policy Act of 1969. The passage of this law committed Congress to protecting the environment. Signed by President Richard Nixon on 1 January 1970, the legislation also created the Environmental Protection Agency (EPA), which soon became, in terms of both staff and budget, the country's largest governmental regulatory body.
Samuel P. Hays, Beauty, Health, and Permanence: Environmental Politics in the United States, 1955-1985 (New York:...
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Post-World War II Boom.
Franchising initially became popular in the 1920s, especially with automobile manufacturers, oil companies, and restaurants setting up outlets, but the major franchise boom took place after World War II. In the mid to late 1940s thousands of veterans returned home to the United States with the notion of being their own boss. Although big business dominated major sectors of the economy, the tradition of small-business ownership remained very strong. Franchising, in effect, combined the benefits of both large and small business. Under the terms of an agreement the franchisee was a legally independent business (most often a small business) separate from the franchising company. The contract generally specified that the individual acquiring the franchise pay an initial fee, sell only specific products, conduct business in a certain manner, and often cede the franchiser a certain percentage of gross sales. For the small-business owner there were several advantages: a smaller initial investment was needed; training and advertising were provided by the parent company; and usually one was selling a product with a national, or at least regional, reputation. The strong desire to be an independent businessperson, combined with large companies' desires to distribute their products as cheaply as possible, led to a rapid expansion of franchises. By 1967 sales from franchise outlets...
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An Wang and High-Tech Electronics
The career of An Wang and the rise of high-technology electronics went hand in hand. A Chinese national, Wang completed his doctorate in applied physics at Harvard University in 1948 and remained there as a research assistant, where he was fortunate to work with Howard Aiken, a pioneer in the development of computers. Wang created, and then in 1949 patented, the pulse transfer controlling device, an invention that advanced computer core memory. In 1951, thinking the infant computer industry showed enormous potential, he left Harvard and set up his own firm, Wang Laboratories.
Throughout the 1950s and early 1960s Wang Laboratories became known as an aggressive firm on the cutting edge of electronics technology; it was Wang, for example, that installed the first electronic Scoreboard at Shea Stadium. The firm's first major product line was in the desktop-calculator business: in 1965 it introduced LOCI, an electronic desktop calculator. The following year Wang came out with a less expensive, more user-friendly model, and by decade's end it was the leader in this market.
Then, in a move that at first appeared puzzling, Wang suddenly stopped producing calculators in 1970 to pursue the computer business more aggressively. The strategy was successful: as Wang had correctly believed, the price of calculators tumbled, and many firms such as Bowmar Instruments went bankrupt. In 1971...
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IBM and the Computer Industry
By the mid 1960s IBM so dominated the computer industry that business insiders often spoke of "IBM and the Seven Dwarfs," which referred to IBM and the other major computer manufacturers. Its supremacy had been established in the early 1950s when it surpassed computer pioneer Remington Rand (later merged into Sperry Rand). IBM continued to eat up the market share, as the industry went through several generations. The first computers were giant machines using vacuum tubes. Vacuum tubes gave way to transistors in the second generation
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Kennedy versus Big Steel
During his first year in office President John F.
Kennedy and his administration were involved in negotiations between the major steel firms and their workers. By the end of March 1962 a deal was cut whereby workers received no wage increase but expanded fringe benefits. With this settlement worked out, Kennedy assumed steel companies would not raise their prices. Two weeks later, however, Roger M. Blough, president of U.S. Steel, went to the White House and handed Kennedy a press release announcing a price hike of six dollars a ton. The other major steel firms immediately followed suit.
Kennedy felt betrayed: he had intervened in talks between Big Steel and labor to keep industry costs down, and now the companies raised prices. He responded by attacking the action of steel executives on television and initiated a grand jury investigation on price-fixing in the steel industry. The Pentagon threatened to shift procurement to companies that had not raised prices, and Congress was encouraged to investigate the industry as well. Three days after the price increases were announced, several firms backed down, and the following day, 14 April, Blough rescinded U.S. Steel's new price.
Although on the one hand a victory for Kennedy, the incident damaged government business relationships. During his first year in office the president had worked hard to...
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Labor in the 1960s
Labor at High Tide.
By the mid 1960s, labor's future appeared bright. Real wages were rising, union numbers were strong, and during the presidencies of Kennedy and Johnson organized labor felt it had friends in the White House. With the advent of the Great Society the AFLCIO leadership believed the administration was picking up where the New Deal had left off in providing benefits such as health care to the lower classes. Working hard for passage of Johnson's progressive domestic program, the AFL-CIO won plaudits from many liberals.
Changing Work Patterns.
Organized labor's apparent strength, however, was fleeting. During the 1960s the percentage of blue-collar workers (those generally in the manufacturing sector) as a proportion of the total work-force declined so that by 1970 the typical American worker was a white-collar employee. Fewer relatively high-paying industrial jobs were available for unskilled workers. Although the burgeoning service sector created millions of jobs, they either were low paying—clerical or fast-food positions, for example—or, because of the expansion of science and technology, required a higher level of education. Concurrently, many companies lowered their costs by moving their manufacturing plants out of the heavily unionized Northeast and Midwest (where labor costs were higher) and relocated in southern...
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Rise of Conglomerates
Third Merger Wave.
Beginning in the late 1950s and running through the 1960s, a third period of rapid corporate expansion enveloped the nation. Unlike the first two (in the 1890s and the 1920s), when companies either combined horizontally with firms involved in the same business or vertically with suppliers or customers, conglomerates combined companies in completely unrelated industries. This new corporate strategy was based on the the assumption that the firm would be protected by diversification during times of economic fluctuation—if the market was down for one product, it may not be for another. Such mergers accounted for 60 percent of all corporate combinations in the 1960s.
International Telephone and Telegraph.
International Telephone and Telegraph (ITT) conglomerate strategy was fairly typical of the decade. Originally a telecommunications firm operating in foreign countries, ITT's chief executive officer, Harold Geneen, became concerned about the possibilities of growth overseas. To protect the company, he instituted a policy of expanding the firm's domestic holdings through acquisition. Between 1961 and 1968 ITT purchased fifty-two companies with combined assets of $1.5 billion. Firms added to the ITT family included Avis (rental cars), Continental Baking (Wonder Bread, Twinkies), Canteen Corporation (food sales), Levitt and...
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Trading stamps originated in the 1890s, but it was the expansion of supermarkets and gas stations in the 1950s that led to their soaring popularity. A marketing gimmick, colored stamps were given out by many retail establishments. Patrons collected the stamps, pasted them in blank books, and redeemed the filled stamp booklets for a wide variety of prizes: the most popular redemptions were sheets and blankets, furniture, appliances, and sporting goods. Trading stamp companies such as Sperry and Hutchinson (S&H Green Stamps) sold their stamps to retailers who used them as inducements for customer purchases. A 1966 survey reported that 49.3 million American households—83 percent of the national total—saved stamps. By the mid 1960s there were over three hundred stamp companies nationwide employing seventeen thousand with a payroll of $68 million. The industry peaked in 1969 with sales of $825 million. For much of the decade trading stamps were part of the American landscape: parents gave them to babysitters, corporations presented them to employees as rewards, and families often gathered around the kitchen table to glue trading stamps into booklets. In the early 1970s trading stamps fell by the wayside. Gas stations had accounted for 25 percent of stamp sales. With the oil crisis gas stations were assured of customers, and they stopped offering stamps. In the midst of the recession many supermarkets, figuring that...
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Women and Work
Prior to the 1960s.
An ever-increasing number of women had entered the workforce since the 1870s, but over a 120-year period, the identity of the woman worker changed. From the 1820s, with the onset of industrialization in the United States, until 1940, the average female employee was young and single, and, if married, the woman working outside the home was likely poor and African-American. From the 1940s to the 1970s, however,
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Ash, Mary Kay 1915?-
The founder of Mary Kay Cosmetics, Mary Kay Ash began her business career out of necessity. Divorced during World War II and raising three small children on her own, she soon moved from a secretarial position into sales with Stanley Home Products. In this new job she demonstrated Stanley's wares in people's homes. Although she enjoyed the work, she was not very successful. With the hope of improving her sales technique she attended the company's annual convention. At the meeting's awards ceremony, she saw the year's top saleswoman crowned queen of sales. Motivated by this coronation, Ash was the top seller the following year, but she was disappointed to discover her prize was an underwater flashlight. She remained among Stanley's best salespeople until she left in 1953 to take a better job at World Gift Company. She moved up rapidly in the home-accessory company to become an area manager and later the national training director. By 1963 she was making twenty-five thousand dollars per year and was happily remarried. But sexism within the company and an efficiency expert who told management that Ash had too much power led to her being transferred to a less important position. Unhappy with the new job, she retired.
Establishing the "Dream Company."
Retirement did not suit her, and...
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Chavez, Cesar 1927-1993
LABOR LEADER; FOUNDER AND PRESIDENT OF THE UNITED FARM WORKERS OF AMERICA
The son of Mexican immigrants, Cesar Chavez saw his parents lose their small farm in Yuma, Arizona, in the late 1930s. With no other possibilities, the family headed for California and joined the ranks of migrant workers traveling throughout the state picking such crops as apricots, figs, grapes, lettuce, peas, or tomatoes. But once knowing the independence of owning a farm, the Chavez family was not as docile as many other field laborers. Chavez remembered: "We were probably one of the strikingest families in California, the first ones to leave the fields if anyone shouted Huelga (Spanish for strike)!" The migratory life was hard on the young Chavez; constant travel made education difficult, and many of the Anglo teachers openly disdained such children. Together, these factors forced Chavez to drop out of school after the end of the eighth grade. Wishing to get off the land, he joined the navy during World War II, but racism kept him in menial jobs. Out of the service in 1946, Chavez returned to the only life he knew—migrant farm work in Delano, California...
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Hughes, Howard 1905-1976
The Eccentric Eclectic.
Over his lifetime billionaire Howard Hughes pursued a variety of interests: he was a test pilot, a manufacturer of aircraft, a longtime majority owner of Trans-World Airlines (TWA), a movie producer, a hotelier, and a real-estate developer. He is best remembered, however, for his increasingly bizarre behavior beginning in the mid 1950s, when he completely dropped out of society. His desire to avoid all publicity and his proclivity for seclusion only heightened the public's interest in Hughes, his whereabouts, and his activities.
Of Tools and Movies.
Howard Hughes was born in Houston in 1905. His father had pioneered drilling equipment for the oil industry and built up a successful firm, Hughes Tool Company. When his father died in 1924, Hughes, a freshman at California Institute of Technology (Cal Tech), dropped out of school to run the inherited tool firm. After soon discovering that Hughes Tool did not seem to need his leadership, the twenty-one-year-old Hughes moved to Hollywood to make movies. In the 1930s and 1940s he made such notable films as Hell's Angels (the most expensive movie made until 1941), Scarf ace (which featured Hughes's discovery Jean Harlow as the female lead), and The Outlaw (which Hughes also directed and which introduced Jane Russell)....
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Ling, James 1922-
CONGLOMERATE ORGANIZER; FOUNDER OF
Growth Stock of the Go-Go Sixties.
James Ling built one of the most exciting, widely diversified conglomerates of the 1960s—Ling-Temco-Vought (LTV). In 1965 Fortune magazine hailed LTV the fastest-growing company in the United States from 1955 to 1965. Three years later it was the country's fourteenth largest industrial concern with sales of $2.8 billion. Ling's assault on the business world and LTVs meteoric rise were nothing short of amazing.
A high-school dropout from a working-class background, Ling held a spate of odd jobs before becoming an electrician in Dallas, Texas. After serving in the navy, where he studied electrical engineering, Ling returned to Dallas in 1946. He then sold his house and used the proceeds to set up Ling Electric Company. The small firm originally specialized in residential wiring but soon expanded into larger commercial projects. By 1955 the company was earning $1.5 million annually, and Ling chose to incorporate. However, he soon realized that electronics had greater growth potential than the electrical business, and the following year he bought a small electronics firm that manufactured testing equipment for the aerospace industry. In 1958 he merged the two companies forming Ling...
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Nader, Ralph 1934-
CONSUMER ADVOCATE, LAWYER
The Consumers' Watchdog.
Progressive magazine once hailed him as "Citizen of the Republic" because of his crusading efforts to protect the public; others, less sympathetic to his causes, have referred to him as the nation's nag. But whether regarded as a hero or a villain, Ralph Nader has been the country's leading consumer advocate since the mid 1960s. Yet, in an ironic twist, this defender of consumer rights is in many ways a nonconsumer. He does not own a car, lives in an inexpensive rooming house, avoids all junk food, and dresses plainly. In fact, as of 1983, he was still wearing the same pair of shoes he purchased in 1959.
Unsafe at Any Speed.
Nader graduated Phi Beta Kappa from Princeton and then attended Harvard Law School, where he became interested in automobile safety. After practicing law in Connecticut for several years, he headed to Washington, D.C., became a consultant to the Department of Labor, and returned to his research on auto safety. In 1965...
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Perot, H. Ross 1930-
The Stuff of Fiction.
The life story of H. Ross Perot seems more like a good novel than reality. A U.S. Naval Academy graduate, Perot joined IBM and soon became one of its top salesmen. But Perot wanted more challenges, and choosing to go out on his own, he formed Electronic Data Systems (EDS). Six years later he took it public, and the thirty-nine-year-old Perot was a billionaire. Perot later made headlines for his failed efforts to bring American prisoners of war (POWs) home from Vietnam, and then, ten years later, he was back on the front pages for his successful covert operation that rescued EDS employees being held in an Iranian jail by the Ayatollah Khomeini. He returned to the limelight when he became the largest stockholder of General Motors. In 1992 he ran for president.
Perot and EDS.
From his days with IBM, this man from Texarkana, Texas, came to believe there was a market for someone who could design, install, and operate data-processing systems for clients. In 1962, with one thousand dollars in savings, Perot founded EDS, a computer-services company, to fill this niche. By attracting major clients, mostly large insurance companies such as Blue Cross, the company was profitable, but with revenues of $7.7 million in 1968, Fortune magazine referred to it as an industry "pip-squeak." That...
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Wurf, Jerry 1919-1981
LABOR LEADER., PRESIDENT OF THE AMERICAN
FEDERATION OF STATE, COUNTY, AND MUNICIPAL
Unionization of Public Employees.
The spreading of public-sector unionism accounted for much of the labor movement's vitality in the 1960s. Public-employee union membership rose from less than 400,000 in 1955 to over 4 million by the early 1970s. This rapid in-crease can be explained in several ways. As the government assumed a larger social and economic role in post-World War II America, the number of public workers skyrocketed—by the mid 1960s one out of every eight Americans was employed by local, state, or federal government. This growth lured union leaders to mount major organizing efforts. Such unionization campaigns benefited from the steady inflation over the period that encouraged workers to worry about their salaries, but they were also aided by the federal government. In 1962 President John Kennedy signed executive order 10988, granting federal employees the right to join unions and bargain collectively. While all of these factors were important, one labor leader, Jerry Wurf, and his union, the American Federation of State, County, and Municipal Employees (AFSCME), took center stage and led the organization effort.
Jerry Wurf's union career began in 1940, soon after...
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People in the News
In December 1965 Harold S. Geneen, CEO of International Telephone and Telegraph (ITT), announced plans to acquire the American Broadcasting Company (ABC). The Justice Department did not allow the merger.
On 4 March 1964 James ("Jimmy") Hoffa, president of the International Brotherhood of Teamsters, was convicted of tampering with a federal jury in 1962; in July he was also convicted on fraud and conspiracy charges. Fined ten thousand dollars and sentenced to eight years in prison, he was pardoned by President Richard Nixon in 1971.
In his January 1966 budget message President Lyndon Johnson gave his famous "guns and butter" speech, explaining that the United States could fight a war and expand social-welfare programs simultaneously. He said, "We are a rich nation and can afford to make progress at home while meeting our obligations abroad—in fact, we can afford no other course if we are to remain strong. For this reason, I have not halted progress in the new and vital Great Society programs in order to finance the costs of our efforts in Southeast Asia."
In 1962 Royal Little, CEO of Textron, retired. A pioneer in the conglomerate wave of the 1950s and 1960s, he built a midsized textile company into a huge diversified firm making everything from bathroom accessories to helicopters.
In 1963 George...
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Benjamin Abrams, 74, founder of Emerson Radio and Phonograph Corporation, 23 June 1967.
Avery C. Adams, 65, head of Jones and Laughlin Steel Corporation (1956-1963) and Pittsburgh Steel Company (1950-1956), 11 December 1963.
Cyril Ainsworth, 71, engineer and expert on industrial and safety standards, 13 December 1964.
Frank A. D. Andrea, 77, pioneer radio manufacturer, 22 December 1965.
Elizabeth Arden, 81, founder, president, and chairman of the board of Elizabeth Arden (now owned by Eli Lilly and Company), an international organization of beauty resorts, beauty salons, and retail cosmetics, 18 October 1966.
George Arents, 85, founder of American Machine and Foundry Company and International Cigar Machinery Company, 13 December 1960.
Sewell L. Avery, 86, business executive; president (1905-1937) and chairman of the board (1937-1951) of U.S. Gypsum; in 1931 he was named chairman of Montgomery Ward and would later serve as its president, 31 October 1960.
Roger Babson, 92, stock analyst who predicted the stock-market crash of 1929, 5 March 1967.
Harold Bache, 73, president of Bache and Company, 15 March 1968.
Hugh Baillie, 75, president...
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Daniel Bell, The Coming of Post-Industrial Society (New York: Basic Books, 1973);
Alfred D. Chandler, Jr., Strategy and Structure: Chapters in the History of the Industrial Enterprise (Cambridge, Mass.: MIT Press, 1962);
Barry Commoner, The Closing Circle (New York: Knopf, 1971);
Richard Easterlin, The American Baby Boom in Historical Perspective (Cambridge, Mass.: National Bureau of Economic Research, 1962);
Paul Ehrich, The Population Bomb (San Francisco: Sierra Club, 1968);
Betty Friedan, The Feminine Mystique (New York: Dell, 1963);
Milton Friedman and Anna J. Schwartz, A Monetary History of the United States, 1867-1960 (Princeton: Princeton University Press, 1963);
John K. Galbraith, The New Industrial State (Boston: Houghton Mifflin, 1967);
Mitchell Gordon, Sick Cities (Baltimore: Penguin, 1965);
Frank Graham, Jr., Since "Silent Spring" (Boston: Houghton Mifflin, 1970);
Michael Harrington, The Other America (New York: Macmillan, 1962);
Walter W. Heller, New Dimensions in Political Economy (Cambridge: Harvard University Press, 1966);
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Important Events in Business and the Economy, 1960-1969
- The American farm population is 15.6 million or 8.7 percent of the total U.S. population.
- Defense spending and veterans' benefits account for nearly $50 billion or 56 percent of the federal budget and 10 percent of the Gross National Product (GNP).
- Lillian Vernon publishes their first mail-order catalogue.
- The median family income (in 1971 dollars) is $7,688.
- The per-capita national debt stands at $1,582.
- The U.S. automobile industry begins to shift to compact cars in response to falling sales and increased foreign imports.
- U.S. businesses spend $1 billion on computers.
- U.S. advertisers spend $1.6 billion on television commercials.
- In January, African Americans are ¼ of United Auto Workers members.
- On January 1, U.S. consumer debt totals $56 billion.
- On January 1, women make only 60 percent the income of men.
- On January 4, the longest steel strike in U.S. history ends when steel companies and the United Steel Workers agree on a wage increase.
- On May 15, taxes reach 25 percent of earnings, according to a Tax Foundation report that combines federal, state, and local taxes.
- On July 30, Congress...
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