Story: Business cycles

Wool stockpile, 1967

Wool stockpile, 1967

Increased wool prices during the Korean War triggered the expansion phase of the business cycle that began in June 1952. This was followed by a second cycle of expansion from March 1959 to December 1966. However in 1966 the international price for wool fell, largely because of the impact of synthetic materials, triggering the end of the cycle. The image shows bales of wool sitting in a wool store in March 1967. The Wool Board had chosen to buy in the wool rather than sell it overseas for low returns.

Using this item

Alexander Turnbull Library, Dominion Post Collection (PAColl-7327)
Reference: EP-Trade and Commerce-Wool and Wool prices-01

Permission of the Alexander Turnbull Library, National Library of New Zealand, Te Puna Mātauranga o Aotearoa, must be obtained before any re-use of this image.

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How to cite this page:

Viv B. Hall, 'Business cycles - Causes and consequences of fluctuations', Te Ara - the Encyclopedia of New Zealand, (accessed 24 July 2024)

Story by Viv B. Hall, published 11 Mar 2010