1950 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 United States 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. In 1951 New Zealand experienced economic growth such as has never been seen again since. The echoes of the boom reverberated into the late 1950s. The export price of wool declined by 40% in 1966, 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.