U.S. presents the Marshall Plan for postwar recovery of Europe. 1947 First airport duty-free store opens at Ireland's Shannon Airport. I becomes first satellite to transmit live TV signals and telephone conversations across the Atlantic. OPEC increases price of oil fourfold, slowing world's economies. Iceland wins cod war, prohibiting foreign vessels from fishing within 200 miles of its borders.
China begins to embrace economic reform, paving way for rapid growth led by entrepreneurs.
In worst oil spill, two tankers collide off Caribbean nation of Trinidad and Tobago, spewing more than 88 million gallons. Inc. All Rights Reserved.