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The Chronicle of Philanthropy

From the issue dated October 4, 2001

How Charitable Giving Fared During Crises in U.S. History

Political turmoil, military confrontations, and economic turbulence can all affect what types of charities Americans support -- but they generally do not cause overall giving to decline, according to a study of 13 crises in U.S. history conducted by the Center on Philanthropy at Indiana University for the American Association of Fundraising Counsel. Since 1960, the only year total giving declined was 1987, the year of a global financial downturn. A report on the study is available at http://www.aafrc.org.













Fall of France
(May 1940)

1324war_france.gif
Percentage change in stock market


Day before to day after
 -2.2%



After 30 days
 -24.5%



After 365 days
 -20.9%








Pearl Harbor
(Dec. 1941)

1324war_pearl.gif
Percentage change in stock market


Day before to day after
 -3.5%



After 30 days
 -3.0%



After 365 days
 -0.7%







Start of Korean War
(June 1950)

1324war_korea.gif
Percentage change in stock market


Day before to day after
 -4.7%



After 30 days
 -8.9%



After 365 days
 9.8%








Cuban missile crisis
(Aug. 1962)

1324war_cuba.gif
Percentage change in stock market


Day before to day after
 -0.6%



After 30 days
 -6.1%



After 365 days
 16.9%







John F. Kennedy assassination
(Nov. 1963)

1324war_kennedy.gif
Percentage change in stock market


Day before to day after
 1.5%



After 30 days
 3.8%



After 365 days
 20.4%








U.S. bombs Cambodia
(May 1970)

1324war_cambodia.gif
Percentage change in stock market


Day before to day after
 -0.5%



After 30 days
 -3.7%



After 365 days
 26.5%







Arab oil embargo
(Oct. 1973)

1324war_embargo.gif
Percentage change in stock market


Day before to day after
 0.1%



After 30 days
 -10.9%



After 365 days
 -30.9%








Nixon resigns
(Aug. 1974)

1324war_nixon.gif
Percentage change in stock market


Day before to day after
 -1.3%



After 30 days
 -15.8%



After 365 days
 6.6%







Stock-market collapse
(Oct. 1987)

1324war_stock.gif
Percentage change in stock market


Day before to day after
 -18.1%



After 30 days
 -15.6%



After 365 days
 -4.9%








Gulf War ultimatum
(Jan. 1991)

1324war_gulf.gif
Percentage change in stock market


Day before to day after
 6.3%



After 30 days
 17.7%



After 365 days
 30.7%







World Trade Center bombing
(Feb. 1993)

1324war_wtc.gif
Percentage change in stock market


Day before to day after
 -0.5%



After 30 days
 1.9%



After 365 days
 13.0%








Oklahoma City bombing
(April 1995)

1324war_okla.gif
Percentage change in stock market


Day before to day after
 1.2%



After 30 days
 3.9%



After 365 days
 32.5%



SOURCE: AAFRC Trust for Philanthropy/Giving USA
Chronicle chart by Sondra Haskins

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Copyright © 2001 The Chronicle of Philanthropy