Political and Economical ,Industrial Revolutions
10000 BC First evidence of bartering in parts of Africa.
3000BC Shekels (units of weight) traded in Mesopotamia.
3000BC First evidence of taxation in Ancient Egypt.
600 BC First evidence of gold and silver coins in Lydia.
350 BC Aristotle declares that property should be private.
360 BC Plato cites specialism in his Republic.
5 BC Earliest example of banking are seen in Ancient Greece.
1000s Feudalism takes hold.
1500s Mercantilism becomes dominant.
1723 Adam Smith born.
1759 The Theory of moral sentiments by Adam Smith is published.
1776 The wealth of Nations by Adam Smith is published.
1798 Essay on the principal of population by Thomas Robert Malthus is published.
1800 Industrial Revolution ushers in age of capitalism.
1803 Jean -Baptist Say argues that there could never be a shortfall of demand in an economy.
1805 Malthus becomes professor of economics at Haileybury
1807 French economist Jean-Baptiste Say lays down his law-that demand would always match supply over time.
1817 "Principle of Political Economy and Taxation" by David Ricardo is published.
1848 The Communist Manifesto by Marx and Engels is published.
1859On "the Origin of Species" by Charles Darwin-and influence by Malthus's idea is published.
1867 The first volume of Das Kapital is published.
1871 Carl Menger first states basic principle of marginal utility , revolutionizing study of incentives.
1871 Principles of Economics by Carl Menger is published.
1889 Friedrich von Wieser formalizes the concept of opportunity cost.
1890Alfred Marshall popularizes supply-demand curve and tables.
1890 "Principle of Economics" by Alfred Marshall is published.
1930 Sir John Hicks defines the economics of supply and demand.
1913 Henry Ford and the assembly line➖ automation of car manufacture.
1917 Russian Revolution puts Lenin in power, leading to the foundation of the Soviet Union
1929 The Wall Street Crash sends stocks plunging and triggers the Great Depression.
1933 Franklin D. Roosevelt announces his New Deal - a program of government works try to arrest the Depression.
1936 Keynes argues in The General Theory of Employment, Interest and Money that governments should borrow more in times of recession.
1944 A key Austrian economics text, "The Road to Serfdom by Friedrich Hayek" is published.
1949 Mao Zedong establishes the People's Republic of China as a communist state
1970s Keynesianism falls out of favoure as Western nations battle against inflation.
1971 A Monetary History of the United States by Milton Friedman and Anna Schwartz is published.
1980s Friedman's idea are championed by Reagan and Thatcher government on either side of the Atlantic.
1991 Under Mikhail Gorbachev, the Soviet Union dissolves itself.
2008 Keynesian idea returns as governments across the world borrow and spend in order to fight recession.
1945 Push for free trade begins after the Second World War.
1989 Fall of the Berlin Wall, triggering the spread of capitalism throughout the former communist world.
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