Timeline of Economics
From the dawn of civilization to modern times, explore the key events and people that have shaped the study of economics.
- Category
- Social Sciences
- Tag
- economics
- Events
- 33 events 770 BCE – 2018
- Added
770 BCE: Lycurgus introduces currency in Sparta
Lycurgus, the legendary lawgiver of Sparta, is said to have introduced the use of iron spits as a currency, in order to discourage trade and promote self-sufficiency among the Spartans.
Wikipedia500 BCE: Chinese Coinage
The first metal coins are cast in China, eventually replacing cowrie shells and becoming the dominant currency throughout the country.
Wikipedia350 BCE: The Economics
The Economics is a treatise sometimes attributed to Aristotle, though its authorship is disputed. The work discusses household management and includes discussions of property, exchange, and the role of the state in the economy.
Wikipedia350 BCE: Aristotle writes "Politics"
In his book "Politics," Aristotle examines the nature of economic exchanges, including the role of money and the importance of trade in fostering social cooperation.
Wikipedia1440: Johannes Gutenberg invents the printing press
The printing press revolutionizes the dissemination of economic thought, allowing for wider circulation of ideas and contributing to the spread of market-based economies.
Wikipedia1500: Mercantilism
Mercantilism emerges as the dominant economic theory in Europe, emphasizing the accumulation of gold and silver as the key to national wealth and power.
Wikipedia1760: Industrial Revolution
The Industrial Revolution begins in Britain, leading to a period of massive economic and social change. New manufacturing processes, improved transportation, and new technologies transform society and the economy.
Wikipedia1776: Adam Smith publishes "The Wealth of Nations"
Considered a landmark work in the development of modern economic theory, "The Wealth of Nations" advocates for the benefits of free markets, division of labor, and specialization.
Wikipedia1817: Ricardian economics
David Ricardo publishes 'Principles of Political Economy and Taxation,' which introduces the concept of comparative advantage and advances classical economic theory.
Wikipedia1848: The Communist Manifesto
Karl Marx and Friedrich Engels publish 'The Communist Manifesto,' which advocates for a socialist revolution and critiques capitalism as an exploitative system.
Wikipedia1867: Das Kapital
Karl Marx publishes the first volume of 'Das Kapital,' which expands on the ideas introduced in 'The Communist Manifesto' and analyzes the capitalist system in detail.
Wikipedia1871: Publication of "Principles of Economics" by Carl Menger
Menger is considered the founder of the Austrian School of Economics, which emphasizes the importance of subjective individual decision-making and spontaneous order in economic systems.
Wikipedia1871: Marginal Revolution
Carl Menger, William Stanley Jevons, and Léon Walras independently develop the theory of marginal utility and revolutionize economic thought.
Wikipedia1899: The Theory of the Leisure Class
Thorstein Veblen publishes 'The Theory of the Leisure Class,' which critiques consumerism and explores the concept of 'conspicuous consumption.'
Wikipedia1913: USA Federal Reserve Act
The Federal Reserve Act is signed into law by President Woodrow Wilson, establishing the Federal Reserve System as the central banking system of the United States.
Wikipedia1929: Stock market crash
The stock market crash of 1929, also known as Black Tuesday, marks the beginning of the Great Depression, which would last for nearly a decade.
Wikipedia1936: John Maynard Keynes publishes "The General Theory of Employment, Interest and Money"
In his seminal work, Keynes argues that government intervention can help alleviate the cyclical fluctuations of economic activity, advocating for the use of fiscal and monetary policy to stimulate growth and employment.
Wikipedia1944: Bretton Woods Conference
Delegates from 44 Allied nations meet in New Hampshire to establish a new international monetary system, leading to the creation of the International Monetary Fund and the World Bank.
Wikipedia1961: The rise of the "Third World"
French economist Alfred Sauvy coins the term "Third World" to describe countries that were not aligned with either the capitalist First World or the communist Second World. The term becomes widely used to describe the developing nations of Africa, Asia, and Latin America.
Wikipedia1970: Nixon shock
President Richard Nixon announces a series of economic policies, including the devaluation of the U.S. dollar and the end of the Bretton Woods system, which had pegged the value of the dollar to gold. The move is seen as marking the end of the post-World War II economic order.
Wikipedia1971: Nixon ends the gold standard
In response to mounting economic pressures, President Richard Nixon announces that the US will no longer convert dollars to gold at a fixed value, effectively ending the gold standard and paving the way for modern fiat currencies.
Wikipedia1973: Oil Crisis
The Organization of Petroleum Exporting Countries (OPEC) implements an oil embargo, leading to a global economic crisis.
Wikipedia1979: Thatcherism
Margaret Thatcher becomes Prime Minister of the United Kingdom and begins implementing a series of economic policies known as Thatcherism, which emphasize free-market economics and reduced government intervention in the economy.
Wikipedia1985: Plaza Accord
The United States, Japan, West Germany, France, and the United Kingdom sign the Plaza Accord in New York City, agreeing to depreciate the US dollar relative to the Japanese yen and German Deutsche Mark in order to reduce the US trade deficit.
Wikipedia1991: Dissolution of the Soviet Union
The Soviet Union collapses, ending the Cold War and the dominance of communism in Eastern Europe.
Wikipedia1992: Maastricht Treaty
The Maastricht Treaty is signed, creating the European Union and establishing the euro as a common currency.
Wikipedia1994: North American Free Trade Agreement (NAFTA)
The United States, Canada, and Mexico sign the North American Free Trade Agreement (NAFTA), creating a trilateral trade bloc in North America.
Wikipedia1997: Asian financial crisis
A financial crisis spreads throughout Asia, beginning in Thailand and spreading to other countries in the region. The crisis leads to the devaluation of many Asian currencies and has a significant impact on the global economy.
Wikipedia2008: Global Financial Crisis
The Global Financial Crisis begins with the collapse of the US housing market, leading to a worldwide economic downturn and recession. The crisis highlights weaknesses in the global financial system and triggers a wave of new regulation.
Wikipedia2009: The Bitcoin whitepaper is published
An unknown person using the pseudonym "Satoshi Nakamoto" publishes a paper outlining the design of a new decentralized digital currency called Bitcoin, based on a peer-to-peer network and cryptography.
Wikipedia2013: Founding of Ethereum
Ethereum, a blockchain-based decentralized platform that allows the creation of smart contracts and decentralized applications, is founded by Vitalik Buterin.
Wikipedia2017: Rise of Cryptocurrencies
The value of cryptocurrencies, including Bitcoin, Ethereum, and many others, surges to all-time highs in a speculative bubble.
Wikipedia2018: Trade War between the US and China
The US and China engage in a trade war, imposing tariffs on each other and disrupting global trade. The conflict reflects a broader shift towards economic nationalism and protectionism.
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