-
Period: Jan 1, 1400 to
MERCANTILISM
Main Points:
1. Protection of the state, at the expense of other states
2. Promotes exports, limits imports
3. Generating trade surpluses generates wealth and power -
Period: to
ROOTS OF LIBERALISM
See Adam Smith -
Adam Smith baptized
Main points of Liberalism, according to Adam Smith:
1. Invisible Hand of the Market
2. Laissez-faire
3. Competition
4. Private Property -
Period: to
PERIOD OF INCREASING, AND FREE, TRADE
Economic liberals are generally happy during this period. -
John Stuart Mill born
Social progress in the capitalist state. -
Karl Marx born
-
Communist Manifesto Published
Karl Marx & Friedrich Engels -
Vladimir Lenin born
-
John Maynard Keynes born
Individual logic leads to collective illogic. The state should play a role in managing the domestic and international market (see Bretton Woods). -
October Revolution
Lenin seizes power of Russia and starts to implement Marx's theories. -
Stock Market Crash
-
Period: to
KEYNESIAN ECONOMICS
Main Points:
1. Government should manage the economy
2. Reduce negative effects of the boom-bust cycle
3. Save money in good times, social spending in bad times -
Bretton Woods Conference
- July 1-22 1944
- Created the World Bank, IMF, GATT (later WTO)
- Based on Keynesian economic theory
-
Period: to
DEPENDENCY THEORY
Popular in socialist 3rd world countries. -
Period: to
NEOCONSERVATISM (aka ECONOMIC LIBERALISM)
Main Points:
1. Out with Keynes
2. Promotion of free trade
3. Neoconservatives Thatcher, Mulroney, & Reagan in power.
