Major Developments and Setbacks That Altered Modern European Economic Policy - Mark Tartamella
By MarkTartz
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Period: to
Shaping Modern European Economic Policy
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Adam Smith Publishes the "Wealth of Nations"
Economist Adam Smith wrote this magnum opus in Scotland in 1776. Major significance was the advocation for free market economy and "laissez-faire" system (capitalism). -
Berlin Decree
The Berlin Decree was issued by Napoleon I in Berlin (duh) in 1806. Major significance was the embargo on trade with Britain and the establishment of the (failed) Continental System aimed at suppressing the British nation and its trade posts. -
Karl Marx and Friedrich Engels Publish the Manifesto of the Communist Party
The Communist Manifesto was written by Karl Marx and Friedrich Engels and published in the UK in 1848. Major significance was the challenging of Smith's policies and the pan-European movement of violent socialism. -
Berlin Conference
Anton von Werner's painting "The Berlin Conference, 1878" was commissioned by Otto von Bismarck and painted in Germany. Major significance was the displaying of the more intimate nature of the Berlin Conference that regulated territories in Africa for imperial powers. It allowed for a more warranted economic exploitation of another nation's resources. -
Treaty of Versailles
The Treaty of Versailles was signed by the Allied and Associated Powers of WWI in France in 1919. Major significance was the establishment of the League of Nations and the forced reparations on the German economy that ultimately led to the rise of the Nazi Party and the beginning of WWII. -
Creditanstalt Declares Bankruptcy - European Great Depression Begins
The Creditanstalt - a Viennese central bank - declares bankruptcy on May 11 1931 and this leads to the Great Depression in Europe. A report for the Bank for International Settlements was compiled the following year in order to get to the bottom of the causes. Major significance was the analysis of the failures of the central banks as well as stating the NYSE crash in the US in 1919 had a large impact on European markets.
