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1492
Discovery of America
The discovery of America is a historical event consisting of the arrival in America of a Spanish expedition led by Christopher Columbus, the main wealth generated by the Spanish territories in America was the extraction of gold and silver. Another important consequence of the arrival of Europeans to America was the assimilation and worldwide diffusion of foods that had been consumed by American cultures and that today are estimated to constitute 75% of the food base consumed by Humanity. -
Classical economics
In this year the first book that defines the economy as a science, wealth of nations by adam smith is published, also begins the first industrial revolution which is a process of economic and technological transformation that began in England -
Great Depression
It was a global economic crisis, which was felt most intensely in Europe and the United States, which had been under a strong cycle of economic growth fueled by the Second Industrial Revolution and the end of the Civil War in the United States. -
First world war
The war was an extreme material destruction, the wealth of the states suffered a dramatic decline, the United States being the least affected country and its economy would be placed at the head as a world power along with Japan -
Black thursday
The day on which the crash in the New York Stock Exchange began and with it the Crack of 29 and the Great Depression. The crash of the New York Stock Exchange or Black Thursday produced a situation of real panic that caused the subsequent banking crisis in the United States. -
Second World War
The war produced an economic debacle. Due to the battles, Europe was destroyed. It lost 50% of its industrial capacity, as well as a large part of its rail lines, roads and communication centers.
The United States, however, came out stronger, its economy had a spectacular boom. The GDP of the United States grew at a rate of 10% per year in the war years. By 1945, the country had become the world's factory, it controlled 2/3 of the world's gold reserves and was a creditor of all countries. -
Gold Standard
The gold standard was a monetary system that fixes the value of the monetary unit in terms of a certain amount of gold. The issuer of the currency guarantees that it can give the holder of its notes the amount of gold consigned in them. The international monetary fund and the world bank are created to generate economic stability. -
Milton Friedman
American statistician, economist and intellectual, who said that government intervention should be minimal, he received the Nobel Prize in Economics in 1974 "for his achievements in the fields of consumption analysis, history and monetary theory and for his demonstration of the complexity stabilization policy ". -
Oil crisis
The supply cut from the OPEC countries in the so-called first oil crisis during the Arab-Israeli war on Yom Kippur, caused an increase in the price of crude from 2.50 to 11.50 dollars in 1974. This raised the energy bill from the West and caused a severe crisis in the most industrialized countries. As a result of this price crisis, Western countries initiate energy diversification and saving policies and, among other defensive measures, the International Energy Agency (IEA) was created in 1974. -
Friedrich August Von Hayek
He was an Austrian philosopher, jurist and economist. Hayek's contributions on business cycles are considered his most important contribution to the economy. He took the foundations of his theory from Mises's Theory of Money and Credit and made his own interpretation of the business cycle. He was a Nobel Prize winner for his pioneering work on the theory of money and economic fluctuations and for his insightful analyzes of the interdependence of economic phenomena. -
Gary Stanley Becker
An American economist, he was awarded the Bank of Sweden Prize in Economic Sciences in memory of Alfred Nobel for his contribution to the new field of microeconomic analysis that had to do with behavior and human relations. He was recognized with this award because he expanded microeconomic analysis, going beyond the limits of the market about human relationships and behaviors. -
Global financial crisis
Consequence of a relaxation in risk assessment, which spread to the rest of the world. The trigger was the bursting of a huge housing bubble, which revealed that banks had extended junk (subprime) mortgages to people who could not afford them, with the expectation that house prices would continue to rise. Those mortgages were securitized and sold in the markets, causing hundreds of billions of dollars in losses to investors. -
Global pandemic
The great impact of the coronavirus pandemic and the suspension measures that were adopted to contain it have caused a drastic contraction of the world economy, which, according to the World Bank forecasts, will decline by 5.2% this year. According to the June 2020 edition of the Bank's World Economic Outlook report, it would be the worst recession since World War II, and the first time since 1870 that so many economies would experience a decline in per capita output.
