History of Economy in Timeline

An economy encompasses the production, distribution, trade, and consumption of goods and services within a specific area. It's a social domain deeply intertwined with a culture, values, education, technological advancements, history, social structures, political systems, legal frameworks, and natural resources. These factors collectively shape the context, content, conditions, and parameters governing an economy's function. The economic sphere is an interconnected web of human practices and transactions, highlighting its integral role within broader societal dynamics.

1908: Birth of John Kenneth Galbraith

In 1908, John Kenneth Galbraith, who later spoke of the affluent society, was born. He became a noted economist and author.

1912: Birth of Milton Friedman

In 1912, Milton Friedman, who advocated for global free trade and is considered one of the fathers of neoliberalism, was born. He became a prominent figure in economics, known for his contributions to free-market theory.

1946: Death of John Maynard Keynes

In 1946, John Maynard Keynes, who advocated for state intervention in markets to alleviate economic problems and instigate growth, passed away. His ideas formed the basis of Keynesianism.

1958: John Kenneth Galbraith publishes "The Affluent Society"

In 1958, John Kenneth Galbraith published his book "The Affluent Society", being one of the first to speak of an affluent society, which was enabled by the mass consumption economy.

The Affluent Society

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1973: Daniel Bell publishes "The Coming of Post-Industrial Society"

In 1973, Daniel Bell published "The Coming of Post-Industrial Society", a book that some attribute to the first use of the term Post-Industrial Society. Others attribute it to Ivan Illich's book, "Tools for Conviviality".

The Coming of the Post-Industrial Society: A Venture in Social Forecasting (Peregrine Books)

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1992: Death of Friedrich August von Hayek

In 1992, Friedrich August von Hayek, an advocate for global free trade and a key figure in neoliberalism, passed away. He contributed significantly to economic thought, especially regarding free markets.

2000: Rise of Internet and Information Economy

Around 2000, the Internet began to spread as a mass medium, which gave place to the idea of the Internet and information economy.

2001: Rise of Internet and Information Economy

Around 2001, the Internet began to spread as a mass medium, which gave place to the idea of the Internet and information economy.

2006: Death of Milton Friedman and John Kenneth Galbraith

In 2006, both Milton Friedman, known for his advocacy of free markets, and John Kenneth Galbraith, who spoke of the affluent society, passed away. Their deaths marked the end of influential voices in economic thought.