History of Economy in Timeline

By Popular Timelines Editorial Team · Updated: May 26, 2026

An economy encompasses the production, distribution, trade, and consumption of goods and services. It's a social domain emphasizing practices, discourses, and material expressions related to resource management. Key factors shaping an economy include its culture, values, education, technological advancement, history, social organization, political structure, legal systems, and natural resources. These elements provide the context and conditions in which an economy operates. Essentially, the economic domain is a network of interconnected human practices and transactions deeply embedded within a broader social context.

1908: Birth of John Kenneth Galbraith

In 1908, John Kenneth Galbraith, who would later write about the affluent society, was born. His work would focus on the economic growth in America and Europe.

1912: Birth of Milton Friedman

In 1912, Milton Friedman, a proponent of global free trade and often considered one of the fathers of neoliberalism, was born. He advocated for new ways of controlling the economy.

1946: Death of John Maynard Keynes

In 1946, John Maynard Keynes, who advocated for stronger state control of markets, passed away. His theories, known as Keynesianism, suggested that the state could alleviate economic problems through demand manipulation.

1958: Publication of "The Affluent Society"

In 1958, John Kenneth Galbraith spoke of an affluent society in his book "The Affluent Society". This highlighted the emergence of mass consumption economies in America and Europe during the Wirtschaftswunder.

The Affluent Society

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1973: Publication of "The Coming of Post-Industrial Society"

In 1973, Daniel Bell published "The Coming of Post-Industrial Society". This book is attributed by some to be the first use of the term post-industrial society.

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 figure associated with neoliberalism, passed away. He had explored new ways of controlling the economy after the World Wars and Great Depression.

2000: Rise of Internet and Information Economy

Around 2000, with the spread of the Internet, the idea of the Internet and information economy gained importance due to the growth of e-commerce and electronic businesses.

2001: Rise of Internet and Information Economy

Around 2001, with the spread of the Internet, the idea of the Internet and information economy gained importance due to the growth of e-commerce and electronic businesses.

2006: Death of Milton Friedman and John Kenneth Galbraith

In 2006, both Milton Friedman, an advocate for global free trade, and John Kenneth Galbraith, author of "The Affluent Society", passed away. Friedman was a key figure in neoliberalism, while Galbraith discussed the rise of mass consumption economies.