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Chinese Revolution topples Manchu dynasty, throwing China into economic chaos Report |
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Terrorist assassination in Sarajevo triggers World War I; first era of economic globalization ends |
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Russian Revolution leads to USSR, world's first socialist state Report
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Treaty of Versailles: Terms will lead to German economic collapse and rise of fascism |
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Faced with economic disintegration, Lenin propounds "commanding heights" doctrine Report
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Hyperinflation destroys the German and Austrian middle class Report
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Stalin launches first Five-Year Plan to industrialize the Soviet Union Report |
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1929 United States |
Stock market collapse sparks Great Depression and critique of unfettered markets Report
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Hitler becomes chancellor, later "Fuhrer"; Nazi economics favors command and control Report |
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1933 Italy |
Mussolini's fascist government entrenches state ownership with IRI holding company Report |
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1933 United States |
Bank failures result in 25 percent unemployment; Roosevelt becomes president; New Deal begins Report
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Keynes publishes "General Theory," founds macroeconomics and new approach to managing capitalist economies Profile
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WWII begins; state-dominated war economies prevail around Europe and U.S. after 1941
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Hayek's "Road to Serfdom" criticizes economic planning by state, will influence only a minority for three decades Profile
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1944 United States |
Bretton Woods Conference establishes World Bank, International Monetary Fund, pegs all currencies to gold
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Potsdam Conference divides Europe; Soviet-occupied countries will adopt command economies
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1945 United Kingdom |
Attlee/Labor Party victory starts nationalization of major industries, establishes welfare state Report
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Planning pioneered in non-command context, spurs mixed economy, "Thirty Glorious Years" Report Profile |
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U.S. implements Marshall Plan to avoid repeating WWI treaty mistake, sparks German economic "miracle" Report |
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1947 India |
First major decolonization: India seeks to meld Western democracy and socialist planning Report
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1947 Switzerland |
Friedrich von Hayek creates Mt. Pelerin conference to combat economics of central planning Glossary: EU
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Erhard defies Allies, abolishes price controls, succeeds in reviving market economy Report
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Communist revolution founds People's Republic of China; collectivization begins Report |
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1949 Europe |
Coal and Steel Community unites six countries in free trade of key goods; first step toward European Union Glossary: EU Profile |
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Treaty of Rome establishes European Economic Community Report |
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Great Leap Forward attempts forced industrialization; will fail in two years, bringing misery Report |
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General Park coup launches state-driven fast industrialization Report |
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Johnson administration launches War on Poverty, expands social programs even as Vietnam War escalates Report |
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Mao launches Cultural Revolution to radicalize People's Republic and purge intellectual resistance Report |
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Soviet tanks destroy Prague uprising, crushing "socialism with a human face" Report |
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"Ujamaa" collectivist strategy for "African Socialism" is enforced; will fail, bringing deprivation Report |
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1971 United States |
Nixon "goes Keynesian," but price and wage controls bring shortages instead of stopping inflation Report Essay
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1971 United States |
Nixon abandons gold standard, ends Bretton Woods system, sparks modern currency markets Essay |
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Pinochet topples Allende; military regime makes things worse before turning to Chicago-style free-market reform Report
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1973 Middle East |
OPEC instigates oil crisis, triggering global inflation and vast wealth transfer to oil-producing nations Report |
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Coal miners' strike brings blackouts, forces election, Labor Party victory Report
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1974 Sweden |
Friedrich von Hayek awarded the Nobel Prize in Economics; Milton Friedman will follow in 1976 Profile
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Thatcher becomes leader of Conservative Party, with Keith Joseph seeks new economic vision Profiles: Margaret Thatcher, Keith Joseph |
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"Winter of Discontent" marks nadir of Keynesian economic policies in Britain Report
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1978 China |
Deng becomes principal leader, launches decollectivization in agriculture Report
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Election of Margaret Thatcher starts "Thatcher revolution" Report |
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1979 Iran |
Revolution turns against Westernization, offers Islamic alternative, sparks second oil shock |
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1979 United States |
Inflation reaches 13.3 percent; Paul Volcker takes over Federal Reserve; tight-money policy triggers recession Report
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Solidarity movement begins in shipyards, will become main labor force in toppling communism Report
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Mitterrand election brings experiment with nationalization and "delinking" Report |
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1981 United States |
President Reagan introduces supply-side economics, breaks air controllers' strike, deregulates markets Report
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Default on international loans sparks global debt crisis and "lost decade" for developing nations Report |
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"Relinking" and nationalization rollback ends experiment, sets tone for new European social democracy Report |
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First major privatization of a state-owned industry: British Telecom Report
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1984 United Kingdom |
Thatcher breaks the miners' union, closes money-losing mines, putting thousands out of work Report
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Rampant hyperinflation cured with radical market liberalization and reform, pioneering "shock therapy" method Report
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After becoming the USSR leader in 1985, Gorbachev begins glasnost and perestroika Report
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Single Market Act approved; next step forward to European Economic Union Glossary: EU |
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Japan "miracle" peaks as Tokyo Stock Exchange capitalization matches NYSE Report |
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Berlin Wall comes down; "Iron Curtain" falls; Cold War ends Report |
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Elected government replaces dictatorship, retains reforms despite misgivings about their origins Report |
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1990 Germany |
Reunification restores Germany: market West must now assimilate socialist East Report |
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1990 Poland |
"Shock therapy" used in Bolivia is repeated successfully in Poland; Walesa becomes president Report |
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1990 Japan |
Japanese market bubble deflates; inertia blocks reform of banking system and subsidized domestic sector Report |
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Prime Minister Narasimha Rao confronts payments crisis, begins major reform of "Permit Raj" Report
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1991 Russia |
USSR disintegrates: Russia is main successor state Report
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Price controls end; privatization of Russia's state industries begins Report
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1992 China |
Deng protects reforms from challenge with publicized "Southern journey" (Nanxun) Report |
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1992 United States |
NAFTA treaty passed over labor, environmental objections, launches decade of free-trade activism
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Apartheid falls, ending closed economy; Mandela's socialist ANC launches market reforms Report |
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1994 United States |
After health reform fails, Clinton refocuses on centrist "New Democrat" economic program, welfare reform, globalization Report |
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1994 Mexico |
U.S. Treasury intervention staves off Mexican economic crisis, prevents default on international debt Report
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Republican House "Contract with America" to reduce government brings budget impasse and backlash Report |
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Clinton balances budget, proclaims "Big government is over" Report |
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Tony Blair completes centrist remake of Labor Party with resounding election victory, reelected 2001 Report |
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1997 China |
Party congress endorses "Deng Xiaoping Theory," dismantling state-owned industrial sector Report |
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1997 Thailand |
Speculative boom triggers run on Thai currency; ensuing collapse signals end of "Asian miracle" Report
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1997 Indonesia |
Spreading Asian crisis takes social, political toll in region's largest, poorest country; Suharto deposed Report
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1997 South Korea |
IMF and U.S. forced to organize bailout of South Korean banks to prevent further spread of Asian "contagion" Report
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International financial instability spreads to Russia, which defaults on international loans; ruble is devalued Report
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Contagion reaches Wall Street: Long-Term Capital Management hedge fund fails, endangering banking system Report Interview |
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1999 United States |
Seattle WTO summit crystallizes potent global opposition to institutions and politics of global integration Report
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Terrorist airliner attack destroys World Trade Center in New York City, rocks global financial markets Report |
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2001 Qatar |
WTO meets in remote Qatar to initiate new round of global trade talks Essay |
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Euro replaces national currencies of Germany, France, and 10 other European nations Glossary: EU |
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2002 Japan |
Deep interest-rate cuts fail to revive economy; value of yen sinks to new low against other key currencies Report |
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2002 Argentina |
Argentina defaults on billions in debt; social and political unrest leads to resignation of two presidents in two weeks Report
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2002 United States |
After WTC attacks, Bush reverses course, creates new agencies, reintroduces Keynesian methods Report |
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2002 South Africa |
AIDS pandemic threatens economic future of most nations in sub-Saharan Africa Report |
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2003 Iraq |
Iraq invaded by U.S. and British forces to depose Saddam Hussein's regime Report |
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