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1911 China |
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Chinese Revolution topples Manchu dynasty, throwing
China into economic chaos
Report |
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1914 Europe |
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Terrorist assassination in Sarajevo triggers World War
I; first era of economic globalization ends
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1917 Russia |
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Russian Revolution leads to USSR, world's first
socialist state
Report
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1919 France |
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Treaty of Versailles: Terms will lead to German
economic collapse and rise of fascism
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1922 Russia |
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Faced with economic disintegration, Lenin propounds
"commanding heights" doctrine
Report
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1923 Germany |
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Hyperinflation destroys the German and Austrian middle
class
Report
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1929 Russia |
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Stalin launches first Five-Year Plan to industrialize
the Soviet Union
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1929 United States |
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Stock market collapse sparks Great Depression and
critique of unfettered markets
Report
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1933 Germany |
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Hitler becomes chancellor, later "Fuhrer"; Nazi
economics favors command and control
Report |
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1933 Italy |
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Mussolini's fascist government entrenches state
ownership with IRI holding company
Report |
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1933 United States |
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Bank failures result in 25 percent unemployment;
Roosevelt becomes president; New Deal begins
Report
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1936 United Kingdom |
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Keynes publishes "General Theory," founds
macroeconomics and new approach to managing capitalist economies
Profile
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1939 Europe |
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WWII begins; state-dominated war economies prevail
around Europe and U.S. after 1941
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1944 United Kingdom |
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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 |
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Bretton Woods Conference establishes World Bank,
International Monetary Fund, pegs all currencies to gold
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1945 Germany |
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Potsdam Conference divides Europe; Soviet-occupied
countries will adopt command economies
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1945 United Kingdom |
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Attlee/Labor Party victory starts nationalization of
major industries, establishes welfare state
Report
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1946 France |
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Planning pioneered in non-command context, spurs mixed
economy, "Thirty Glorious Years"
Report
Profile |
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1947 Germany |
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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 |
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First major decolonization: India seeks to meld
Western democracy and socialist planning
Report
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1947 Switzerland |
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Friedrich von Hayek creates Mt. Pelerin conference to
combat economics of central planning Glossary:
EU
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1948 Germany |
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Erhard defies Allies, abolishes price controls,
succeeds in reviving market economy
Report
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1949 China |
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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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1957 Italy |
|
Treaty of Rome establishes European Economic
Community
Report |
|
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1958 China |
|
Great Leap Forward attempts forced industrialization;
will fail in two years, bringing misery
Report |
|
|
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1961 South Korea |
|
General Park coup launches state-driven fast
industrialization
Report |
|
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1964 United States |
|
Johnson administration launches War on Poverty,
expands social programs even as Vietnam War escalates
Report |
|
|
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1966 China |
|
Mao launches Cultural Revolution to radicalize
People's Republic and purge intellectual resistance
Report |
|
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1968 Czechoslovakia |
|
Soviet tanks destroy Prague uprising, crushing
"socialism with a human face"
Report |
|
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1971 Tanzania |
|
"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 |
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Nixon abandons gold standard, ends Bretton Woods
system, sparks modern currency markets
Essay |
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1973 Chile |
|
Pinochet topples Allende; military regime makes things
worse before turning to Chicago-style free-market reform
Report
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1973 Middle East |
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OPEC instigates oil crisis, triggering global
inflation and vast wealth transfer to oil-producing nations
Report |
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1974 United Kingdom |
|
Coal miners' strike brings blackouts, forces election,
Labor Party victory
Report
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1974 Sweden |
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Friedrich von Hayek awarded the Nobel Prize in
Economics; Milton Friedman will follow in 1976
Profile
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1975 United Kingdom |
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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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1978 United Kingdom |
|
"Winter of Discontent" marks nadir of Keynesian
economic policies in Britain
Report
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1978 China |
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Deng becomes principal leader, launches
decollectivization in agriculture
Report
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1979 United Kingdom |
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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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1980 Poland |
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Solidarity movement begins in shipyards, will become
main labor force in toppling communism
Report
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1981 France |
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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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1982 Mexico |
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Default on international loans sparks global debt
crisis and "lost decade" for developing nations
Report |
|
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1983 France |
|
"Relinking" and nationalization rollback ends
experiment, sets tone for new European social democracy
Report |
|
|
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1984 United Kingdom |
|
First major privatization of a state-owned industry:
British Telecom
Report
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1984 United Kingdom |
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Thatcher breaks the miners' union, closes money-losing
mines, putting thousands out of work
Report
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1985 Bolivia |
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Rampant hyperinflation cured with radical market
liberalization and reform, pioneering "shock therapy" method
Report
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1986 Russia |
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After becoming the USSR leader in 1985, Gorbachev
begins glasnost and perestroika
Report
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1987 Europe |
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Single Market Act approved; next step forward to
European Economic Union Glossary:
EU |
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1988 Japan |
|
Japan "miracle" peaks as Tokyo Stock Exchange
capitalization matches NYSE
Report |
|
|
|
1989 Germany |
|
Berlin Wall comes down; "Iron Curtain" falls; Cold War
ends
Report |
|
|
|
1990 Chile |
|
Elected government replaces dictatorship, retains
reforms despite misgivings about their origins
Report |
|
|
|
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 |
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Japanese market bubble deflates; inertia blocks reform
of banking system and subsidized domestic sector
Report
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1991 India |
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Prime Minister Narasimha Rao confronts payments
crisis, begins major reform of "Permit Raj"
Report
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1991 Russia |
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USSR disintegrates: Russia is main successor state
Report
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1992 Russia |
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Price controls end; privatization of Russia's state
industries begins
Report
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1992 China |
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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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1994 South Africa |
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Apartheid falls, ending closed economy; Mandela's
socialist ANC launches market reforms
Report |
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|
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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 |
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U.S. Treasury intervention staves off Mexican economic
crisis, prevents default on international debt
Report
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1995 United States |
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Republican House "Contract with America" to reduce
government brings budget impasse and backlash
Report |
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|
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1996 United States |
|
Clinton balances budget, proclaims "Big government is
over"
Report |
|
|
|
1997 United Kingdom |
|
Tony Blair completes centrist remake of Labor Party
with resounding election victory, reelected 2001
Report |
|
|
|
1997 China |
|
Party congress endorses "Deng Xiaoping Theory,"
dismantling state-owned industrial sector
Report |
|
|
|
1997 Thailand |
|
Speculative boom triggers run on Thai currency;
ensuing collapse signals end of "Asian miracle"
Report
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1997 Indonesia |
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Spreading Asian crisis takes social, political toll in
region's largest, poorest country; Suharto deposed
Report
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1997 South Korea |
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IMF and U.S. forced to organize bailout of South
Korean banks to prevent further spread of Asian "contagion"
Report
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1998 Russia |
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International financial instability spreads to Russia,
which defaults on international loans; ruble is devalued
Report
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1999 United States |
|
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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2001 United States |
|
Terrorist airliner attack destroys World Trade Center
in New York City, rocks global financial markets
Report |
|
|
|
2001 Qatar |
|
WTO meets in remote Qatar to initiate new round of
global trade talks
Essay |
|
|
|
2002 Europe |
|
Euro replaces national currencies of Germany, France,
and 10 other European nations Glossary:
EU |
|
|
|
2002 Japan |
|
Deep interest-rate cuts fail to revive economy; value
of yen sinks to new low against other key currencies
Report |
|
|
|
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 |
|
|
|
2002 South Africa |
|
AIDS pandemic threatens economic future of most
nations in sub-Saharan Africa
Report |
|
|
|
2003 Iraq |
|
Iraq invaded by U.S. and British forces to depose
Saddam Hussein's regime
Report |
