1. Economic Timeline & Philosophers
Illustrations by Tony Biddle

2. Please Note
This curriculum material has been developed by the Canadian Centre for Policy Alternatives and is provided to support union, community, and non-profit organizations to undertake popular economics training.
Non-commercial use and reproduction, with appropriate citation, is authorized.
Commercial or professional use is prohibited without approval from the Canadian Centre for Policy Alternatives, Ottawa, Canada.
This material has been edited by the NYC Virtual Enterprises Office for educational purposes. Some of the original slides may have been removed and replaced with other slides.
© Canadian Centre for Policy Alternatives, 2009

3. Key Topics Covered Economic timeline of capitalism in the US
Critical events in history
Economic philosophers and thinkers
Adam Smith: Classical economics
Karl Marx: critique of capitalism
Leon Walras: Neoclassical economics
John Maynard Keynes: Keynesian economics
Milton Friedman: Neoliberal economics

4. US Economic Timeline Early beginnings
1607: Jamestown, Virginia established as first English colony
1636: Beginning of the Atlantic Slave Trade, creating the dominant economic structure of the south
Image Source: Karm, Bob. Jamestown Colony. Digital Image. PDX Retro. PDX Retro. Web. 17 October 2016.

5. US Economic Timeline Adam Smith – Classical Economics
1776: Adam Smith Wealth of Nations published, introducing classical economic thought
Identified division of labor as source of productivity in new industry
Argued that markets and competition will lead to an efficient allocation of resources and regulates economic activity
Concept of the “invisible hand” of the market was established; the market will automatically reach equilibrium through self-operated individual forces

6. US Economic Timeline 1787: Constitution of US signed
1819: US declares slave trade as a capital offense
1823: Monroe Doctrine issued, ending European involvement in the western hemisphere
Image Source: Monroe Doctrine Political Cartoon. Digital Image. United States History LSA. Tangient LLC. Web. 17 October 2016.

7. US Economic Timeline Karl Marx – Critique of Capitalist Society
1844: Marxist critique of capitalist society
Critiqued the structure of capitalism and how it can exploit workers
Argued that the capitalist structure of private property oppresses the poor and working class
Takes a class-based approach to understand economic and social relations
Argued that profit reflects social relations, not the productivity of capital
Image Source

8. US Economic Timeline
: Civil War between the Union and the Confederacy
: The 13th, 14th, and 15th Amendments were ratified to abolish slavery
1870~1900: Height of the Industrial Revolution

9. US Economic Timeline Leon Walras: Neoclassical Economics
1870s~Present: Neoclassical thought
Emphasis on mathematical techniques and data to support classical economics
Attempt to classify economics as a scientific field
Justified capitalism and the payment of profit
Faith in self-adjusting, welfare-maximizing power of markets
Came to dominate economics teaching

10. US Economic Timeline John Maynard Keynes: Keynesian Economics
1929: Stock Market Crash and beginning of the Great Depression
1930s~Present: Keynesian economics
Wrote in context of 1930s: prolonged depression which disproved neoclassical model
Advocated government intervention (spending, tax changes) to offset recessions
Intellectual underpinning for New Deal policies
: Passing of New Deal policies that aimed to improve the conditions for those suffering during the Great Depression

11. US Economic Timeline 1939-1945: Beginning and end of WWII
s: Post WWII economic boom (Golden Age of Capitalism)
1965: Social Security Amendment resulted in the creation of Medicare and Medicaid

12. US Economic Timeline Milton Friedman – Neoliberal Economics
1970~Present: Neoliberal economics (Milton Friedman)
Belief that government intervention in the economy only causes inflation and unemployment
Argued that primary factors of the economy should rest in the private sector
Aims for a laissez-faire approach to economic development
Advocates for the use of monetary policy to manage economic outcomes

13. US Economic Timeline
1980: Beginning of Reaganomics, establishment of neoliberal (trickle-down) economic tradition that advocated for lower deficit and smaller role of government
1994: North American Free Trade Agreement ratified
1996: Welfare reform passed under Bill Clinton
2008: Housing market crash begins the Great Recession
2010: Affordable Care Act passed under Barack Obama

14. Homework Assignment
Select a significant historical event at any point on the US economic timeline and write a detailed paragraph that explains how the event may have shaped economic policy or how economic policy may have influenced the event.
Example - WWII ( ) resulted in:
Increase in industrial productivity
Tremendous demand for labor
Created entire new technologies, industries, and associated human skills
Higher wages and fringe benefits to lure potential employees