In the early 20th century, Marxism inspired revolutions, most notably the Russian Revolution of 1917, which established the world’s first communist state under Vladimir Lenin. This article details the history, main principles and significance of Marxism.
The welfare state includes principles from both sides of the economic spectrum, and is based on both capitalism and socialism. This article details the history, principles, positives and negatives of the welfare state.
Adam Smith, an important figure in economics, is best known for his influential work ‘Wealth of Nations’, that shaped the field of modern economics. Smith’s ideas on free markets, the division of labor, and the ‘invisible hand’ have become fundamental economic principles.
The Silk Road was an ancient trade route that spread across Asia and Europe from approximately 120 BCE to 1450 CE. This article details the history, and significance of the Silk Road, especially in relation to the Middle Ages, the Renaissance and the Black Death.
The Trade Triangle was a system of transatlantic trade in the 16th to 19th centuries where goods, enslaved Africans, and raw materials were exchanged between Europe, Africa, and the Americas. This article details the history and significance of the Trade Triangle.
Protectionism is an economic policy aimed at protecting a country’s domestic industries from foreign competition.
The stock market crash of 1929 was a pivotal event that triggered the Great Depression, leading to widespread economic hardship and significant changes in society. The impacts of the stock market crash of 1929 are still felt today with modern economic theory.