economics

Black Thursday – The Wall Street Crash of 1929

Black Thursday – The Wall Street Crash of 1929

The Wall Street Crash of 1929, also known as the Great Crash and the Stock Market Crash of 1929, began in late October 1929 and was the most devastating stock market crash in the history of the United States. The crash signaled the beginning of the 10-year Great Depression that affected all Western industrialized countries, in Germany also referred to as the “Weltwirtschaftskrise“. The optimism and financial gains of the Wall Street…
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The Invention of Financial Politics by Jean-Baptiste Colbert

The Invention of Financial Politics by Jean-Baptiste Colbert

On August 29, 1619, Jean-Baptiste Colbert, who served as Minister of Finances under the rule of Louis XIV., was born. Colbert‘s innovative financial politics was one of the basic pillars of French absolutism and was about to change the world into a modern economy. “The art of taxation consists of plucking the goose so as to obtain the most feathers with the least hissing” – Colbert Jean-Baptiste Colbert basically did not have…
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Eureka! – California and the 1848 Gold Rush

Eureka! – California and the 1848 Gold Rush

On August 19, 1848, the the New York Herald, a major newspaper of the American East Coast printed the exciting news that gold has been found on the West Coast, which caused thousands of immigrants from all over the world to travel to California hoping to to find wealth and glory. The story began some months earlier, in January 1848. James Marshall constructed a saw mill for the pioneer John Sutter at…
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Charles Dow and his Famous Stock Index

Charles Dow and his Famous Stock Index

On July 3 1884 Charles Henry Dow together with his colleague Edward Jones composed and published an stock average – called the Dow Jones Railroad Average -, which contained nine railroads and two industrial companies. He developed the stock index as part of his market research and it was meant to serve as a reference value to determine fluctuations of the stock market. It first appeared in the Customer’s Afternoon Letter, a daily…
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Economist Henry James Carey

Economist Henry James Carey

On December 15, 1793, 19th-century economist of the American School of capitalism Henry Charles Carey was born. Carey was chief economic adviser to U.S. President Abraham Lincoln. Henry James Carey succeeded his father Mathew Carey, who was an influential economist, political reformer, editor, and publisher, in his publishing company. In 1835 he co-founded the Franklin Fire Insurance Company of Philadelphia. While publishing his 4-volume treatise Principles of Political Economy, Carey retired from…
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Reinhard Selten – Game Theory and Experimental Economics

Reinhard Selten – Game Theory and Experimental Economics

On October 5, 1930, German economist and Nobel Laureate Reinhard Selten was born. Selten is well known for his work in bounded rationality and can be considered as one of the founding fathers of experimental economics. For his work in game theory, Selten won the 1994 Nobel Memorial Prize in Economic Sciences (shared with John Harsanyi and John Nash). “I was always skeptical about authority, about things which were told by authorities, because I…
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Jacques Necker and the Finances of France

Jacques Necker and the Finances of France

On September 30, 1732, Swiss banker, French statesman and finance minister for Louis XVI Jacques Necker was born. Necker helped make decisions that were critical in creating political and social conditions that contributed to the outbreak of the French Revolution in 1789. In 1780, Necker published the Compte rendu au roi, in which he summarized governmental income and expenditures to provide the first record of royal finances ever made public. Necker’s father Karl…
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Land Rover and the Series to remember

Land Rover and the Series to remember

On April 30, 1948, the Land Rover Series I was officially launched at the Amsterdam Motor Show. What started out solely as a farming vehicle became an icon of the automobile industry and stayed in production for 68 years. In 1992, Land Rover claimed that 70% of all the vehicles they had built were still in use. The Land Rover was conceived by the Rover Company in 1947 since Rover produced luxury…
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From Agriculture to Sport Cars – Ferruccio Lamborghini

From Agriculture to Sport Cars – Ferruccio Lamborghini

On April 28, 1916, Italian industrialist Ferruccio Lamborghini was born. Lamborghini entered the business of tractor manufacturing in 1948 and quickly became an important manufacturer of agricultural equipment. In 1963, he most famously created Automobili Lamborghini, a maker of high-end sports cars in Sant’Agata Bolognese. Ferruccio Lamborghini was born in Renazzo di Cento, in the Province of Ferrara, in the Emilia-Romagna region of Northern Italy, to viticulturists Antonio and Evelina Lamborghini. As…
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Clarence Mackay connected the World

Clarence Mackay connected the World

On April 17, 1874, American financier Clarence Hungerford Mackay was born. Mackay was chairman of the board of the Postal Telegraph and Cable Corporation and president of the Mackay Radio and Telegraph Company. He supervised the completion of the first transpacific cable between the United States and the Far East in 1904. He laid a cable between New York and Cuba in 1907 and later established cable communication with southern Europe via the…
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