economics

The Burst of the Tulip Bubble

The Burst of the Tulip Bubble

Tulip “The Viceroy”, in 1636 worth about10 times the annual salary of a skilled craftsman. On February 3, 1637, in Haarlem, Netherlands, the tulip bulb contract prices collapsed abruptly and the trade of tulips ground to a halt. This should put an end to the ‘Tulip Mania‘, one of the first economic bubbles to burst. You see, financial crisis is not an invention of modern times. Already in the 17th…
Thomas Gresham and the London Royal Exchange

Thomas Gresham and the London Royal Exchange

Royal Exchange, London On January 23, 1571, the Royal Exchange in London was founded by the merchant Thomas Gresham to act as a centre of commerce for the City of London. On the afternoon of January 23rd, 1571, Queen Elizabeth went from her Palace of Somerset House to dine with Sir Thomas Gresham at his fine mansion in Austin Friars. She went in state with her Trumpeters and Halberdiers, with…
The British East India Company

The British East India Company

Boston Tea Party On December 31, 1600, the British East India Company (EIC) received a Royal Charter from Queen Elizabeth making it the oldest among several similarly formed European East India Companies pursuing trade with the East Indies. Already 12 years before, the Spanish Armada was defeated and merchants turned to the Queen, asking for permission to sail to the Indian Ocean, which was granted. Some smaller companies formed, but…
Andrew Carnegie – Steel Tycoon and Philanthropist

Andrew Carnegie – Steel Tycoon and Philanthropist

Andrew Carnegie(1835 – 1919) On November 25, 1835, Scottish-American industrialist and philanthropist Andrew Carnegie was born. He led the enormous expansion of the American steel industry in the late 19th century and was also one of the highest profile philanthropists of his era. Expecting a better life, Andrew Carnegie’s family decided to leave Scotland and move to the United States in 1848. Carnegie started working at the age of 13…
When Money Buys Little – the Hyperinflation of the Weimar Republic

When Money Buys Little – the Hyperinflation of the Weimar Republic

Money distribution area in Berlin, 1923Image by The German Federal Archive Mid November 1923, the Hyperinflation of the Weimar Republic reached its peak. Due to Germany’s obligation to pay large reparations after World War I, a hyperinflation was induced reaching its peak in November 1923, when the American dollar was worth 4,210,500,000,000 German marks. As Germany got ready for the war in 1914, money was printed and was supposed to…
Alexis de Tocqueville and the Democracy in America

Alexis de Tocqueville and the Democracy in America

Alexis de Tocqueville(1805 – 1859) On July 29, 1805, French political thinker and historian Alexis de Tocqueville was born. He is best known for his Democracy in America, where he analyzed the rising living standards and social conditions of individuals and their relationship to the market and state in Western societies. Today, it is considered an early work of sociology and political science. Tocqueville started his political career around 1830.…
Vilfredo Pareto and the Law of the Vital Few

Vilfredo Pareto and the Law of the Vital Few

On July 15, 1848, Italian engineer, sociologist, economist, political scientist and philosopher Vilfredo Federico Damaso Pareto was born. He made several important contributions to economics, particularly in the study of income distribution and in the analysis of individuals’ choices. The Pareto principle was named after him and built on observations of his such as that 80% of the land in Italy was owned by 20% of the population. Vilfredo Pareto…
Nicole Oresme – Polymath of the Late Middle Ages

Nicole Oresme – Polymath of the Late Middle Ages

Portrait of Nicole Oresme: Miniature from Oresme’s Traité de l’espere, Bibliothèque Nationale, Paris, France, fonds français 565, fol. 1r. On July 11, 1382, significant philosopher of the later Middle Ages Nicole Oresme passed away. As for many historic people of the middle ages, his actual birthdate is unknown and can only be fixed to a period between 1325 and 1330. Nicole Oresme besides William of Ockham or Jean Buridan —…
Adam Smith and the Wealth of Nations

Adam Smith and the Wealth of Nations

Adam Smith(1723 – 1790) On June 16, 1723 (June 5 according to the old Julian calendar), Scottish moral philosopher and a pioneer of political economy Adam Smith was born. He is one of the key figures of the Scottish Enlightenment and is best known for two classic works: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776) Adam Smith…
John Maynard Keynes and his General Theory of Employment

John Maynard Keynes and his General Theory of Employment

John Maynard Keynes(1883 – 1946) On June 5, 1883, British economist John Maynard Keynes, 1st Baron of Keynes, was born. His work and his ideas have fundamentally affected the theory and practice of modern macroeconomics, and informed the economic policies of governments. He is one of the founders of modern macroeconomics and is widely considered the most influential economist of the 20th century. John Maynard Keynes, born in England, was…
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