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1911 China

 

Chinese Revolution topples Manchu dynasty, throwing China into economic chaos   Report

1914 Europe

 

Terrorist assassination in Sarajevo triggers World War I; first era of economic globalization ends

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1917 Russia

 

Russian Revolution leads to USSR, world's first socialist state   Report  

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1919 France

 

Treaty of Versailles: Terms will lead to German economic collapse and rise of fascism

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1922 Russia

 

Faced with economic disintegration, Lenin propounds "commanding heights" doctrine   Report  

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1923 Germany

 

Hyperinflation destroys the German and Austrian middle class   Report

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1929 Russia

 

Stalin launches first Five-Year Plan to industrialize the Soviet Union   Report

1929 United States

 

Stock market collapse sparks Great Depression and critique of unfettered markets   Report  

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1933 Germany

 

Hitler becomes chancellor, later "Fuhrer"; Nazi economics favors command and control   Report

1933 Italy

 

Mussolini's fascist government entrenches state ownership with IRI holding company   Report

1933 United States

 

Bank failures result in 25 percent unemployment; Roosevelt becomes president; New Deal begins   Report  

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1936 United Kingdom

 

Keynes publishes "General Theory," founds macroeconomics and new approach to managing capitalist economies   Profile  

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1939 Europe

 

WWII begins; state-dominated war economies prevail around Europe and U.S. after 1941  

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1944 United Kingdom

 

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

 

Bretton Woods Conference establishes World Bank, International Monetary Fund, pegs all currencies to gold  

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1945 Germany

 

Potsdam Conference divides Europe; Soviet-occupied countries will adopt command economies  

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1945 United Kingdom

 

Attlee/Labor Party victory starts nationalization of major industries, establishes welfare state   Report  

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1946 France

 

Planning pioneered in non-command context, spurs mixed economy, "Thirty Glorious Years"   Report   Profile

1947 Germany

 

U.S. implements Marshall Plan to avoid repeating WWI treaty mistake, sparks German economic "miracle"   Report

1947 India

 

First major decolonization: India seeks to meld Western democracy and socialist planning   Report  

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1947 Switzerland

 

Friedrich von Hayek creates Mt. Pelerin conference to combat economics of central planning   Glossary: EU  

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1948 Germany

 

Erhard defies Allies, abolishes price controls, succeeds in reviving market economy    Report  

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1949 China

 

Communist revolution founds People's Republic of China; collectivization begins   Report

1949 Europe

 

Coal and Steel Community unites six countries in free trade of key goods; first step toward European Union   Glossary: EU   Profile

1957 Italy

 

Treaty of Rome establishes European Economic Community   Report

1958 China

 

Great Leap Forward attempts forced industrialization; will fail in two years, bringing misery   Report

1961 South Korea

 

General Park coup launches state-driven fast industrialization   Report

1964 United States

 

Johnson administration launches War on Poverty, expands social programs even as Vietnam War escalates   Report

1966 China

 

Mao launches Cultural Revolution to radicalize People's Republic and purge intellectual resistance   Report

1968 Czechoslovakia

 

Soviet tanks destroy Prague uprising, crushing "socialism with a human face"   Report

1971 Tanzania

 

"Ujamaa" collectivist strategy for "African Socialism" is enforced; will fail, bringing deprivation   Report

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

 

Nixon abandons gold standard, ends Bretton Woods system, sparks modern currency markets   Essay

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

 

OPEC instigates oil crisis, triggering global inflation and vast wealth transfer to oil-producing nations   Report

1974 United Kingdom

 

Coal miners' strike brings blackouts, forces election, Labor Party victory   Report  

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1974 Sweden

 

Friedrich von Hayek awarded the Nobel Prize in Economics; Milton Friedman will follow in 1976   Profile  

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1975 United Kingdom

 

Thatcher becomes leader of Conservative Party, with Keith Joseph seeks new economic vision   Profiles: Margaret Thatcher, Keith Joseph

1978 United Kingdom

 

"Winter of Discontent" marks nadir of Keynesian economic policies in Britain   Report  

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1978 China

 

Deng becomes principal leader, launches decollectivization in agriculture   Report

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1979 United Kingdom

 

Election of Margaret Thatcher starts "Thatcher revolution"   Report

1979 Iran

 

Revolution turns against Westernization, offers Islamic alternative, sparks second oil shock

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

 

Solidarity movement begins in shipyards, will become main labor force in toppling communism   Report  

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1981 France

 

Mitterrand election brings experiment with nationalization and "delinking"   Report

1981 United States

 

President Reagan introduces supply-side economics, breaks air controllers' strike, deregulates markets   Report  

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1982 Mexico

 

Default on international loans sparks global debt crisis and "lost decade" for developing nations   Report

1983 France

 

"Relinking" and nationalization rollback ends experiment, sets tone for new European social democracy   Report

1984 United Kingdom

 

First major privatization of a state-owned industry: British Telecom   Report  

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1984 United Kingdom

 

Thatcher breaks the miners' union, closes money-losing mines, putting thousands out of work   Report  

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1985 Bolivia

 

Rampant hyperinflation cured with radical market liberalization and reform, pioneering "shock therapy" method   Report  

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1986 Russia

 

After becoming the USSR leader in 1985, Gorbachev begins glasnost and perestroika   Report  

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1987 Europe

 

Single Market Act approved; next step forward to European Economic Union   Glossary: EU

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

1990 Poland

 

"Shock therapy" used in Bolivia is repeated successfully in Poland; Walesa becomes president   Report  

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1990 Japan

 

Japanese market bubble deflates; inertia blocks reform of banking system and subsidized domestic sector   Report  

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1991 India

 

Prime Minister Narasimha Rao confronts payments crisis, begins major reform of "Permit Raj"   Report  

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1991 Russia

 

USSR disintegrates: Russia is main successor state   Report  

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1992 Russia

 

Price controls end; privatization of Russia's state industries begins   Report  

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1992 China

 

Deng protects reforms from challenge with publicized "Southern journey" (Nanxun)   Report

1992 United States

 

NAFTA treaty passed over labor, environmental objections, launches decade of free-trade activism  

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1994 South Africa

 

Apartheid falls, ending closed economy; Mandela's socialist ANC launches market reforms   Report

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

 

U.S. Treasury intervention staves off Mexican economic crisis, prevents default on international debt   Report  

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1995 United States

 

Republican House "Contract with America" to reduce government brings budget impasse and backlash   Report

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

 

Spreading Asian crisis takes social, political toll in region's largest, poorest country; Suharto deposed   Report

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1997 South Korea

 

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

 

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

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



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