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HISTORY OF MONEY

The History of Money Explained in One Infographic
Published  3 years ago  on  January 30, 2017
By  Jeff Desjardins

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​The History of Money Explained in One Infographic
Today’s infographic from Mint.com highlights the history of money, including the many monetary experiments that have taken place since ancient times.
Some innovations have stood the test of time – precious metals, for example, have been used for thousands of years. Paper money and banknotes are also widespread in use, after first being turned to in China in 806 after a copper shortage prevented the minting of new coins.
Other experiments didn’t have much staying power. The adoption of strange currencies such as squirrel pelts...
https://www.visualcapitalist.com/the-history-of-money-explained-infographic/

Online Resources:

History of money - Wikipedia
​
en.wikipedia.org › wiki › History_of_money​
The history of money concerns the development of social systems that provide at least one of the functions of money. Such systems can be understood as means ...‎Category:History of money · ‎Barter · ‎Shekel
​The History of Money | NOVA | PBS
www.pbs.org › wgbh › nova › article › history-money​
Oct 25, 1996 - 1000 B.C.: First Metal Money and Coins. Bronze and Copper cowrie imitations were manufactured by China at the end of the Stone Age and ...
​The History of Money: From Barter to Banknotes - Investopedia
www.investopedia.com › Economy › Economics
The Chinese were the first to devise a system of paper money, in approximately 770 B.C.. Money is valuable ...

YouTube Resources:

Econ Vids for Kids: What is Money?

​What is money? We explore how money originates out of a barter system and the five characteristics of money: divisibility, portability, durability, recognizability, and scarcity. http://inkwellscholars.org

TED-Ed: What gives a dollar bill its value? - Doug Levinson

​View full lesson: http://ed.ted.com/lessons/what-gives-...
​The value of money is determined by how much (or how little) of it is in circulation. But who makes that decision, and how does their choice affect the economy at large? Doug Levinson takes a trip into the United States Federal Reserve, examining how the people who work there aim to balance the value of the dollar to prevent inflation or deflation. Lesson by Doug Levinson, animation by Qa'ed Mai.

​The History of Money: An Overview

Kenneth R. Calvert, Headmaster of Hillsdale Academy and Associate Professor of History at Hillsdale College ​​

History of U.S. Currency | History is Our Story | J.P. Morgan

jpmorgan
American money has changed drastically since the birth of the nation. In Part 1 of this two-part series, discover the origins of bank notes and how institutions, including one of our predecessors, played a role in creating modern money.

The History of U.S. Money

​SF Fed EconEd
Money hasn't always looked like it does today, but evolved over the last few centuries to become the size and shape that we now carry in our wallets. Learn how our country's vibrant history -- from times of financial crisis and war, to the demand for a stable monetary system -- transformed the appearance of American currency as we know it. Discover the role the Federal Reserve played, and continues to play, in this rich history. After watching the video, explore the SF Fed's American Currency Exhibit online, a truly priceless collection that brings history alive and shows you how currency actually shaped our country's history: http://www.frbsf.org/currency/index.html

​History of the US Dollar

​IG Bank
Discover the history of the US dollar – including its origins, and the events that led to it becoming the most traded currency on the planet.

Book Resources:

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​The History of Money 
by Jack Weatherford 

In his most widely appealing book yet, one of today's leading authors of popular anthropology looks at the intriguing history and peculiar nature of money, tracing our relationship with it from the time when primitive men exchanged cowrie shells to the imminent arrival of the all-purpose electronic cash card.
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Money: The Unauthorized Biography--From Coinage to Cryptocurrencies 
by Felix Martin 

​What is money, and how does it work? In this tour de force of political, cultural, and economic history, Felix Martin challenges nothing less than our conventional understanding of one of humankind’s greatest inventions. Martin describes how the Western idea of money emerged in the ancient world, and was shaped over the centuries by tensions between sovereigns and the emerging middle classes. Money, he argues, has always been an intensely political instrument, and that it is our failure to remember this that led to the crisis in our financial system and the Great Recession. He concludes with practical solutions for making money serve us—and, in an introduction and epilogue new to this edition, a discussion of what Bitcoin and other cryptocurrencies mean for money's future. From John Locke to Montesquieu, from Sparta to the Soviet Union, Money is a far-ranging and magisterial work of history and economics, with profound implications for the world today.
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The Ascent of Money: A Financial History of the World: 10th Anniversary Edition
by Niall Ferguson

ASCENT OF MONEY is based on Ferguson’s best-selling book The Ascent of Money: A Financial History of the World, which predicted the current economic crisis and was released within weeks of the meltdown of sub-prime loans.
Said Ferguson, “In the midst of a major economic depression, it is often hard to appreciate the historical precedents and truly understand that while a situation may look dire, our system of finance, banking and trade has allowed for unprecedented progress. I’m hopeful the film will allow viewers to better understand the on-going evolution of our financial system and how our economy remains extraordinarily viable even as we are grappling with a crisis of historic proportions.”
For millions of people, the recession has generated a thirst for knowledge about how our global economic system really works, especially when so many financial experts seem to be equally baffled. In ASCENT OF MONEY, economist, author and historian Ferguson offers 
https://www.pbs.org/wnet/ascentofmoney/

The Ascent of Money: ​

FEATURED

  • Live Q&A with Niall Ferguson, host of THE ASCENT OF MONEY
  • The Ascent of Money Episode 4: Planet Finance
  • The Ascent of Money Episode 3: Risky Business
  • The Ascent of Money Episode 2: Bonds of War
  • The Ascent of Money Episode 1: From Bullion to Bubbles

The Ascent of Money: ​Episodes/Videos

The Ascent of Money Episode 4: Planet Finance
In the final episode of four-part THE ASCENT OF MONEY series, Niall Ferguson chronicles the spread of good -- and bad -- financial practices across the globe, the meteoric rise of the American real estate market, and the consequences of the subprime mortgage fiasco.

July 17th, 2009

The Ascent of Money Episode 3: Risky Business
In "Risky Business," part three of the four-part THE ASCENT OF MONEY, economist and historian Niall Ferguson examines the roots of the insurance industry, natural disasters and risk management, and the history of hedge funds.

July 8th, 2009
 
The Ascent of Money Episode 2: Bonds of War
In the second episode of the four-hour series THE ASCENT OF MONEY, economist and historian Niall Ferguson explores John Law and his Louisiana territory Ponzi scheme; bond markets that supported warfare in Europe.

July 8th, 2009

The Ascent of Money Episode 1: From Bullion to Bubbles
In the first episode of the four-hour series THE ASCENT OF MONEY, economist and historian Niall Ferguson documents the roots of money in the conquest of the Americas, from the Incan empire to the Louisiana territory.

July 8th, 2009

Watch the two-hour THE ASCENT OF MONEY
Watch the two-hour program THE ASCENT OF MONEY online now.

February 19th, 2009

Watch a preview of the four-hour documentary THE ASCENT OF MONEY
In the four-hour version of THE ASCENT OF MONEY, historian and author Niall Ferguson seeks to explain the financial history of the world, exploring how our complex system of global finance evolved over the centuries, how money has shaped the course of human affairs and how the mechanics of this economic system work to create seemingly unlimited wealth—or catastrophic loss.

​Lessons:

You Can Take That to the Bank!: Lesson Overview
This lesson teaches high school students about the role of banks both in history and the present day. Students will learn about key financial concepts that contributed to the evolution of banks.

How Insurance Has Shaped Our World: Lesson Overview
In this media-enhanced lesson utilizing clips from THE ASCENT OF MONEY, students will be introduced to the concept of insurance and the role it has played in determining the world’s political and economic landscape since its inception in the 18th century.

Taking Stock: Lesson Overview 
In this media-enhanced lesson utilizing clips from THE ASCENT OF MONEY, students will be introduced to the concepts of companies, the ownership shares offered by some companies to increase capital and distribute profits and risks, and the stock markets in which such shares are publicly traded as investments.

Microfinance and Entrepreneurship: Lesson Overview
In this lesson, students will be introduced to the practice and industry of microfinance, learning how the provision of unsecured loans to low-income, small-scale entrepreneurs in the developing world has improved the business prospects and quality of life for many desperately poor people around the

​INTERVIEWS, SPEECHES AND ARTICLES OF NIALL FERGUSON

  • Niall Ferguson: America Needs to Cancel Its Debt (Vanity Fair, January 20, 2009)
  • Niall Ferguson, Mort Zuckerman and Danny Meyer interviewed by Andrew Ross Sorkin of the New York Times (January 15, 2009)
  • Watch Niall Ferguson on Comedy Central’s “The Colbert Report” (January 13, 2009)
  • Interview on CNBC’s “Street Signs” with Erin Burnett (January 13, 2009)
  • Interview on WNYC (November 20 2008)
  • Interview about his book The Ascent of Money (from the Carnegie Council, November 20 2008)
  • Interview about his book The Ascent of Money (from “Night Talk” on Bloomberg, November 19 2008)
  • Interview about his book The Ascent of Money (from “Conversations with History” at the University of California at Berkeley, October 22 2008)
  • “Wall Street Lays Another Egg” by Niall Ferguson (Vanity Fair, December 2008)

The Ascent of Money Episode 1: Dreams of Avarice

​Niall Ferguson
From Shylock's pound of flesh to the loan sharks of Glasgow, from the "promises to pay" on Babylonian clay tablets to the Medici banking system. Niall Ferguson explains the origins of credit and debt and why credit networks are indispensable to any civilization.
  • NOW PLAYING: The Ascent of Money Episode 1: Dreams of Avarice
  • NOW PLAYING: The Ascent of Money Episode 2: Human Bondage
  • NOW PLAYING: The Ascent of Money Episode 3: Blowing Bubbles
  • NOW PLAYING: The Ascent of Money Episode 4: Risky Business
  • NOW PLAYING: The Ascent of Money Episode 5: Safe as houses
  • NOW PLAYING: The Ascent of Money Episode 6: Chimerica

Resources:

About the Film
In THE ASCENT OF MONEY, author, economist and historian Niall Ferguson traces the evolution of money and demonstrates that financial history is the essential back-story behind all history.
Jul 8th, 2009 | 0 Comments
About Niall Ferguson
Niall Ferguson, MA, D.Phil., is Laurence A. Tisch Professor of History at Harvard University and William Ziegler Professor of Business Administration at Harvard Business School.
Jan 7th, 2009 ​
Live Q&A with Niall Ferguson, host of THE ASCENT OF MONEY
If you missed the live Q&A with Niall Ferguson, the host of the Emmy® Award-winning series "The Ascent of Money", watch it now.
Nov 16th, 2009 
​THE ASCENT OF MONEY wins International Emmy®
British broadcaster Channel 4 picked up an International Emmy® Award for best documentary for historian Niall Ferguson's series THE ASCENT OF MONEY. The series charts the financial history of the world, demonstrating the effect that finance had on some of the most momentous historic events.
Nov 25th, 2009
​THE ASCENT OF MONEY Production Credits
Production credits for THE ASCENT OF MONEY.
Resources
Additional web and print resources about the past, present and future of money.
Jan 6th, 2009 ​

Lesson Plan Resources:

  • ​History of Money, Lessons, American, US, World
​www.moneyinstructor.com › history​
HISTORY LESSONS AND LESSON PLANS. The Great Depression. Students will understand the events preceding the Great Depression, and learn about "Black ...
  • ​A World of Money | Lesson Plan - US Mint
www.usmint.gov › learn › educators › a-world-of-money
Learn · For Kids · For Educators · Coin & Medal Programs · Collecting Basics · History · Artists · U.S. Mint/; Lesson Plans/; A World of Money ...
  • ​The History of Money - TD Bank
www.tdbank.com › wowzone › lessons › Gr2-3Lesson1
P
DF
INTRODUCTION TO MONEY: ORIGIN, HISTORY AND FUNCTIONS ... This lesson introduces students to types of money (cash, coin) and the ... Connections – (Students will) Recognize and use connections among mathematical ideas.

ECONOMICS

CrashCourse: Economics

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​In 35 episodes, Adriene Hill and Jacob Clifford teach you economics! This course is based on introductory college level curriculum and the 2015 AP Economics guidelines. By the end of this course, you will be able to: *Identify fundamental economic concepts, principles, or models and describe their similarities, differences, and limitations *Apply economic analyses to everyday life and see economics in real world situations *Discuss economic differences and similarities internationally and the roles played by various governments *Determine the outcome of an economic situation using economic concepts, principles, or models and possible effects changes have on other economic markets
Crash Course: Economics
  • Fundamentals of Economics
  1. Intro to Economics: Crash Course Econ #1
  2. Specialization and Trade: Crash Course Economics #2
  3. Economic Systems and Macroeconomics: Crash Course Economics #3
  4. Supply and Demand: Crash Course Economics #4
  • Basics of Macroeconomics
  • Inflation, Monetary, and Fiscal Policy
  • Economic Schools of Thought
  • Economics in International Relations 
  • Basics of Microeconomics
  • Environmental and Education Economics
  • Types of Competition
  • How People Affect the Economy
  • Taxes and Informal Economies
  • Economics in International Relations
  • Economics of Happiness

​One Minute Economics

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​Description
My name is Andrei Polgar and I love teaching people economics through videos, books as well as anything else that works! :) To support the channel, please give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com
https://www.youtube.com/c/OneMinuteEconomics/featured
  • Understanding Money and Banking in One Minute
  • Economics Terms Explained in One Minute
  • Learn Economics in One Minute
  • Economic History Lessons in One Minute
  • Political Economy in One Minute
  • Financial Crisis Case Studies
  • Understanding Game Theory in One Minute
  • Controversies in Economics
  • Logic and Economic Thinking/Reasoning
  • Economic Philosophy in One Minute
  • Personal Finance in One Minute
  • How to Trade... in One Minute?
  • Bitcoin and Crypto... in One Minute
  • Debt Explained in One Minute
  • Adulting Explained in One Minute
  • Economics and... Personal Development?
  • Asset Classes Explained in One Minute
  • Microeconomics in One Minute
  • Understanding China... in One Minute
  • Statistics in One Minute
  • Top Economists / Economic Thinkers
  • The Economics of Buying a Car
  • International Organizations and Institutions
  • The 2016 Presidential Debates from an Economic Perspective

ECONOMIC HISTORY​

Economic history
Field of study

Description: Economic history is the academic study of economies or economic events of the past. Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions. Wikipedia
​Why we need to teach economic history - World Economic Forum
03 Nov 2014 by, Simon Ville
Behind every economic policy initiative lies a narrative justifying that course of action: immigration increases unemployment; public debt is unsustainable; manufacturing is interminably declining; city growth is out of control.
We have many “narrators” driving these discussions of economics – the media, political parties, public sector bodies, business and indeed universities – each with their own set of...

Overview Resources:

What is Economic History?
History with the people left out? Arid quantification? Or study of the essential motivating force of society? Six historians answer.
Paul Adelman | Published in History Today Volume 35 Issue 2 February 1985
​
Economic HistoryE. Aerts, H. Van der Wee, in International Encyclopedia of the Social & Behavioral Sciences, 2001
Economic History
Economic history suggests that distributional conflicts and the coercive powers of elites and rulers have always played an important role in contracting institutions, just as they have in the security of private property rights.
From: Handbook of Economic Growth, 2014
E. Aerts, H. Van der Wee, in International Encyclopedia of the Social & Behavioral Sciences, 2001

YouTube Resources:

Economics 101 
"How the Economic Machine Works."

Created by Ray Dalio this simple but not simplistic and easy to follow 30 minute, animated video answers the question, "How does the economy really work?" Based on Dalio's practical template for understanding the economy, which he developed over the course of his career, the video breaks down economic concepts like credit, deficits and interest rates, allowing viewers to learn the basic driving forces behind the economy, how economic policies work and why economic cycles occur.

An Economic History of the World Since 1400 | Self-Interest, Survival, and History The Great Courses

​The Great Courses Plus
Learn more about this course and sign up for a FREE trial of The Great Courses Plus here: https://www.TheGreatCoursesPlus.com/l...

Economic History | How & How NOT to Do Economics with Robert Skidelsky

​New Economic Thinking
In this tenth lecture in INET’s “How and How Not to Do Economics,” Robert Skidelsky argues that there are two main reasons why economists should study history. The first is to make history better. The second is to make economics better. If history is the study of the particular, and economics of the general, the value of history to economics is to enable them to make their generalizations more concrete and admit their limits.

Professional Organizations:

​EH.Neteh.net​
The Economic History Association owns and operates the EH.net website and mailing lists to provide resources and promote communication among scholars in ...
‎Databases · ‎Economic History Association · ‎Book Reviews · ‎MeasuringWorth
​The Journal of Economic History | Cambridge Core
www.cambridge.org › core › journals › journal-of-eco...​

The Journal of Economic History is devoted to the study of economic phenomena in historical contexts. It is of interest not only to economic historians but also to ...
Learn Liberty 
Learn Liberty is your resource for exploring the ideas of a free society. We tackle big questions about what makes society free or prosperous and how we can improve the world we live in. Learn Liberty is powered by Students For Liberty.
  • https://www.learnliberty.org/
  • https://www.studentsforliberty.org/
  • https://www.youtube.com/user/StudentsForLiberty

US Economic History 1 — How Mercantilism Started the American Revolution

Learn Liberty
The British Empire’s mercantilist plan backfired — and led to the American Revolution. Video created with the Bill of Rights Institute to help students ace their exams. This is the first video in a series of nine with Professor Brian Domitrovic, which aim to be a resource for students studying for US History exams, and to provide a survey of different (and sometimes opposing) viewpoints on key episodes in U.S. economic history. How do you think we did?
US Economic History
Tim Gravis
1 / 9
  • NOW PLAYING: US Economic History 1 — How Mercantilism Started the American Revolution
  • NOW PLAYING: US Economic History 2 — Interstate Commerce & the Constitution
  • NOW PLAYING: US Economic History 3 — National Banks’ Rise and Fall
  • NOW PLAYING: US Economic History 4 — Economic Causes of the Civil War
  • NOW PLAYING: US Economic History 5 — Economic Growth in the Gilded Age
  • NOW PLAYING: US Economic History 6 — Progressivism & the New Deal 
  • NOW PLAYING: US Economic History 7 — The Great Depression: Causes & Repercussions 
  • NOW PLAYING: US Economic History 8 — Post-WWII Boom: Transition to a Consumer Economy
  • NOW PLAYING: US Economic History 9 — America’s Transition to a Global Economy (1960s-1990s) 

EARLY ECONOMICS

Mercantilism

Mercantilism
mer·can·til·ism /mərˈkan(t)əˌlizəm
noun
belief in the benefits of profitable trading; commercialism.
HISTORICAL
the economic theory that trade generates wealth and is stimulated by the accumulation of profitable balances, which a government should encourage by means of protectionism.

Mercantilism is an economic policy that is designed to maximize the exports and minimize the imports for an economy. It promotes imperialism, tariffs and subsidies on traded goods to achieve that goal. These policies aim to reduce a possible current account deficit or reach a current account surplus. Wikipedia

Mercantilism Definition for Kids

History Illustrated
Free Activities for Kids at History Illustrated

Mercantilism and Why It Matters for AP US History

​Apprend
This expert video- written by Warren Hierl- breaks down the impact of Mercantilism. By Apprend.io : APUSH TV Mercantilism is the economic idea that a country’s wealth is measured by the amount of gold it owns. The goal of mercantilist economic policy is to export more goods than you import, so that you bring more money into the country than you send out to other...

Mercantilism

​NBC News Learn
The economic system of mercantilism is an exchange of raw goods from North America with manufactured goods from England. The practice eventually enrages the colonists, who see it as England's effort to assert its control over the colonies.

Current Events:

China and the US clash at the WTO – On Mercantilism *Chinese Global Television  Network

​CGTN
Last time we spoke about how the US ambassador to the World Trade Organization accused China of being the world’s most protectionist and mercantilist economy.Today, we’ll address the mercantilist accusation and see whether it has any substance.

The Demand Economy:

​Adam Smith & Capitalism

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Adam Smith
Scottish economist
Description: Adam Smith FRSA was a Scottish economist, philosopher, and author as well as a moral philosopher, a pioneer of political economy, and a key figure during the Scottish Enlightenment, also known as ''The Father of Economics'' or ''The Father of Capitalism''. Wikipedia
​Quotes
  • It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest. We address ourselves not to their humanity but to their self-love, and never talk to them of our own necessities, but of their advantages
  • Mercy to the guilty is cruelty to the innocent.

Capitalism
cap·i·tal·ism 
/ˈkapədlˌizəm
noun
an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
"an era of free-market capitalism"​

Capitalism
Political ideology
Description: Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include private property and the recognition of property rights, capital accumulation, wage labor, voluntary exchange, a price system and competitive markets. Wikipedia

The Essential Adam Smith: Who is Adam Smith?

​The Fraser Institute
Adam Smith (1723 - 1790) is widely hailed as the founding father of what is now known as economics and capitalism, and his 1776 book, An Inquiry into the Nature and Causes of the Wealth of Nations, is often cited as the beginning of both disciplines. Who was Adam Smith, and how did he come to be such an influential figure in the last millennium? Watch this video to find out. To learn more about the ideas of Adam Smith, and to watch more videos like this, visit http://www.essentialadamsmith.org.
  • NOW PLAYING: The Essential Adam Smith: The Invisible Hand - The Fraser Institute
  • NOW PLAYING: The Essential Adam Smith: The Role of Government - The Fraser Institute
  • NOW PLAYING: The Essential Adam Smith: Cronyism - The Fraser Institute
  • NOW PLAYING: The Essential Adam Smith: Moral Sentiments - The Fraser Institute
  • NOW PLAYING: The Essential Adam Smith: Labour Markets - The Fraser Institute
  • NOW PLAYING: The Essential Adam Smith: Who is Adam Smith? - The Fraser Institute

Adam Smith: The Grandfather Of Economics

​Economics Explained

​POLITICAL THEORY - Adam Smith

​The School of Life
Adam Smith was no uncritical apologist for capitalism: he wanted to understand how capitalism could be both fruitful and good.

The Real Adam Smith: Ideas That Changed The World - Full Video

​The Real Adam Smith: A Personal Exploration by Johan Norberg, takes an intriguing, two-part look at Smith and the evolution and relevance of his ideas today, both economic and ethical. It’s difficult to imagine that a man who lived with horse drawn carriages and sailing ships would foresee our massive 21st century global market exchange, much less the relationship between markets and morality. But Adam Smith was no ordinary 18th century figure. Considered the “father of modern economics,” Smith was first and foremost a moral...

The Wealth of Nations  
by Adam Smith 

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​The Wealth of Nations was published 9 March 1776, during the Scottish Enlightenment and the Scottish Agricultural Revolution. It influenced a number of authors and economists, as well as governments and organizations. For example, Alexander Hamilton was influenced in part by The Wealth of Nations to write his Report on Manufactures, in which he argued against many of Smith's policies. Interestingly, Hamilton based much of this report on the ideas of Jean-Baptiste Colbert, and it was, in part, Colbert's ideas that Smith responded to with The Wealth of Nations.


The Command Economy: 

​Karl Marx (Friedrich Engels)
& Marxism (Socialism-Communism)

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Karl Marx 
Karl Heinrich Marx (5 May 1818 – 14 March 1883) was a German philosopher, economist, historian, sociologist, political theorist, journalist and socialist revolutionary. Born in Trier, Germany, Marx studied law and philosophy at university. He married Jenny von Westphalen in 1843. Wikipedia
​​Quotes
  • If anything is certain, it is that I myself am not a Marxist
  • In proportion therefore, as the repulsiveness of the work increases, the wage decreases

Communism
com·mu·nism /ˈkämyəˌnizəm
noun
a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

Communism is a philosophical, social, political, economic ideology and movement whose ultimate goal is the establishment of a communist society, namely a socioeconomic order structured upon the ideas of common ownership of the means of production and the absence of social classes, money and the state. Wikipedia

Who Is Karl Marx?

​PragerU
When writing The Communist Manifesto, Karl Marx thought he was providing a road to utopia, but everywhere his ideas were tried, they resulted in catastrophe and mass murder. In this video, Paul Kengor, Professor of Political Science at Grove City College, illuminates the life of the mild-mannered 19th Century German whose ideas led to the rise of some of the most brutal dictators in world history.

Communism vs. Socialism: What's The Difference? | NowThis World

​NowThis World
There's a lot of confusion surrounding the terms Communism and Socialism. The two are often used interchangeably, even by entire governments and political leaders, but they are not the same at all! So what’s the difference? Find out in this quick explainer!

POLITICAL THEORY - Karl Marx

​The School of Life 
Karl Marx remains deeply important today not as the man who told us what to replace capitalism with, but as someone who brilliantly pointed out certain of its problems.

Marxism Explained in 2 Minutes

​Learn Liberty
“Marx was the greatest social scientist of the 19th century…” says Professor Deirdre McCloskey. “But he got everything wrong.”

Thomas Sowell: Marx The Man

​Byron
Marxism: Philosophy and Economics by Thomas Sowell - https://books.google.co.uk/books/abou..

​The Communist Manifesto 
by Karl Marx & Friedrich Engels

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​The Communist Manifesto, originally titled Manifesto of the Communist Party (German: Manifest der Kommunistischen Partei) is a short 1848 book written by the German Marxist political theorists Karl Marx and Friedrich Engels. It has since been recognized as one of the world's most influential political manuscripts. Commissioned by the Communist League, it laid out the League's purposes and program. It presents an analytical approach to the class struggle (historical and present) and the problems of capitalism, rather than a prediction of communism's potential future forms.

Capital (Volume 1: A Critique of Political Economy)
by Karl Marx 

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​First published in 1867 as the beginning of an ambitious but unfinished six-volume series, Marx would only see the first volume published in his lifetime with two more published posthumously by Friedrich Engels, this work extensively attempts to expose and explain the capitalist mode of production and the class struggles embedded within it. “Capital” was written while Marx was exiled in England, and many of the examples he uses to illustrate private property and its social relations are derived from his time there.


Colonialism & Imperialism

​​Colonialism
co·lo·ni·al·ism
/kəˈlōnēəˌlizəm/
noun
the policy or practice of acquiring full or partial political control over another country, occupying it with settlers, and exploiting it economically.
"the state apparatus that was dominant under colonialism"

Imperialism
im·pe·ri·al·ism
/imˈpirēəˌlizəm/
noun
  1. a policy of extending a country's power and influence through diplomacy or military force.
    "the struggle against imperialism"
    • HISTORICAL
      rule by an emperor.

Colonialism
Description: Colonialism is the policy of a country seeking to extend or retain its authority over other people or territories, generally with the aim of economic dominance. In the process of colonisation, colonisers may impose their religion, economics, and other cultural practices on indigenous peoples. Wikipedia
Imperialism
Description: Imperialism is a policy or ideology of extending the rule or authority of a country over other countries and peoples, often by military force or by gaining political and economic control. Wikipedia

Colonization and Imperialism | The OpenBook

​theOpenBook
Classroom learning is not only enough for kids, Here TheOpenBook providing printable and online worksheets to help younger kids to learn their alphabets, numbers, shapes, colors and other basic skills. For more info visit our website: http://theopenbook.in/

How did The British Empire rule the World?

Knowledgia
How did Great Britain rule the World?

​Colonization of Africa - summary from mid-15th century to 1980

​Geo History
Let's look at a map and see a summary of the different phases of exploration, conquests and colonization of African territories by European powers, beginning from the mid-15th century.

Capitalism Is NOT Imperialism

​Although many conflate capitalism and imperialism or think the two systems are closely connected, they are actually quite different, even at odds with one another. Capitalism is a system based on voluntary exchanges that benefit all of the parties involved. In contrast, imperialism is based on exploiting the poor through political power and military force. Prof. Stephen Davies shows that capitalism has been blamed through the years for a number of catastrophes—such as political corruption, exploitation of the poor, mass famines, and others—that were in fact a result of imperialism.

MODERN ECONOMIC THEORIES

Keynesian 
​(
John Maynard Keynes)

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John Maynard Keynes
​British economist
Description: John Maynard Keynes, 1st Baron Keynes CB FBA, was a British economist, whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Wikipedia
Quotes
  • Capitalism is the extraordinary belief that the nastiest of men, for the nastiest of reasons, will somehow work for the benefit of us all.
  • The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.

Animal Spirits:
​The Bull & The Bear

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​Animal spirits was a term coined by the famous British economist, John Maynard Keynes, to describe how people arrive at financial decisions, including buying and selling securities, in times of economic stress or uncertainty.Nov 22, 2020
Animal Spirits Definition - Investopedia

Who is John Maynard Keynes?

New Economic Thinking
An introduction to the great 20th century economist John Maynard Keynes and an explanation why the Institute is launching at Keynes' King's College at Cambridge University.

Revisiting the Economics of John Maynard Keynes | PBS NewsHour

​PBS NewsHour
Long before the great recession of 2008, late economist John Maynard Keynes conceived the notion that the federal government could, and sometimes should, intervene with the economy.

Robert Skidelsky on Keynesian Economics - It's All About Spending

Is our prosperity derived from a continual circular flow of spending? Is it impossible for a society to increase it's total savings? Can deficit spending by a government step in to replace private activity in order to maintain full employment and restore lasting economic growth? What is a liquidity trap and what does it mean for the economy? What did Keynes really mean by "in the long run, we're all dead"?

In this EconStories mini-documentary, we explore the foundations of Keynesian economics with Keynes most famed biography, Lord Robert Skidelsky. 

POLITICAL THEORY - John Maynard Keynes

The School of Life
John Maynard Keynes was arguably the greatest economist of the 20th century. He discovered the idea that governments should stimulate demand during economic downturns – and was the creator of both the IMF and the World Bank. His ideas continue to underpin a lot of the modern economic system. ​

​Keynesian Economics Will Be Dead

​Big Think

Austrian Economics and Keynesianism (Keynesian Economics) Explained in One Minute

​One Minute Economics
A one minute video which explains what Austrian Economics and Keynesianism are all about. It's a topic that tends to generate heated debates on the Internet and in my opinion, it's important to understand how Austrian Economists as well as Keynesians see the world in order to become better at economics.

Gold Standard, Explained

Before 1974, U.S. dollars were backed by gold. This meant that the federal government could not print more money than it could redeem for gold. Learn more: http://bit.ly/1HVAtKP. While this constrained the federal government, it also provided citizens with a relatively stable purchasing power for goods and services. Today's paper currency has no intrinsic value. It is not based on the value of gold or anything else. Under a gold standard, inflation was really limited. With floating value, or fiat, currency, however, some countries have seen inflation reach extremely high levels—sometimes enough to lead to economic collapse. Gold standards have historically provided more stable currencies with lower inflation than fiat currency. Should the United States return to a gold standard?

The General Theory of Employment, Interest, and Money 
by John Maynard Keynes ​

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​Distinguished British economist John Maynard Keynes (1883-1946) set off a series of movements that drastically altered the ways in which economists view the world. In his most important work, The General Theory of Employment, Interest, and Money (1936), Keynes critiqued the laissez-faire policies of his day, particularly the proposition that a normally functioning market economy would bring full employment. Keynes's forward-looking work transformed economics from merely a descriptive and analytic discipline into one that is policy oriented. For Keynes, enlightened government intervention in a nation's economic life was essential to curbing what he saw as the inherent inequalities and instabilities of unregulated capitalism.

​The Economic Consequences of the Peace 
by John Maynard Keynes 

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John Maynard Keynes was a British economist whose theories had a profound impact on twentieth century history and economic practice. Born and raised in Cambridge, England to highly successful, intelligent parents John and Florence Keynes, he attended Eton and King’s College, Cambridge where he joined the intellectual group called “The Apostles” with the likes of Virginia Woolf, E. M. Forster, and Bertrand Russell. In 1919, after attending the Paris Peace Conference as economic advisor to Prime Minister Lloyd George, Keynes resigned from a prominent position in the Treasury and published “The Economic Consequences of the Peace”, a stinging indictment of the Versailles Treaty. Keynes expressed his opposition to the political practices that were taking place, and the work gained him instant notoriety. The impact of this, and other, works on economic theory and policy led to what is now termed the “Keynesian Revolution” of the twentieth century, and helped shape modern macroeconomics. ​

Keynes vs. Hayek

"Fear the Boom and Bust" 
a Hayek vs. Keynes Rap Anthem

In Fear the Boom and Bust, John Maynard Keynes and F. A. Hayek, two of the great economists of the 20th century, come back to life to attend an economics conference on the economic crisis. Before the conference begins, and at the insistence of Lord Keynes, they go out for a night on the town and sing about why there's a "boom and bust" cycle in modern economies and good reason to fear it.

Fight of the Century: Keynes vs. Hayek Round Two

Keynes vs. Hayek: The Ongoing Debate

​Dr. Larry White gives an overview of the infamous debate between Keynes and Hayek and their opposed economic philosophies as part of this Tax Foundation University Series, The Evolution of Economic Thought. If you are new to the Tax Foundation’s work, you can learn more about who we are and what we do here: https://taxfoundation.org/impact

Hayek and Keynes - Nicholas Wapshott

​Nicholas Wapshott is the author of Keynes/Hayek: The Clash That Defined Modern Economics.

The Austrian School
​
(
Carl Menger, Ludwig von Mises, Friedrich Hayek)

Carl Menger

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Carl Menger 
​Austrian economist
Carl Menger was an Austrian economist and the founder of the Austrian School of economics. Menger contributed to the development of the theory of ...
  • Man himself is the beginning and the end of every economy.​
  • Money is not an invention of the state. It is not the product of a legislative act. Even the sanction of political authority is not necessary for its existence. Certain commodities came to be money quite naturally, as the result of economic relationships that were independent of the power of the state.​

​Ludwig von Mises

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​Ludwig von Mises
Economist
Description: Ludwig Heinrich Edler von Mises was an Austrian School economist, historian, and sociologist. Mises wrote and lectured extensively on the societal contributions of classical liberalism. He is best known for his work on praxeology, a study of human choice and action. Wikipedia
​Quotes
  • Human civilization is not something achieved against nature; it is rather the outcome of the working of the innate qualities of man.
  • If history could teach us anything, it would be that private property is inextricably linked with civilization.

Friedrich Hayek

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​Friedrich Hayek
Austrian-British economist
Description: Friedrich August von Hayek CH FBA, often referred to by his initials F. A. Hayek, was an Austrian-British economist and philosopher who is best known for his defence of classical liberalism. Wikipedia
​Quotes
  • 'Emergencies' have always been the pretext on which the safeguards of individual liberty have been eroded.
  • We must face the fact that the preservation of individual freedom is incompatible with a full satisfaction of our views of distributive justice.

Austrian Economics vs. Keynesian and Monetarist Macroeconomics | Jonathan Newman

​misesmedia
Recorded at the Mises Institute in Auburn, Alabama, on 18 July 2019. Mises University is the world's leading instructional program in the Austrian school of economics. Mises.org/MU19

Why Menger Matters

​misesmedia
You probably haven't read Carl Menger's 'Principles of Economics', but you should: it's a groundbreaking work that created a new theory of value and built a foundation for praxeology. Dr. Joe Salerno joins us for the definitive podcast on the founder of the Austrian school.

Who Was Ludwig von Mises?

​AIERvideo
Economists and historians tell the story of the "Last Knight of Liberalism", economist Ludwig von Mises. Learn more at http://misesvsmarx.aier.org
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The Mises Institute, founded in 1982, teaches the scholarship of Austrian economics, freedom, and peace. The liberal intellectual tradition of Ludwig von Mises (1881-1973) and Murray N. Rothbard (1926-1995) guides us. Accordingly, we seek a profound and radical shift in the intellectual climate: away from statism and toward a private property order. We encourage critical historical research, and stand against political correctness. The institute serves students, academics, business leaders, and anyone seeking better understanding of the Austrian school of economics and libertarian political theory.
Promoting the Austrian School of economics, freedom, and peace in the tradition of classical liberalism

What is the Mises Institute?The Mises Institute, founded in 1982, is an educational institution devoted to advancing Austrian economics, freedom, and peace in the classical-liberal tradition. 

For over 30 years the Mises Institute has provided both scholars and laymen with resources to broaden their understanding of the economic school of thought known as Austrian economics. This school is most closely associated with our namesake, economist Ludwig von Mises.

We are the worldwide epicenter of the Austrian movement. 

I, Pencil: The Movie

A film from the Competitive Enterprise Institute, adapted from the 1958 essay by Leonard E. Read. For more about I, Pencil, visit www.ipencilmovie.org
For more than half a century, Leonard Read’s classic story has opened eyes and changed minds by the hundreds of thousands. It humbles even the high and mighty as it reveals the wondrous achievements of individuals whose contributions are coordinated by nothing more than incentives and market prices. This film guarantees that the insights of Read’s humble pencil will continue to work their magic for many years to come!
– Lawrence W. Reed, President, Foundation for Economic Education.

Essential Hayek: Who is F.A. Hayek?

​The Fraser Institute
This is part of a Fraser Institute project to present the ideas of F.A. Hayek. In this video, we provide an overview of Hayek’s life, his accomplishments, and the events that influenced his thinking.
​To learn more about the ideas of F.A. Hayek, and to watch more videos like this, visit
http://www.essentialhayek.org.
  • ​NOW PLAYING: Essential Hayek: Knowledge and Prices
  • NOW PLAYING: Essential Hayek: Economic Booms and Busts
  • NOW PLAYING: Essential Hayek: Rule of Law
  • NOW PLAYING: Essential Hayek: The Challenge of Living in a Modern Society
  • NOW PLAYING: Essential Hayek: Who is F.A. Hayek?

POLITICAL THEORY – Friedrich Hayek

​The School of Life
The leading theorist of modern right-wing political movements was an Austrian economist called Friedrich Hayek.

What Austrian Economics IS 
and What Austrian Economics Is NOT with Steve Horwitz

Steve Horwitz, Professor of Economics at St. Lawrence University, explains what Austrian Economics is and what Austrian Economics is not, clearing up some common misconceptions.

​Ludwig von Mises Speaks: On Money (1969)

LibertyInOurTime
Ludwig von Mises (1881-1973) was the acknowledged leader of the Austrian School of economic thought, a prodigious originator in economic theory, and a prolific author. Mises's writings and lectures encompassed economic theory, history, epistemology, government, and political philosophy. His contributions to economic theory include important clarifications on the quantity theory of money, the theory of the trade cycle, the integration of monetary theory with economic theory in general, and a demonstration that socialism must fail because it cannot solve the problem of economic calculation. Mises was the first scholar to recognize that economics is part of a larger science in human action, a science that Mises called "praxeology."

Top 5 Ludwig von Mises Books

​Free the People
Free the People's Logan Albright brings you the top 5 Ludwig von Mises books to get started with this classic economist.

Friedrich Hayek: Why Intellectuals Drift Towards Socialism

Common Sense Capitalism

Friedrich Hayek on Politics, Milton Friedman and Gold

​Free To Choose Network
Friedrich Hayek sits down with Bob Chitester, Founder and CEO of Free To Choose, to discuss the role of an economist in contemporary politics and the denationalization of money.

Relevance of the Austrian School of Economics in the 21st Century

​From: Universidad Francisco Marroquín The Austrian School of Economics has prevailed through time given the relevance it has gained in understanding the way markets really work. Peter Boettke has a conversation with Luis Figueroa regarding the importance of the philosophy of economics and explains the value of its premises. 

The Austrian School select books:

​​Principles of Economics
by Carl Menger 

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​In the beginning, there was Menger. It was his Principles of Economics that reformulated — and really rescued — economic science from the theoretical errors of the old classical school.Menger set out to elucidate the precise nature of economic value, and to root economics firmly in the real-world actions of individual human beings. In Principles of Economics, he advances the theory that the marginal utility of goods is the source of their value, rather than the labor inputs that went into making them. The implication of this theory is that the individual mind is the source of economic value — a point that touched off the marginalist revolution and started a departure from the flawed classical view of economics.For this reason, Carl Menger (1840–1921) is considered to be the founder of the Austrian School of economics.

Individualism and Economic Order
by F. A. Hayek

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​In this collection of writings, Nobel laureate Friedrich A. Hayek discusses topics from moral philosophy and the methods of the social sciences to economic theory as different aspects of the same central issue: free markets versus socialist planned economies. First published in the 1930s and 40s, these essays continue to illuminate the problems faced by developing and formerly socialist countries.

​The Road to Serfdom: Text and Documents
by F. A. Hayek

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An unimpeachable classic work in political philosophy, intellectual and cultural history, and economics, The Road to Serfdom has inspired and infuriated politicians, scholars, and general readers for half a century. Originally published in 1944—when Eleanor Roosevelt supported the efforts of Stalin, and Albert Einstein subscribed lock, stock, and barrel to the socialist program--The Road to Serfdom was seen as heretical for its passionate warning against the dangers of state control over the means of production. For F. A. Hayek, the collectivist idea of empowering government with increasing economic control would lead not to a utopia but to the horrors of Nazi Germany and Fascist Italy.

Human Action: Scholar's Edition 
by Ludwig von Mises ​

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​Human Action is the most important book on political economy you will ever own. It was (and remains) the most comprehensive, systematic, forthright, and powerful defense of the economics of liberty ever written. This is the Scholars Edition: accept no substitute. You will treasure this volume.
The Scholars Edition is the original, unaltered treatise (originally published in 1949) that shaped a generation of Austrians and made possible the intellectual movement that is leading the global charge for free markets.
Made available exclusively through the Ludwig von Mises Institute, this edition, Mises's original, is the one to own.
Includes the 1954 index prepared under Mises's supervision, the most complete ever published, united here with the book for the first time. The introduction, by Hans-Hermann Hoppe, Jeffrey Herbener, and Joseph Salerno — based on newly discovered archives — tells of the tragic and glorious history of this seminal work, and of its bright future as the manifesto of liberty.

The Theory of Money and Credit 
by Ludwig Von Mises

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This must-read classic on currency and credit covers the three areas of key interest--the nature of money, the value of money, and money and banking. Economist and philosopher, Ludwig von Mises presents his "Theory of Money and Credit" by first looking at the nature and value of money, why there is a demand for money, and how it is used as currency. He goes on to explain the purchasing power of money and how it determines economic and monetary policy, often in a way that results in financial melt-downs. Never in modern history has there been a greater need for this book and others like it. All of its ideas and principles are coming true right before our eyes in today's economy and its problems. ​

Time Will Run Back
by Henry Hazlitt  ​

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​Here is a splendid novel by Henry Hazlitt, first published in 1951 and revised in 1966. The plot line explores the economic theories of capitalism and socialism.It begins in a fully socialist society in which the new leader, who finds himself in that position only by accident, begins to rethink the economic basis of the system. He first begins to wonder whether the economy is doing well at all, and how they might discover this. This sets the leadership on a path to thinking about prices and calculation, and the very meaning of productivity.Trading is introduced when the leadership can't see anything wrong with the idea of trading rationing tickets, and shortly markets appear, and everyone seems to be better off as a result.So on it continues. Slowly, piece by piece, he dismantles central planning and replaces it with a market system. All the while, the characters engaged in a Socratic-style discussion about the implications of money, exchange, ownership, markets, entrepreneurship, and more.

Chicago school

Chicago school of economics
Description: The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Wikipedia
Academics old: Frank Knight, George Stigler
Institution: The University of Chicago

Frank Knight

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​Frank Knight
American economist
Description: Frank Hyneman Knight was an American economist who spent most of his career at the University of Chicago, where he became one of the founders of the Chicago school. Nobel laureates Milton Friedman, George Stigler and James M. Buchanan were all students of Knight at Chicago. Wikipedia
​Quotes
  • “The mathematical economists have commonly been mathematicians first and economists afterward, disposed to oversimplify the data and underestimate the divergence between their premises and facts of life.” ...
  • “To call a situation hopeless is to call it ideal.”

Milton Friedman

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​Milton Friedman
American economist
Description: Milton Friedman was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. Wikipedia
Quotes
  • "There's no such thing as a free lunch."
  • "Nothing is so permanent as a temporary government program."
  • "Inflation is taxation without legislation."

Thomas Sowell

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​Thomas Sowell
American economist
Description: ​Thomas Sowell is an American economist, social theorist, and senior fellow at Stanford University's Hoover Institution. Born in North Carolina, Sowell grew up in Harlem, New York. He dropped out of Stuyvesant High School and served in the Marine Corps during the Korean War. Wikipedia
Quotes
  • Socialism in general has a record of failure so blatant that only an intellectual could ignore or evade it.
  • It takes considerable knowledge just to realize the extent of your own ignorance.
  • Much of the social history of the Western world, over the past three decades, has been a history of replacing what worked with what sounded good.

Economics: The Austrian School vs. The Chicago School

​I look introduce these two schools of economic thought and analyze their similarities and differences.

Essential Milton Friedman: Who was Milton Friedman

​The Fraser Institute
Milton Friedman was an American economist who, despite his humble origins, rose to become one of the most influential economists of the 20th century. A Nobel Laureate, Friedman revolutionized the way economists think about consumption, money, stabilization policy and unemployment. Watch this video to learn more about Friedman's life and work.
  • ​Essential Milton Friedman: The Theory of Money and Prices
  • Essential Milton Friedman: Who was Milton Friedman
  • Essential Milton Friedman: The Permanent Income Hypothesis
  • Essential Milton Friedman: The Permanent Income Hypothesis and Policy Implications
  • Essential Milton Friedman: Inflation: Expected VS. Unexpected

Milton Friedman on Keynesian Economics

​Austrian vs Chicago Economics

​Walter Block (Official)
A lecture by Professor Walter Block about the differences between the Austrian and Chicago schools of economic thought.

Thomas Sowell - Basic Economics

​Recorded on December 14, 2010 Thomas Sowell has studied and taught economics, intellectual history, and social policy at institutions that include Cornell University, UCLA, and Amherst College. Now a senior fellow at the Hoover Institution, Sowell has published more than a dozen books, the latest of which is a revised and updated edition of his classic volume, Basic Economics. "Through its various editions," Sowell writes, "the fundamental idea behind Basic Economics remains the same: Learning economics should be as uncomplicated as it is informative." Here, Sowell seeks to uncomplicate some of the economic issues confronting the country today, from the financial crisis and the role of the Fed to the economics of health care and trade imbalances.

Schools of Thought in Classical Liberalism, Part 1: Introduction

​Learn Liberty
What is "classical liberalism?" Is it a specific set of beliefs, a philosophy, an economic theory, or something else? In this series, Dr. Nigel Ashford explores what classical liberalism -- sometimes called "libertarianism" -- actually means. Dr. Ashford looks at 5 different schools of classical liberalism/ libertarianism, and examines how they are similar and how they are different. Dr. Ashford hopes that as you explore this series, you will think deeply about your own beliefs and political philosophy, and draw your own conclusions.
  • NOW PLAYING: Schools of Thought in Classical Liberalism, Part 1: Introduction - Learn Liberty
  • NOW PLAYING: Schools of Thought in Classical Liberalism, Part 2: Milton Friedman and the Chicago School - Learn Liberty
  • NOW PLAYING: Schools of Thought in Classical Liberalism, Part 3: Public Choice - Learn Liberty
  • NOW PLAYING: Schools of Thought in Classical Liberalism, Part 4: The Austrian School - Learn Liberty
  • NOW PLAYING: Schools of Thought in Classical Liberalism, Part 5: Natural Rights - Learn Liberty - Learn Liberty
  • NOW PLAYING: Schools of Thought in Classical Liberalism, Part 6: Anarcho-Capitalism - Learn Liberty
  • NOW PLAYING: Schools of Thought in Classical Liberalism, Part 7: Conclusion: What's Your View? - Learn Liberty

The Power of Ideas: Milton Friedman and Chicago Economics

​Milton Friedman was one of the greatest economists of the 20th century. His continuing influence results from the power of his ideas—ideas built on the twin pillars of sound economic theory and careful empirical analysis. We invite you to join University of Chicago President Robert J. Zimmer, professors Gary Becker and Lars Hansen, and Research Scholar Scott Kominers in a discussion of the lasting impact of Milton Friedman and the University of Chicago's Becker Friedman Institute. Learn more about at http://bfi.uchicago.edu​.

Thomas Sowell on the Origins of Economic Disparities

Recorded on April 1, 2019 Is discrimination the reason behind economic inequality in the United States? Thomas Sowell dismisses that question with a newly revised edition of his book Discrimination and Disparities. He sits down with Peter Robinson to discuss the long history of disparities among humans around the world and throughout time. He argues that discrimination has significantly less of a role to play in inequality than contemporary politicians give it credit for, and that something as incontrovertible as birth order of children has a more significant and statistically higher impact on success than discrimination. He discusses why parental attention is the most important aspect of a child’s intellectual development...
For further information:
https://www.hoover.org/profiles/thoma..https://www.hoover.org/publications/u...

​Risk Uncertainty and Profit
by Frank H. Knight 

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​In economics, "Knightian uncertainty" is risk that is immeasurable, impossible to calculate. Knightian uncertainty is named after University of Chicago economist Frank Knight (1885-1972), who distinguished risk and uncertainty in his work "Risk, Uncertainty, and Profit": "Uncertainty must be taken in a sense radically distinct from the familiar notion of Risk, from which it has never been properly separated.... The essential fact is that 'risk' means in some cases a quantity susceptible of measurement, while at other times it is something distinctly not of this character; and there are far-reaching and crucial differences in the bearings of the phenomena depending on which of the two is really present and operating.... It will appear that a measurable uncertainty, or 'risk' proper, as we shall use the term, is so far different from an unmeasurable one that it is not in effect an uncertainty at all." Knight's works remains a classic text to this day.

Free to Choose: A Personal Statement 
by Milton Friedman, 
Rose Friedman  

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​The international bestseller on the extent to which personal freedom has been eroded by government regulations and agencies while personal prosperity has been undermined by government spending and economic controls.

Capitalism and Freedom
by Milton Friedman

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Selected by the Times Literary Supplement as one of the "hundred most influential books since the war"
How can we benefit from the promise of government while avoiding the threat it poses to individual freedom? In this classic book, Milton Friedman provides the definitive statement of his immensely influential economic philosophy—one in which competitive capitalism serves as both a device for achieving economic freedom and a necessary condition for political freedom. The result is an accessible text that has sold well over half a million copies in English, has been translated into eighteen languages, and shows every sign of becoming more and more influential as time goes on.

Basic Economics: A Common Sense Guide to the Economy
by Thomas Sowell

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Basic Economics is a citizen's guide to economics-for those who want to understand how the economy works but have no interest in jargon or equations. Sowell reveals the general principles behind any kind of economy-capitalist, socialist, feudal, and so on. In readable language, he shows how to critique economic policies in terms of the incentives they create, rather than the goals they proclaim. With clear explanations of the entire field, from rent control and the rise and fall of businesses to the international balance of payments, this is the first book for anyone who wishes to understand how the economy functions.


The Future...

A Modern Monetary Policy  (Stakeholder Capitalism),
A Centralized Global Economy?

Stakeholder Capitalism

Stakeholder vs Shareholder Capitalism and how does it impact us?

What is Stakeholder vs Shareholder Capitalism, how does it impact us? What are the differences between the two perspectives? ​

Global elites are pushing for ‘stakeholder’ capitalism…here’s what that means.

The far-left and global elites continue to push for the ‘Great Reset’ — a plan supported by the World Economic Forum as a way to recover from the COVID pandemic and to also combat additional crises, like climate change. Part of that plan includes a transition to stakeholder capitalism — but, what does that actually mean? Glenn discusses the idea with Justin Haskins, Editorial Director of the Heartland Institute. To see their full interview and Glenn’s full TV episode on the Great Reset, head to BlazeTV.com now. ​

'We have to act' on stakeholder capitalism, Western Union CEO says

​Western Union CEO Hikmet Ersek weighs in on the top themes at this year's World Economic Forum in Davos.

​What is the stakeholder theory ? by R. Edward Freeman | ESSEC Classes

​On the occasion of the IIES annual conference, the ESSEC Chair for Social entrepreneurship, along with the Center for Capitalist, Globalization and Governance were pleased to invite R. Edward Freeman, University Professor at the Darden School of Business; Elis and Signe Olsson Professor of Business Administration and foremost expert on issues related to stakeholder engagement and corporate ethics. Subscribe to our channel for more videos: http://bit.ly/AbonnementESSEC

Stakeholder Capitalism: What Is Required from Corporate Leadership? | DAVOS 2020

With shareholder primacy giving way to a broader vision for stakeholder-driven capitalism, how can business leaders rebuild public trust and deliver on a new mandate? Speakers: Jim Hagemann Snabe, Klaus Schwab, Ginni Rometty, Marc Benioff, Feike Sybesma, Brian T. Moynihan The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change. ​

World Economic Forum ​

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The World Economic Forum, committed to improving the state of the world, is the International Organization for Public-Private Cooperation.

www.weforum.org

Stakeholder Capitalism Metrics: Common Reporting & Disclosures | Sustainable Development Summit 2020

Agriculture and Food Security

Environment And Natural Resource Security

The Future Of The Global Financial System

Economic Growth And Social Inclusion

​Long Term Investing, Infrastructure And Development

International Trade And Investment

Employment, skills and education

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