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Was the dominant social system in medieval Europe, in which the nobility held lands from the Crown in exchange for military service, and vassals were in turn tenants of the nobles, while the peasants (villeins or serfs) were obliged to live on their lord's land and give him homage, labor, and a share of the produce, notionally in exchange for military protection. -
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Was 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. -
Adam Smith was an 18th-century Scottish economist, philosopher, and author, and is considered the father of modern economics. ... Smith's ideas–the importance of free markets, assembly-line production methods, and gross domestic product (GDP)–formed the basis for theories of classical economics. -
David Ricardo (1772–1823) was a classical economist best known for his theory on wages and profit, the labor theory of value, the theory of comparative advantage, and the theory of rents. -
Thomas Malthus was an 18th-century British philosopher and economist noted for the Malthusian growth model, an exponential formula used to project population growth. The theory states that food production will not be able to keep up with growth in the human population, resulting in disease, famine, war, and calamity. -
The Industrial Revolution was a time when the manufacturing of goods moved from small shops and homes to large factories. This shift brought about changes in culture as people moved from rural areas to big cities in order to work. -
Karl Marx (1818-1883) was a philosopher, author, social theorist, and economist. He is famous for his theories about capitalism and communism. -
British economist John Maynard Keynes is the founder of Keynesian economics. Keynesian economics argues that demand drives supply and that healthy economies spend or invest more than they save. ... Keynesian economics is attacked by critics for promoting deficit spending, stifling private investment, and causing inflation. -
Simon Kuznets, a Russian-American development economist and statistician, was awarded the 1971 Nobel Memorial Prize in Economics for his research on economic growth. He set the standard for national income accounting, enabling accurate estimates of gross national product to be calculated for the first time. -
Sir John R. Hicks was a British neo-Keynesian economist who received the 1972 Nobel Memorial Prize in Economics, along with Kenneth Arrow, for his advancement of general equilibrium theory and welfare theory. -
Galbraith's main argument is that as society becomes relatively more affluent, private business must create consumer demand through advertising, and while this generates artificial affluence through the production of commercial goods and services, the public sector becomes neglected. -
Milton Friedman was an American economist and statistician best known for his strong belief in free-market capitalism. -
World War I or the First World War, often abbreviated as WWI or WW1, was a global war originating in Europe that lasted from 28 July 1914 -
Sir Arthur Lewis was an economist who made lasting contributions to the field of development economics. In 1979, Lewis was awarded the Nobel Memorial Prize in Economic Sciences. -
Merton Miller is a prominent Chicago School economist who was awarded the Nobel Memorial Prize in Economics in 1990. He shared the award with Harry Markowitz and William Sharpe for their combined efforts on the Modigliani-Miller theorem, which deals with the relationship between the value of a company and its debt-equity structure. -
The Great Depression was the greatest and longest economic recession in modern world history. It began with the U.S. stock market crash of 1929 and did not end until 1946 after World War II. Economists and historians often cite the Great Depression as the most catastrophic economic event of the 20th century. -
World War II or the Second World War, often abbreviated as WWII or WW2, was a global war that lasted from 1939 to 1945. -
The Union Movement (UM) was a far-right political party founded in the United Kingdom by Oswald Mosley. ... That has caused the UM to be characterised as an attempt by Mosley to start again in his political life by embracing more democratic and international policies than those with which he had previously been associated. -
The post–World War II economic expansion, also known as the postwar economic boom or the Golden Age of Capitalism,[1][2] was a broad period of worldwide economic expansion beginning after World War II and ending with the 1973–1975 recession. -
The United States subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis.