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Paul Samuelson wrote his Ph.D. in an attempt to show on how mathematical methods could represent a core of testable economic theory. http://www.nobelprize.org/nobel_prizes/economics/laureates/1970/samuelson-lecture.pdf
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It implements a Communist government that alongside the Soviet Union will oppose U.S. capitalist ideology throughout much of the twentieth century. http://www.marxist.com/TUT/TUT4-1.html
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Creates European and Steel Community and is the forefather of the current European Union. This improves growth and the standard of living in many nations. Allows products to move without duties and tariffs. http://europa.eu/legislation_summaries/institutional_affairs/treaties/treaties_ecsc_en.htm
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Establishes the European Economic Community, six nations give up their sovereignty to create a superpower in global economic matters. This aid in the establishement of the European coal and steem community and establishes a common market in Europe. http://europa.eu/legislation_summaries/institutional_affairs/treaties/treaties_eec_en.htm
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The nationalization of oil companies in many Arab states.
http://www.marxisthumanistinitiative.org/alternatives-to-capital/21st-century-capitalism-on-venezuela’s-nationalization-of-the-oil-industry.html -
A global movement that sends people from the rural areas into many cities creating an overpopulation and a lack of resources through the global community.
http://news.bbc.co.uk/2/shared/spl/hi/world/06/urbanisation/html/urbanisation.stm -
U.S. President Richard Nixon cancels the Bretton Woods system of monetary governance and ends the direct convertibility of the dollar to gold. http://blogs.wsj.com/marketbeat/2011/08/15/gold-standard-forty-years-gone-and-good-riddance/
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During the attack on Isreal, oil prices jump creating a shortage. As a result in western nations backing of the Isreali conflict, many nations within OPEC decided to limit the exportation of oil.
http://library.thinkquest.org/20331/history/mideast.html -
The start of President Reagans supply side economics. The economic recovery act of 1981 was designed to lower taxes and limit the size of government. Through the growth of reductions through the indiviudal tax system it would encourage growth.
http://www.econlib.org/library/Enc1/Reaganomics.html -
Twelve terrorists from from Arab nation crash four planes into the World Trade Center, the Pentagaon and one plane meant for a prominent building in Washington D.C.
http://www.washingtonpost.com/2010/07/08/gIQADJYNQI_page.html -
Major decline in markets due to Dot Com Bubble bursting. Internet companies where created and investors spent billions of dollars investing only to see many of these companies go under.
http://www.moneycrashers.com/dot-com-bubble-burst/ -
Price of a barrel of crude oil rose from to 25 to 147.30 due to decline in petroleum reserves. http://en.wikipedia.org/wiki/2003_to_2008_world_oil_market_chronology
