Fibonacci popularizes Hindu–Arabic numerals in Europe, enabling modern accounting.
VOC shares trade on one of the first organized stock exchanges.
Classic early asset bubble and crash in the Dutch Republic.
Prototype for modern central banking; lender to the Crown.
Joint‑stock frenzy in Britain ends in a dramatic crash and reforms.
Adam Smith outlines markets, incentives, and division of labor.
Twenty‑four brokers form what becomes the New York Stock Exchange.
Paper currency issued to finance the Civil War; fiat money takes hold.
Karl Marx publishes Volume I, shaping political economy debates.
Global downturn with financial panics and prolonged deflation.
US banking panic catalyzes support for a central bank.
Establishes the Federal Reserve System.
Stock market crash leads to the worst economic downturn in modern history.
Separates commercial and investment banking; FDIC created.
International monetary system; USD‑gold link; IMF and World Bank.
Ends dollar convertibility to gold; fiat era and floating FX begin.
OPEC embargo triggers stagflation across many economies.
Fed hikes rates sharply to break inflation expectations.
Global stock markets plunge; circuit breakers later introduced.
Supply‑side tax cuts and deregulation reshape US policy.
Currency pegs break; deep recessions across Asia.
Hedge fund failure prompts coordinated private rescue.
Common currency launched for EU members (book money).
Barriers between commercial and investment banking removed.
Tech bubble bursts; capital shifts and policy easing follow.
Global supply chains accelerate; disinflationary trade shock.
Euro banknotes and coins enter circulation.
US mortgage losses surface; liquidity strains emerge.
Lehman failure; systemic panic; QE and bailouts.
First block mined; decentralized digital money experiment.
US financial reform: stress tests, resolution, derivatives rules.
OMT backstop calms sovereign debt crisis.
NIRP spreads across parts of Europe and Japan.
UK votes to leave the EU; prolonged transition follows.
Tariffs and supply‑chain re‑routing reshape global flows.
Global pandemic causes unprecedented disruption and policy response.
Demand snapback and supply frictions lift prices globally.
Global tightening cycle aimed at restoring price stability.
US regional bank stresses; new liquidity facilities deployed.
Policy and investment focus on AI’s long‑run economic impact.
Disinflation continues while markets weigh timing of rate cuts.