The Shortest History of Economics
By Andrew Leigh
A journey through the evolution of economic thought and global change.
Early Economic Foundations (Ch. 1 & 2)
Hunter-gatherers → Agriculture → Specialization & Inequality
Grand Canal boosted China's trade & taxation
Printing Press revolutionized knowledge
Black Death raised wages, shifted power
hifts. Infrastructure like the Grand Canal and technology such as the printing press transformed economies and societies.
Global Trade & Industrial Revolution (Ch. 3 & 4)
Age of Sail opened global trade routes
Industrial Revolution introduced mass production
Adam Smith's ideas shaped capitalism
Comparative Advantage supported free trade
itation, and technological innovations marked this era, with Europe becoming the center of global trade.
19th Century: Trade, Travel & Technology
Repeal of Corn Laws → Free trade
Meiji Restoration modernized Japan
Corporate growth & labor movements
Urbanization & skyscrapers
lization, industrial progress, and the birth of welfare reforms alongside growing labor rights movements.
Rise of Economic Theory & Institutions
Alfred Marshall → Supply & Demand models
Federal Reserve founded in 1913
Assembly Line increased efficiency
ry brought formalized economic theory and major institutional developments to stabilize markets.
Economic Shocks & Ideologies
WWI reparations → German hyperinflation
Great Depression → Keynes vs Hayek debate
WWII → Industrial power determined victory
Bretton Woods created IMF & World Bank
economic thought, leading to new systems like Bretton Woods to ensure stability after wars.
Post-War Boom & Global Reforms
1945–1975 → High growth & equality
China’s market reforms lifted millions
Thatcher & Reagan pushed privatization
erged globally, with the West embracing neoliberal reforms while China opened markets gradually.
Modern Macroeconomics & Globalization
Inflation targeting stabilized prices
WTO accelerated global trade
India’s 1991 reforms boosted growth
gained independence, and globalization accelerated with technology and trade agreements.
21st Century: Crises & Climate
Dot-com bubble & 2008 crash
Behavioral economics explained biases
Climate change → biggest market failure
COVID-19 reshaped global economy
crises, pandemics, and environmental risks dominate the modern economic landscape.
Future of Economics
AI & automation → productivity vs job loss
Populism as a reaction to inequality
Climate action → global cooperation
future depends on balancing technological gains with sustainability and equality.
Summary & Reflection
Would I Recommend? → Yes, engaging & informative
What I Learned → Institutions, trade, crises, climate
Liked → Storytelling, real-world connections
Disliked → Lacked visuals & depth in some areas
Big Takeaway → Economics explains past, present, future
how economic ideas shape societies and policies. It links theory with history, making it ideal for A-Level students.
