History of Economic Thought and Economic History

What the page covers

The unit follows two threads: how economic ideas developed, and how economies changed over time. On the ideas side, the mind maps cover Mercantilist thinking, Physiocracy, the classical school, Neoclassical Economics, Liberalism and Neoliberalism. Adam Smith appears again and again, with notes on his life, his "invisible hand" and his system of natural liberty.

On the history side, you will find The Great Divergence, which compares Europe and Asia up to 1800, and The great depression, with the gold standard, the Federal Reserve and the 1929 stock market crash. A map on knowledge, tech transfer and convergence looks at the British Industrial Revolution.

Where to start

1. Begin with Schools of economic Thought for the big picture, from mercantilism and the physiocrats onwards.
2. Move to a Smith map, such as Adam Smith, to see how the classical school began.
3. Read the map on Robert Owen, Karl Marx and socialist economic thought to meet the critics of capitalism.
4. Finish with Neoliberalism, which covers Milton Friedman, monetarism and supply-side economics.

Using maps, flashcards and quizzes together

Read a map first and try to explain each branch in your own words. Then run through a flashcard deck such as Key Economists or Theories of Surplus: Mercantilism, Smith & Marx to fix names and terms. Finally, take a quiz like History of economic theory to see what has stuck. Go back to the map for anything you missed.

Where this unit sits

This unit belongs to the Foundations of Economics strand in the Economics subject. Some resources are in other languages, including Spanish flowcharts on Marxism and liberalism and a French quiz, which helps if you study in more than one language.

Teachers can use the maps as ready-made class material. Whatever your role, choose one resource that fits what you are studying this week and open it now.