Macroeconomics

Macroeconomics emerged as a separate discipline...

in the 1930s.

When did Keynes publish the "General Theory"?

It was published in 1936 - shortly after the Great Depression.

Up to when China had the world's largest economy?

China had it up to 1820.

According to Francis Bacon, there were three very important inventions facilitating the West's transformation from the Dark Ages to the modern world. What were these inventions?

These were gunpowder, the magnetic compass, and paper and printing. They were invented in China.

Which countries, following the Industrial Revolution, emerged as leading world economies?

These were Britain, France, Germany and later the US.

When was the Great Depression?

In the 1930s.

Having learned from the experience of the Great Depression...

the Golden Age of Capitalism followed World War II.

When did the first crisis of capitalism (since the 1930s) happen?

The crisis occurred in the 1970s. It combined high uneployment and high inflation.

What is "the combination of high unemployment and high inflation" called?

It is known as a stagflation.

What did advanced economies experience between the 1980s and 2000s?

They experienced the Great Moderation: low inflation, low unemployment and almost constant output growth.

Who have experienced rapid economic growth (in last 30 years) in particular?

Many former developing economies and socialist economies in Asia and Eastern Europe.

What many developing economies and socialist economies in Asia and Eastern Europe have experienced (in last 30 years)?

They have experienced rapid economic growth.