Interesting facts, milestones, and insights from economics, finance, and the history of economic thought.
Interest was officially permitted for the first time in Geneva in 1574.1
Bolivia was the first democracy to adopt shock therapy (1985).2
The widely accepted modern definition of economics was introduced by Lionel Robbins in An Essay on the Nature and Significance of Economic Science.3
REFERENCES
- Tarek El-Diwany, The Problem with Interest; cited in Murat Ustaoğlu & Ahmet İncekara (eds.), Faiz Meselesi: Tarihte Örnek Uygulamalar (Istanbul Bilgi University Press, 2019), p. 9 ↩︎
- Naomi Klein, The Shock Doctrine: The Rise of Disaster Capitalism, Metropolitan Books, 2007, p. 247. ↩︎
- Lionel Robbins, An Essay on the Nature and Significance of Economic Science, Macmillan, 1932, p. 15. ↩︎
