TIME LINE OF THE

MAIN ECONOMIC THEORIES

 MERCANTILISM Jean-Baptiste
Colbert (1619
1683) Developed
Eduardo Misselden
The arises commerce and
(1608-1654) He was
Mercantilism industry with
the first to enunciate
important
the concept of
interventions from
-Thomas Mun (1571-1641) “Commercial
the State.
He considered gold to be Balance”.
the main wealth.

1600
1500 1700

Mercantilism began to
decline in the late 18th
-Gerald Malynes (1586
century, at which time
1641)
Adam Smith's theories
He distinguishes between
gained acceptance in the
Brazil is discovered usury and interest and is the
British Empire.
main representative of the
metalist current in the
mercantilism.
 PHYSIOCRAC
Y

François Laissez
Econom
Physiocracy Quesnay. [June 4, faire et
1694 – September ic table.
laissez
[Centu 16, 1764] passer.
[1758]
ry
XVIII.]
■ Personal property.
■ Personal property.
High nobility: princes,
Now clergy: cardinals, dukes, counts.
bishops, etc. marquises, etc.

■ Land ownership. Median clergy: abbots and

Middle nobility knights
and nobility
abbesses, ucmbrps of the fitdos,
priests

Proposals Physiocracy
The requires property,
regarding
natural in three forms.
economic
order
policy.

Professions \ Poor:
liberals, farmers ) with
peasants, day
berras, etc. fk /
laborers,
urban
workers, etc.
THE CLASSICAL PERIOD
 MARXIST THEORY
It studies capital as a Labor theory of value,
process and creates It defines 2 which maintains that the
Late a method of analysis socioeconomic value of a commodity is
ninetee that encompasses classes, capitalists the labor time spent on it.
nth any study. and workers.
century

Criticizes the work done Marx's major work Early 20th

that generates surplus on economic policy century
value and is not paid. was Capital: A
Critique of Political
Economy.
 THE CONTRIBUTIONS OF THE
NEOCLASSICAL SCHOOL
Alfred Marshall (1842 1924)
Neoclassical economist par
excellence
870
Marie-Ésprit-Léon Walras (1834-1910)
He is considered the founder of mathematical
economics
In the 1910s, the
The interests of world powers
pushed humanity into a new
Carl Menger (1840–1921) was an
dimension of conflict, the
Austrian economist, founder of the
First World War (started
Austrian School of Economics.
in 1914)
1910
In 1905, the Russo-Japanese War pitted the
Empire of Japan against the empire of the Tsars
of Russia. The end of the war gave Japan the
winner, to the surprise of the Western world. The
Asian nation became a de facto new world
power.
 KEYNESIAN REVOLUTION
Keynes's new proposal was Keynesianism is an
based on another balance, on economic theory
the balance between income proposed by John
The world economic crisis
(starting in October 1929) and expenses, between Maynard Keynes,
led this way of reflection to income and aggregate captured in his work
absurdity. In the 1930s in demand. General Theory of
Germany more than 6 million When aggregate demand is Employment, Interest
were unemployed for a long insufficient, Keynes said, sales and Money , published in
time; in the USA more than decrease and jobs are lost; 1936 as a response to
12 n u When aggregate demand is the Great Depression of
millions. fa Ev,mA) ji high and growing, the 1929. It is based on
economy prospers stimulating the economy
in times of crisis.
1929
Republic President. Head of State and 1930
Government of Mexico, elected for a
period of four years without the A central aspect of the Republic President.
possibility of re-election. The official Keynesian revolution of the He
results gave victory to candidate Pascual 1930s was the recognition that Elected candidate
Ortiz Rubio. The opposition candidate in a market economy a was Lázaro
José Vasconcelos and his followers continuous decline in activity Cárdenas del Río of
considered that the election had been can carry to the National
the greatest political fraud in Mexican the Revolutionary Party.
history. unemployment, that is, the
economy does not necessarily
have to tend towards full
employment.
 MONETARISM

Rise of Milton
Monetarism monetarism. Friedman Inflation

It is the branch of or He was born in New York, on

Totally
economic thought of It emerged in 1970. August 31, 1912. monetary
that · Professor at the University of problem.
H Chicago from 1946 to 1976.
deals with the effectsE · I created the monetarist school
of money on the after the Second World War.
economy in general.
 Monetary politics.

Set of actions that the Bank of Mexico, so to speak, carries

out to influence interest rates and inflation, in order for
prices to be consistent with the objective of maintaining a
low inflation environment.
 PUBLISH IN A MAGAZINE
"He STRUCTURALISM
development
economic of Latin America and some of its main problems",
Raúl Prebisch is He method, called "historical-
appointed "structural", analyzes the way in which
Secretary the inherited institutions and
General of
productive structure condition the
economic dynamics of countries in
(ECLAC)
Creation of developm generat
ECLAC ent, that are different from those
behaviors e
of more developed nations.

1948 1449

The Commission ° Which exposed his classic division

HE of the world economic system into
developed as a school of center and periphery.
thought specialized in the •The center was made up of those
examination of the economies into which capitalist
medium and long-term production techniques first
economic and social penetrated.
trends of Latin American °Periphery, was made up of those
countries and who remained behind in
 5 HISTORICAL STAGES IN THE WORK OF
ECLAC
Reorientation of the
"Styles of Productive
Industrialization development transformatio
by substitution of towards n with equity
imports homogenization
social and towards
pro diversification
exporter
70's 80's 90's
50's 60's

Overcoming
the problem of
Reforms to external debt
unobstruct through
industrialization "adjustment
with growth";
 NEOLIBERALISM Economic neoliberalism is a
Following the neoliberal maxim stopped current that is based on
that no state should come in the liberalism that emerged in
before business interests, the second half of the 19th
Kissinger, in 1973, said: " We century.
cannot let Chile become
Marxist because its people
are irresponsible ." be Atlantic, fostered,
The state is the above all, by the ever-
problem, not the solution present sword of
Damocles of
communism.
CRISIS During that —eg--
ECONOMIC decade the 80's 90's
70's US would
contribute its Wit h
share to abort Allende's h
dismantling of the e
socialist attempts in Chile byThis new
liberal USSR, this
supporting the military's hi Neoliberal ideology
pronouncement in 1973. doctrine
s reaches its maximum
will reach
th expression throughout
The advance of fullness
e the world.
neoliberalism in Europe during the 1980s
NEOLIBERAL MEXICO

The disincorporation of these companies 1988).

was due to the fact that “they were Subscription
neither strategic nor a priority for national of the North American Free Trade
development,” an argument presented in Agreement (NAFTA) between Mexico,
an informative the United States and Canada, in
Miguel de la
document by the federal January 1994;
Madrid's six-
year term
government (SHCP, DOSNgIT
salt flats
1982 1988
Gortari

It begins with the sale The federal ))

(UUV008
and privatization of government
had participation in 55
the first parastatal 45 fro th (uU2m.2
companies economy, m to
branches e
last year hi
participation covered only , s
branches
23
Creates the Afores
MERCANTILISM 2
PHYSIOCRACY 3
MARXIST THEORY 8
THE CONTRIBUTIONS OF THE NEOCLASSICAL SCHOOL 9
KEYNESIAN REVOLUTION 10
MONETARISM 11
STRUCTURALISM 13
DOSNgIT 17
)) (UUV00855 (uU2m.2 17

greatly reducing and

education superior, eliminating the budget
given to public universities
1994-2000
Ernesto
Zedillo
MERCANTILISM 2
PHYSIOCRACY 3
MARXIST THEORY 8
THE CONTRIBUTIONS OF THE NEOCLASSICAL SCHOOL 9
KEYNESIAN REVOLUTION 10
MONETARISM 11
STRUCTURALISM 13
DOSNgIT 17
)) (UUV00855 (uU2m.2 17

Vincent Fox
2000- 2006
participation of
private capital in
the areas of Continuity in
communication attempts to
privatize the
energy industry
Gradual
privatization of
health services,
and the growing
trend of the
disappearance of
workers' social
security