IN CONTEXT
Economic systems
Karl Marx (1818–83)
1789 Revolution sweeps away the old feudal regime and aristocracy in France.
1816 German thinker Georg Hegel explains his dialectics in The Science of Logic.
1848 Revolutions spring up throughout Europe, led by disaffected members of the middle and working classes.
1922 The USSR is established on Marxist principles under Vladimir Lenin.
1949 Mao Zedong becomes the founding father of the People’s Republic of China.
1989 The fall of the Berlin Wall symbolizes the collapse of Eastern Bloc communism.
Although much of economics is concerned with free market economies, it should not be ...
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