John Maynard Keynes was one of the most influential economists of the 20th century

The Bretton Woods economic order was built on Keynesian principles

Keynesian economics suggests that governments should actively manage economies to prevent downturns, promote employment, and regulate markets. The Bretton Woods institutions were created based on this belief that coordinated public intervention could prevent the economic crises of the 1930s.

British economist John Maynard Keynes originally proposed a global currency called the bancor

Keynes—one of the chief architects of the Bretton Woods system—proposed establishing a global central bank that would issue a new international currency, the bancor, to settle trade imbalances. The idea was rejected in favor of the US dollar serving as the main currency of the international system.

Harry Dexter White outmaneuvered Keynes to make the dollar the center of the new global monetary system

The chief US Treasury economist at the conference, White, advocated for a dollar-centered exchange rate system over Keynes' competing idea of a new global currency, shaping the postwar economic order for decades.

Modern monetary theory argues that governments can spend more without worrying about debt

In this discussion, economists Stephanie Kelton and Rohan Grey join Jon Stewart to explain modern monetary theory and debate whether expansive government spending can address inequality and economic crises without traditional debt constraints.

Adam Smith’s 'The Wealth of Nations' introduced concepts like division of labor, productivity, and free markets

Published in 1776, "The Wealth of Nations" is an influential economic work that laid the foundation for modern economic theory. Smith argued for limited government intervention and touted the benefits of self-regulating markets.

Joel Mokyr won the 2025 Economics Nobel as a historian of scientific ideas

Many Nobel Prizes for Economics go to economists for their sophisticated quantification and large-scale studies and surveys. And while Northwestern's Mokyr has conducted such studies, his published works are more traditional history, where he argues for the significance of ideas to the development of material economics.

How chaos helps explain why small market corrections can produce major economic instability

Oxford University complex systems professor Doyne Farmer discusses how predictions from many economic models are overly weighted toward simple relationships, such as supply and demand, and external shocks, such as the COVID-19 pandemic. However, real-world macroeconomic systems involve public and private actors interacting, producing feedback loops and cascading effects that resemble the oscillatory behavior seen in chaotic systems.

Time magazine named Ray Dalio one of the 100 most influential people in 2012

Dalio's profile, written by former Federal Reserve Chairman Paul Volcker, praised Dalio for his investment strategy and his deep understanding of economics, if unorthodox at times. Volcker particularly appreciated Dalio's support for the Federal Reserve's handling of the 2008 financial crisis. Dalio and Volcker were longtime friends—Dalio has referred to Volcker as "the most principled man" he knows.

The Great Depression is one of history's most notable periods of deflation

The stock market crash of 1929 helped trigger a period of deflation in the United States by creating a drastic decrease in the total money supply. Because of the United States' central role in the world economy, virtually every single country was impacted by the recession.

Central bank independence is correlated with lower inflation on average

Executives may seek to influence the central bank to reduce interest rates for political points. Since its creation in the early 20th century, the US' Federal Reserve saw the most interactions from the president during the Nixon and Ford administrations.

How Stalin, Roosevelt, and Churchill shaped the postwar world

The Yalta Conference was a pivotal 1945 meeting between Allied leaders that helped shape the postwar global order and laid the groundwork for the founding of the United Nations.

How World War II affects your wallet today

The world's deadliest conflict also impacted social programs extensively, including ways that still affect your money today. World War II is responsible for the practice of employers withholding tax payments and sponsoring health insurance, as well as the norm of providing school lunches for the nation's schoolchildren. Watch this brief video to learn more.

Network effects are the economic term for a good or service's popularity

When goods or services become especially popular, firms that provide that good or service become dominant in the market—which can ultimately lead to a monopoly.

Benjamin Graham is known as the 'father of value investing'

Graham was an investor, author, and professor who was also Warren Buffett's teacher and mentor during his time at Columbia University. Graham is still considered one of the most influential people in the world of investing today.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

After the USSR's fall, many experts believed liberal democracy had permanently prevailed

Political scientist Francis Fukuyama argued in 1992 that liberal democracy and market capitalism had defeated their ideological opponents and would eventually spread everywhere—a thesis he called "the end of history." Subsequent decades complicated that claim.

Money—not land—became Europe’s key economic driver in the Middle Age

During the medieval commercial revolution, money gradually replaced land as the primary economic commodity. Expanding trade, markets, and finance transformed Europe’s economy—laying foundations, historians argue, that were essential for the later Industrial Revolution.

Picasso was one of the 20th century's most influential artists

The artist is recognized as one of the inventors of cubism, which simplified figures and scenes into flattened geometric shapes and imagined arrangements. The movement spurred new styles in response and led to increasingly abstract art. Styles like futurism, dada, De Stijl, and art deco were built on the simple forms, abstract ideas, collage, and found objects of early cubism.

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

The Budget and Accounting Act of 1921 created the modern federal budget

Before 1921, federal funding was fragmented and ad hoc. This article traces how inefficiency and postwar pressures led Congress to pass the Budget and Accounting Act, creating a standardized, centralized federal budgeting process.

A list of the world's top 25 economies by GDP

Gross domestic product estimates the value of goods and services produced in a country, typically through the expenditure method, which adds up spending by consumers, investors and governments with the value of exports. The top five economies are the US, China, Germany, Japan and India.

Mathematical breakthroughs influenced Shakespeare’s stories

New ideas in math were transforming Europe at the time Shakespeare penned his plays, including newly popular conceptions of zero via philosophers Descartes and Leibniz.

King is a major influence on modern genre writers

Stephen King's influence is felt across literature, film, and television—even outside the many books and adaptations that make up his long and storied career. This podcast features interviews with "Lost" showrunner Damon Lindelof and horror novelist Grady Hendrix, two writers who also happen to be King superfans.

Dr. Martin Luther King Jr. shifted his focus toward economic justice in his final years

In the late 1960s, Dr. King increasingly emphasized economic inequality, labor rights, and poverty, culminating in the Poor People’s Campaign, which argued that civil rights gains were incomplete without financial security.

'One man can make a difference and every man should try.'

- Jacqueline Kennedy Onassis (1929-1994)

In 1931-32, JP Morgan Jr. paid no income taxes due to his company’s losses

This legally reduced his taxable income under existing laws. Similarly, the Rockefellers leveraged charitable foundations to minimize taxes, allowing them to preserve wealth while directing funds to their preferred causes.

The free will versus determinism debate: major thinkers weigh in

Do we have free will in our actions or are we totally determined? An all-star cast of contemporary thinkers share insights on the crucial debate.

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

See a ranking of the best (and worst) Federal Reserve Chairs since 1914 out of the 16 men and women who have held the office since.

SpongeBob exemplifies Aristotle's philosophy for living well because he understands that happiness doesn't come from external factors like money, recognition, or power.

Trace how the Bill of Rights, inspired by centuries of political theory, took shape between 1774 and 1789.

Chaos theory—informally known as the butterfly effect—is the reason why weather forecasts are presented with probabilities rather than certainties.

Mid-century modern graphic designers, known for their bright colors and bold lines in advertising, also found success with children's books.

Famed poet TS Eliot rejected the manuscript for George Orwell's political fable 'Animal Farm,' writing that its criticism of authoritarianism was not 'the right point of view.'

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

The Mona Lisa's celebrity status and repeated restorations have obscured what made the painting so revolutionary for its time

Calculate how much of your tax dollars go to each federal program based on your income, filing status, and number of children

As of 2025, the most cited papers in science include a review of graphene, methods to improve image recognition, streamlining electron density calculations, and optimizing protein studies.

The identity of the Tank Man in the iconic photo from the 1989 Tiananmen Square protests remains unknown and was possibly killed.

In 1939, baseball star Lou Gehrig delivered his inspirational 'Luckiest Man' speech after retiring due to the health condition that now bears his name.

The term 'algorithm' originated from the Latinized name of al-Khwārizmī, a 9th-century mathematician whose works introduced Arabic numerals and the decimal-based numeral system to Europe and whose treatise 'Al-Jabr' gave algebra its name.

The history of many kitchen appliances involves unexpected discoveries and applications, including wartime radar turned hamster defroster and replacing an 'ice king' with heat-stealing boxes.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

One disco producer saw 'Star Wars' four times on its opening weekend and was so inspired that he recorded the album 'Star Wars and Other Intergalactic Funk,' which produced a chart-topping single.

Hookworm infection, though risky, may help fight certain autoimmune conditions by tamping down the immune system's inflammatory response.

For centuries, it was common to sleep in two shifts: a few hours at the beginning of the night, and a longer period beginning around midnight

'Shogun,' a 1980s TV series, helped popularize sushi in the US by stimulating an American interest in Japanese culture.

US housing costs have risen by roughly 175% between 1991 and 2026—but a growing number of Gen Zers are becoming homeowners anyway. In 2025, 4% of homebuyers were Gen Z, up from 3% the year before.

Iran's Revolutionary Guard Corps is independent of Iran's regular army and is one of the most powerful and influential military-political organizations in the Middle East.