Abstract
Introduction.The article explores the evolution of the global economic system in the context of economic theories developed by Smith, Keynes, and Friedman and the impact of propaganda on that evolution. Materials and methods.The study used both General scientific and traditional methods used in political science and Economics. Research result.The influence of propaganda is evidenced by the uprise of the Keynes-Bernays model in the middle of the 20th century, followed by the neo-economic model the beginning of the 21st century in which propaganda is dominating. In this model supply and demand, as well as value added, quotations, prices, etc. are created by the flows of information. Furthermore, the article introduces the “rule of four parts” which is characteristic of the modern labor market in developed countries. The data about the newest computer technologies in propaganda lead to the conclusions on its new potential in politics and economics. Conclusion.The authors postulate the synergy between propaganda and economy, a phenomenon which requires further research.
Highlights
The article explores the evolution of the global economic system in the context of economic theories developed by Smith, Keynes, and Friedman and the impact of propaganda on that evolution
The authors postulate the synergy between propaganda and economy, a phenomenon which requires further research
Political economy as a science emerged in the late 18th century due mainly to the work of Adam Smith
Summary
The article explores the evolution of the global economic system in the context of economic theories developed by Smith, Keynes, and Friedman and the impact of propaganda on that evolution. It should be noted that up to the 19th century most of national economies developed due to appropriation of the lion’s share of value created by working masses including slaves.
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