Explore the profound impact of economics on world history in this 30-minute lecture from Wondrium. Delve into how economic practices have shaped every aspect of human civilization, from trade and politics to warfare and diplomacy. Examine the definitions of free markets by influential economists like Keynes, Heller, and Smith. Investigate production and distribution methods throughout history, and learn to identify the key characteristics of capitalism. Understand the crucial role of institutions in economic history and compare different theoretical perspectives, including Neoclassical, Marxist, and World Systems Theory. Gain a solid foundation for understanding economic history and its relevance to contemporary global issues, providing valuable context for interpreting current economic headlines and future trends.