Since ancient times, various schools of economic thought have emerged, with exponents of the stature of Aristotle, Plato and Pythagoras. Starting in the Middle Ages, this story took a little more shape, generating new currents of thought, with a frequency of an accelerated pace. With the product influences of mercantilism, physiocratism and the classical school, an economy framed in both the human sciences and the exact sciences is shaped. During the 20th century, most schools were in decline, but others gained strength.
It is during the aforementioned century that the Chicago School of Economics arises, whose main precursors are George Stigler (Nobel Prize in Economics in 1982) and Milton Friedman (Nobel Prize in Economics in 1976). The University of Chicago was the cradle of these ideals, specifically in the Department of Economics and the Booth School of Business. Within his macroeconomic theory, Keynesian theory is openly rejected and wrapped up in the theories of monetarism. It is known that the term was coined to name the professors who dictated their chairs at the Booth School of Business and the Faculty of Law; however, some declare not to consider themselves part of this philosophy.
It should be noted that a large part of the monetary policies that regulate the World Bank and the International Monetary Fund were drawn from the Chicago School. Some critics emphasize that the adoption of this school as the dominant one, led to the Great Recession of 2008, due to the neglect of the corrective and compensatory procedures, present in Keynesian theory.
