Islamic capitalism began in the 8th century within the Caliphate. This system featured partnerships known as mudaraba and credit instruments like bills of exchange to facilitate long-distance trade across the Mediterranean world.
Anders Chydenius published The National Gain in 1765, which was eleven years before Adam Smith released The Wealth of Nations. Chydenius was a Finnish priest who proposed freedom of trade and industry alongside democracy and human rights.
The German Historical school emerged in the 19th century holding that history was key to understanding human actions. Wilhelm Roscher led the Older tendency while Gustav von Schmoller directed the Younger group and Max Weber joined the Youngest tendency under Werner Sombart.
Institutional economics traces its name to a 1919 American Economic Review article by Walton H. Hamilton. Thorstein Veblen focused on instinct-oriented dichotomy between technology and ceremonial spheres of society within this framework.
The Chicago School developed monetarism as an alternative to Keynesianism at the University of Chicago. Milton Friedman influenced macroeconomic modeling through rational expectations theories during this period.