economics in the 1870s. Collectively, these fashioned the classical economic orthodoxy that Keynes attacked. Note however that in economic practice, as opposed to economic theory, the behavior of industrializing nations in the 19th century has frequently been described as mercantilist or embodying economic nationalism, as in the American School of 19th-century American economic practice. After Keynes The rise of Monetarism, particularly in the 1970s and via the work of Milton Friedman, is considered the next major change in mainstream economic theory and practice, and has at times been described as the "monetarist revolution". The stagflation of the 1970s led to a loss of influence by classical Keynesian economics, and continuing tensions between Keynesian economics and neoclassical economics led in the 1970s to the division between New Keynesian economics and New classical macroeconomics; these are also referred to as the saltwater school and freshwater school, due to the American universities with which they are associated. In development economics, this period is referred to as the Washington Consensus period, and the economic expansion of the 1980s, 1990s, and early 2000s has been referred to as The Great Moderation. Within academia the post WWII high point of free market economics occurred in the 1990s, with several free market economists winning the Nobel Prize. Increased skepticism concerning the free market consensus was fueled by the 1997 Asian financial crisis and the Dot-com bubble. The financial crisis of 2007–08 saw a resurgence of interest in Keynesian economics, the 2008–09 Keynesian resurgence. Background When Keynes published his General Theory in 1936, the influence of free market economics on policy making had already declined substantially compared to the almost unchallenged ascendancy it had enjoyed in Britain during the 1840s - 1860s. By the mid-1930s much of the first and second world was already under the sway of communism or fascism, with even the US departing from economic orthodoxy with the New Deal. There had not been a corresponding decline for neoclassical economics in the academic sphere however. According to economic historian Richard Cockett, within academia the prestige of free market economics was still near its peak even in the 1920s. In the 1930s neoclassical economics began to be challenged within academia, though at first by various diverse schools which apart from Marxism were mostly of only local influence - such as the Stockholm school in Sweden or in the US the Administered price theorists. In 1930, Keynes