Economic History is the academic discipline that studies how economies and economic phenomena have evolved over time. It applies economic theory to understand historical events and, conversely, uses historical evidence to test, refine, and inform economic models. By examining the long-run development of institutions, technology, trade, and living standards, this field provides crucial context for the origins of modern economic systems, investigating major transformations like the Industrial Revolution, the Great Depression, and the rise of globalization to understand the roots of contemporary prosperity, inequality, and policy challenges.