ECON 054. Global Capitalism Since 1920

This course will study global capitalism over the last century, focusing on the interplay between events, economic theories and policies. The issues to be examined include: financial market booms and busts; business cycles; inequality; the social welfare state; technological change and economic growth; and international trade and financial arrangements. The time period covers: the Roaring Twenties; the Great Depression, the post war Golden Age (1945-1973); the stagflation of the 1970s; the Thatcher-Reagan-Greenspan-Bush era of market liberalization (1980-2007); and the financial crisis and Great Recession of 2007-2010. Economic theories include: the classical laissez-faire view; Schumpeter's theory of "creative destruction"; Keynes and the "neo-classical synthesis" advocating a mixed economy; Minsky's theory of financial instability; Friedman, the efficient-markets hypothesis, and the "new classical" critiques of government interventions; and emerging ideas in response to the present crisis. The course will chronicle and compare economic policy and performance of the United States, Europe, Japan, and the developing world (Asia, Latin America, Africa).
Prerequisite: ECON 001 .
Social sciences.
1 credit.
Spring 2020. Golub.
Catalog chapter: Economics  
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