Economic Boom and Bust: Capitalism in Question

Course Code: ECON 3000

Academic Year: 2021-2022

The 2008 Subprime Mortgage Crisis shook the global economy with a force unseen in the developed world since the 1929 stock market crash. Indeed, if we look back from our current vantage point, we see that the history of the world economy over the past hundred years has been characterized by cycles of crises, by speculative excess and financial fallout. The champions of capitalism tell us that in the long run things will get better. But this course will critically investigate what economic crises can tell us about the very nature and underlying principles of our purportedly stable economic system. Specifically, from the vantage point of the most recent global economic crisis, this course will explore the contexts and consequences of the Great Depression (1929-1939), the Bretton Woods Conference and post-World War II global financial architecture, the 1973 oil crisis, and the polarization of North and South through economic relations of debt and dependence. Further, the international economic policies of the 1980s-2000s that preceded financial and food crises throughout the developing world will be examined. We need to explore such questions since in a globalized economy what happens "over there" can have a direct impact on the quality of life and the opportunities that we have "here". Category and Level: Society, Culture and Commerce, Upper Level Restrictions: None: Note: Students benefit from taking a lower level course in the Society, Culture and Commerce category prior to enrolling in this upper level course.