Development and crises of the advanced economies, with particular emphasis on trade relations with third world countries. Economic impact of war, business cycles, and social movements. This course is equivalent to Economics 115; students will not receive credit for both courses.

This course looks at the massive economic and social changes that shaped the 20th century. As a compass that guides us through the century we will use the work of the Austro-Hungarian economic historian Karl Polanyi who in mid-century published the seminal book The Great Transformation. Therein Polanyi describes the pitfalls of an ultra-liberal capitalism that had emerged in the 19th century and predicted the more regulated from of capitalism that took shape after the Second World War. Polanyi did not foresee that the period of extraordinary growth and prosperity in the 1950s and 60s was followed by another major transition in the 1970s. The century’s second Great Transformation contained a return of a more (neo)liberal form of capitalism. The liberalization of markets and the cutting-back of the state was followed by a new wave of globalization and financialization and, ultimately, the 2008/9 financial crash.

Repeat Rules

Course is not repeatable for credit.

Requirements class fulfills