Macroeconomics: Cycles, Crises, and Transitions
Course Description
Summary
How do economic crises reshape economies and societies? What triggers recessions, inflation, and financial upheavals—and how do governments respond? More importantly, how do these responses influence long-term economic structures and global dynamics?
This course introduces macroeconomic principles through the lens of economic crises, uncovering the forces that drive instability and change. We will explore key macroeconomic concepts—such as production, employment, inflation, monetary and fiscal policy, and financial markets—by examining major historical turning points: the Great Depression of the 1930s, the stagflation of the 1970s, the Great Recession of 2008, the COVID-19 economic shock of 2020–2021, and pivotal trade disruptions like the British Corn Laws (1815–1846), U.S. immigration restrictions (1890–1921), and the Smoot-Hawley Tariff Act (1930).
Through these cases, we will identify patterns, causes, and consequences of economic turbulence, volatility, and financial bubbles. We will also explore how crises drive deeper transformations—reshaping wealth distribution, reconfiguring communication and production technologies, redefining labor and work structures, and restructuring trade regimes at both national and international levels.
By studying these historical moments alongside macroeconomic theories, you will develop a richer understanding of how economic ideas, policy decisions, and political responses have shaped the global economy. Along the way, you will gain essential macroeconomic tools to analyze crises, interpret economic trends, and critically assess the challenges of economic stability and transition.
The course has three primary requirements:
1. Class Participation – You must attend all classes and engage deeply with assigned readings, reflections, and discussions.
2. Critical Summaries and Presentations – You will write critical summary papers, condensing and assessing the content of an article (or book chapter), and present your analysis to the class.
3. Research Paper – You will write a paper that conducts a case study on a crisis in a country that has reshaped its economy and society.
This course has no prerequisites and is open to all students interested in economic questions.
Learning Outcomes
- This course will introduce you to macroeconomic principles and applications, particularly through the lens of economic crises and transitions. You will approach economic questions through a historical perspective, exploring the complexities of economics from multiple angles, which will enhance your ability to understand and address real-world economic challenges. You will refine your skills in analyzing economic issues, evaluating evidence, and constructing well-supported arguments.
You are invited to engage in a dynamic learning community, where you will share ideas, challenge each other's perspectives, learn from others, and foster intellectual growth in a collaborative environment of mutual respect and appreciation.
- Bennington Capacities
This course provides you with a space to enhance your capacities for inquiry, research, and communication. Throughout the course, you will sharpen your ability to pose meaningful questions, investigate and analyze topics, and improve your skills in articulating your thoughts and presenting your findings, both in writing and through oral presentations.