Money, Credit, and Financial Crisis, 1850-2020 (NEW)

R 1-4, E51-393

Examines some of the major turning points in the development of the modern (American) financial system: the Civil War Greenback movement, the rise and fall of the gold standard, Wall Street’s role in the Caribbean during the interwar period, the crash of 1929, the development of the Federal Reserve, the subprime crisis of 2007-2008, and the international effort to maintain the public bond and corporate borrowing markets under the strains of Covid-19. Concludes with the dollarization of large parts of the global economy, contemporary crises of currency devaluation and hyperinflation in the developing world, and the emergence of cryptocurrencies and digital money. While 21H.985 and 21H.986 are sequential, students have the option of taking either or both. Open to undergraduates with permission of instructor; consult department for details.