History of Economic Booms and Busts
2026–27 · A survey of financial crisis from the 17th-century Dutch capital markets to 2008, read alongside the foundational works of political economy that each crisis provoked or explained.
Course description
The emergence over the past 500 years of economic practices and arrangements in which owners of capital organize the production of commodities has produced the unimaginable growth of individual and social wealth — and a recurring cycle of boom and bust. Financial crises appeared with the first capital markets in the 17th-century Netherlands and have been with us ever since. This course examines notable episodes of financial crisis with an emphasis on the United States since 1860, and assigns the foundational works of political economy — Smith, Say, Marx, Bagehot, Veblen, Weber, Keynes, Hayek, Polanyi, and Minsky — chronologically, at the moment in history when their ideas were forged or when events most directly illuminate their arguments.
Teaching goals
- Understand major episodes of financial crisis from the 17th century to the present
- Engage critically with foundational texts in political economy and economic historiography
- Analyze primary sources: government reports, speeches, legislation, newspaper accounts, and statistical data
- Evaluate competing historiographic interpretations through structured debate and discussion
- Apply course frameworks to produce an original, evidence-based research argument
Assessment & grading
| Component | Weight | Description |
|---|---|---|
| 2 Quarter Examinations | 15% each = 30% | |
| Final Examination | 25% | Cumulative exam in January |
| Homework / Class Preparation & Engagement | 45% |
Grading scale
| A (93–100) | A– (90–92) | B+ (87–89) | B (83–86) | B– (80–82) |
| C+ (77–79) | C (73–76) | C– (70–72) | D+ (67–69) | D (63–66) |
| D– (60–62) | F (<60) |
Course policies
Attendance
More than four unexcused absences lower your final grade by one letter grade per additional absence. Arrive having completed all readings.
Late work
Papers lose one-third of a letter grade per day late. Extensions must be requested 48 hours in advance.
Academic integrity
All submitted work must be your own. Plagiarism or AI-generated text submitted as original work will be referred to the Academic Integrity Board.
Discussion standards
We engage ideas that are politically and morally contested. Argue from evidence, engage opposing views charitably, and distinguish empirical claims from normative ones.
The semester research paper
The research paper is the intellectual centerpiece of the course. Students choose an original question in economic history and pursue it through four milestone submissions.
Milestone 1 — Proposal (Week 3, 2 pages)
- Identify the crisis or phenomenon you will study
- State a preliminary research question
- List 3–5 potential primary sources and explain their evidentiary value
- Identify the historiographic debate your paper will engage
Milestone 2 — Annotated Bibliography (Week 8, 10+ sources)
- At least 4 primary sources with annotations explaining their value as evidence
- At least 6 secondary/journal sources with annotations explaining their arguments and your response
Milestone 3 — Draft (Week 17, 10–12 pages)
- Full argumentative structure: introduction with thesis, body, conclusion
- Primary source evidence integrated and analyzed throughout
- Engagement with at least two competing interpretations
Milestone 4 — Final Paper (Week 20, 15–20 pages)
- Polished argument with full footnotes in Chicago style
- Original analysis of primary sources
- Sustained engagement with the historiographic debate
Suggested topics
The Panic of 1819; the Bank Wars; the Panic of 1907; the Florida real estate bubble of the 1920s; Reconstruction-era railroad finance; the New Deal and economic recovery; postwar European monetary integration; the Nixon Shocks; stagflation; the Japanese asset bubble (1986–91); the origins of credit default swaps; the euro crisis; post-2008 inequality; or the economic consequences of any major war.