Course: Economic History (5210-452)

Persons:

• Prof. Dr. Sibylle Lehmann-Hasemeyer (verantwortlich)

Type of Course:

exercise

In-Class Hours Per Week:

2

Contents:

Throughout history, the world has seen countries lending, borrowing, crashing -and
recovering facing different types of crises. By covering large shocks to the world
economy and crisis of different countries and continents over a long period, this
lecture will give a comprehensive overview of the varieties of shocks crises as well
as its causes and consequences in the long run. We will start off with a general
overview of the large economic changes in the world economy in the last 1000
years (such as the industrial revolution and the first wave of globalisation). We will
then turn to financial crisis and start here with the Tulip Mania in Amsterdam in the
17th century, where at the peak of the bubble some single tulip bulbs were sold for
more than 10 times the annual income of a skilled craftsman and we will end with
the subprime crisis of 2008. There are some lessons from history to show us how
much -or how little -we have learned.

Literature:

Carmen M. Reinhart & Kenneth S. Rogoff “This Time Is
Different: Eight Centuries of Financial Folly” Princeton University
Press. Further readings will be announced in the lecture.

Location:

Hohenheim

Module:

• 5210-450 This time is different (compulsory)