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According to Adam Smith, if labor creates value, then the amount of wealth in the world could increase by the collective efforts of a nation. Welcome to the dawn of mercantilism, which, as you'll learn here, radically redefined how rulers used economic policy-specifically to further the process of state building.
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Outbreaks, epidemics, and pandemics can have profound effects not just on human populations, but also on the economy. Discover how the Black Death shut down trade routes, lowered economic productivity, disrupted supply and demand, depressed land value, and ultimately made the medieval feudal system untenable.
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Coal wasn't the only fuel in use during the Industrial Revolution. First, Professor Harreld introduces you to other power sources that were in use at the time (including peat and animal power). Then, he takes you inside the dramatic evolution of the steam engine-a new power source that would have an irrevocable impact on the progression of the world economy.
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It took just 10 years after World War II for Japan's economy (along with that of Taiwan, Hong Kong, South Korea, and Singapore) to reemerge stronger than ever. Uncover the roots of this economic resurrection, including technology exchanges, expanded global trade, rising standards of living-and the humble transistor radio.
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Ground the ongoing fierce debate about social-welfare programs in economic history. Here, you'll explore the origins of state-sponsored social welfare, the important role played by British economist and social reformer William Beveridge, the genesis of the welfare state during the Great Depression, the welfare race.
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Ultimately, the communist system of the Soviet Union (despite the best efforts of leaders like Gorbachev and Yeltsin) was unable to offer a viable alternative to the market economy, and it collapsed in 1989 and 1990. Follow the story of the end of communist rule, from failed reforms and populist action to shortages of consumer goods and the absence of open political life.
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Discover what Great Britain's burgeoning textile trade in the 18th century reveals about why this nation was the heart of the Industrial Revolution. Consider how the introduction of a popular new product generated significant market demand, how inventors solved problems, and why the steam engine is rightly considered the decisive factor that facilitated large-scale industrial production.
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Learn how John Maynard Keynes, a founder of macroeconomics, shattered the predominant economic thinking of the 19th and early 20th centuries. What made governments the best source for moderating swings in economic performance? What did economic policymakers fail to consider in the years leading up to the Great Depression? How did tariffs and cartels work to eliminate much of free trade?
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After the Black Death, urban revolts placed a strong emphasis on the rights of European peasants. This also led to the creation of guilds and monopolies that reflected the self-interests of those in control of urban power structures. Find out how these systems helped carry the European economy through subsequent centuries.
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Professor Harreld introduces you to the origins of modern banking. First, explore the major banking revolutions that took place in Great Britain, Belgium, and Germany. Then, examine how insurance companies developed in tandem with banks; how banks fostered industrialization; and how central banks played an important role in creating a stable economic environment.
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The golden age of American capitalism was undoubtedly the 1950s and 1960s. Professor Harreld charts the development of American economic exceptionalism (aided by the U.S. automobile industry). He also examines how American exceptionalism was shaped by the Cold War, and considers whether or not it came to an end in the 1970s.
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Why have some parts of the world been left behind in terms of economic development? Should we read the economic histories of Nigeria and Bangladesh as success stories or cautionary tales? What are the different types of foreign aid that exist, and how can they best combat issues like hunger and lack of housing?
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By 1500, the Iberian kingdoms of Portugal and Spain opened up immense possibilities for the backwater European economy to take the lead on the world stage. As you follow the story of how they did it, you'll encounter the landmark Treaty of Tordesillas; the development of Crown Trade Routes; Spanish hidalgos and conquistadors; and the link between slaves, gold, and spices.
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During the Industrial Revolution, Western Europe learned to make iron products better, faster, and cheaper than ever before. Travel back to the age of iron and steel in this lecture that covers everything from new smelting processes and coke fuel to Henry Cort's inventions and the construction of early iron-frame buildings.
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Welcome to the world of mass consumption, which brought humanity into the modern economy for good. After examining what, exactly, the middle class" is, you'll ponder the economic important of mail-order catalogs, the dawn of department stores in the United States and Europe, and the birth of modern advertising."
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Industrialization was not just a helpful force but also a disruptive one. In fact, many scholars believe it led to the breakdown of the working class family structure. Investigate what this meant for families, including the destabilization of wages, the gendering of occupations, the worsening of working conditions, and the rise of our modern ideas of class consciousness.
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By 1910, the population of Europe had tripled-and this expanding population provided manufacturers with a growing base of consumers to whom they could market goods. Professor Harreld uses 19th-century Paris as the perfect example of how a city handles (and mishandles) rapid urbanization and a huge influx of immigrants.
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At the heart of many European colonies were plantations, an economic system that relies on one mass-produced cash crop and a large, inexpensive labor force. How did Europeans solve labor supply problems in the colonies they established around the world? When (and where) did race-based slavery begin? Why did it last for so long?
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What did the age of exploration mean to the European economy? Find out in this lecture that covers the voyages of explorers like Columbus and Magellan, the reasons why Asians didn't succeed at discovering a sea route to the West, the new European commercial systems created in the Americas, and much more.
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Discover how the Asian financial crisis of 1997, the Great Recession of 2008, and the Greek debt crisis of 2009 each, in their own way, highlight the interconnected nature of today's new global economy. As you'll learn in this final lecture, the two economic changes we now face include a new phase of globalization and the reorientation of capitalism toward debt-driven growth.
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