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Capitalism in Crisis: The global economic crisis explained
The global economy is teetering of the verge of collapsing into a new great depression. Learn why and what's next.
To give the student a rock solid understanding of the greatest challenge confronting the world today.
To provide a framework through which the student will be able to interpret developments as this crisis continues to unfold.
To enhance the student's ability to respond to this crisis, first as a member of a democratic society that must decide how to respond to this crisis, and second as an individual who must manage his or her financial affairs.
The global economy is in crisis and teetering on the edge of collapsing into a new Great Depression. If it does, the economic and geopolitical consequences will be catastrophic. In this global economic crisis course, Richard Duncan provides a comprehensive explanation of how this calamity came about. Topics include the abandonment of economic orthodoxy, the end of sound money and the consequences of unbalanced trade. An easy to understand analytical framework that explains all aspects of the crisis is introduced; and the rationale for the government's policy response to the crisis is made clear. With this knowledge, the student will be well positioned to anticipate how the global economic crisis will evolve during the months and years ahead.
Richard is the author of three books on the global economic crisis and has more than 25 years of experience working in financial markets.
Take this Capitalism in Crisis now and learn about the global economic crisis.
Global Imbalances
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IntroductionThis introduction describes what this course will teach. It also highlights how close we are to once again collapsing into a new Great Depression. -
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Restoring Stability After The Great DepressionAfter the Great Depression the United States took steps to restore economic stability, guided by the key principles of economic orthodoxy. Here we see how this was achieved.
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1960s America: Too Much, Too SoonDuring the 1960s, the government spent too much money on war and on social welfare programs. As a result, global economic stability began to unravel.
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4
The End of Sound MoneyIn 1968, the Fed stopped backing dollars with gold. Three years later the Bretton Woods international monetary system collapsed. This lecture explains why.
The Role Of Credit
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The Consequences of Unbalanced TradeAfter the Bretton Woods System broke down, massive US trade deficits began to flood the world with excessive dollar liquidity. Here we see how unbalanced trade created the global imbalances that have brought the world to the brink of disaster.
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Foreign Exchange ReservesForeign Exchange Reserves - now approaching US$11 trillion - are one of the most important and least understood aspects of the global economy. Here their role is explained.
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The (Im)Balance of Payments and the US Economic BubbleThis lecture describes how the dollars sent abroad as a result of the US trade deficit boomeranged back into the United States and created an economic bubble there.
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Flaws In The Dollar StandardThe Dollar Standard lacks an automatic adjustment mechanism to prevent large and persistent trade imbalances between nations. That is its tragic flaw.
The Policy Response
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How Credit Slipped Its LeashTotal credit in the US expanded fifty-fold during the four and a half decades leading up to the global economic crisis. This lecture discusses the developments that made that $50 trillion expansion of credit possible.
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CreditopiaA $50 trillion expansion of credit transformed the American economy - both is size and composition. The details are outlined here.
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Financial Sector DeregulationThis lectures discusses one of the worst economic policy mistakes in the history of the United States: Financial Sector Deregulation.
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The Quantity Theory Of CreditThe Quantity Theory of Credit is an easy to understand analytical framework that is very useful in explaining all aspects of this crisis. It is introduced here.
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