Economic Risks
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Epidemics, or high-impact infectious diseases, have had an historical impact equal to that of wars, revolutions and economic crises. This course looks at the various ways in which these diseases have affected societies in Europe and North America from 1600 to the present. Contrary to optimistic mid-twentieth-century predictions, epidemic diseases still pose a major threat to human well-being. Diseases will be considered not only in their...more
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While economists didn't have a good theory of interest until Irving Fisher came along, and didn't understand the role of collateral until even later, Shakespeare understood many of these things hundreds of years earlier. The first half of this lecture examines Shakespeare's economic insights in depth, and sees how they sometimes prefigured or even surpassed Irving Fisher's intuitions. The second half of this lecture uses the concept of...more
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We can't legislate against historical trends in the global age, but we can look more closely at the well-networked superclass - those who have broad influence across international borders on a regular basis. The Superclass has money, power, and influence - but it's woefully short on ethics in the global interest. Author David Rothkopf describes this influential core of the global power structure and stresses that economic prosperity can't...more
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A plethora of Far Right and fascist organizations emerged in the wake of World War I. Economic depression, nationalism, anti-Semitism and xenophobia all played a part in this upsurge. On the left, the tension between communist revolutionaries and socialist reformers was reconciled, for a time, in the Popular Front government of Leon Blum. While the Popular Front would eventually fall, it pioneered many of the reforms and progressive...more
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French culture is threatened both by European Unification and the rise of xenophobia within France itself. The defeat of the referendum on the European Constitution testified to the dissatisfaction of many people in rural France with the economic realities of the new international community. Racist policies targeting residents of France's poor suburbs threaten the national ideal of liberty, equality, and fraternity. These problems remain...more
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The course will concern European history from 1648 to 1945. The assigned readings include both standard historical texts and works of fiction, as well as films. Although the period in question encompasses many monumental events and "great men," attention will also be paid to the development of themes over the long term and the experiences of people and groups often excluded from official histories. Among the principle questions to be...more
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This lecture deals primarily with Cantos XIX and XXVI of Inferno. Simony, the sin punished in Inferno XIX, is situated historically to point out the contiguity of the sacred and the profane and its relevance to the prophetic voice Dante established in this canto. The fine line between prophecy and profanation is shown to resurface in Inferno XXIV and XXV, where the poet falls prey, as did the pilgrim in Inferno IV, to poetic hubris. Once...more
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Estrin explains how it is difficult to reach critical mass in a tough economic environment, which prevents startups from growing enough to compete. She gives a personal example of Precept attempting to enter the market, but not reaching critical mass by the time Microsoft entered the market as well.
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Futures markets were started in Osaka, Japan in the 1600s to create an authoritative and meaningful market price for agricultural products, using standardized contracts. Since then, futures markets have been copied around the world to allow the hedging various future risks, financial and other. In the United States, the Chicago Mercantile Exchange and the Chicago Board of Trade have been the most popular futures trading markets. Although...more
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Bronfman argues that the problem with America is that while values of integrity, hard-work, the rule of law and meritocracy are exported, the advancement of opportunities is not. This is why Endeavor is such a powerful role model; it provides economic opportunities in countries where democracy cannot flourish. With the growing availability of opportunities he says, cultures change, countries evolve, and the world becomes a better and more...more
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Ramdas answers the questions, "How to approach womens' rights in other countries, without seeming an activist?"; "What are the universalities of human rights?" GFW has found that women in their respective countries are extremely good judges of what issues are most important, what risks are involved, and the best ways to address these problems without creating direct confrontation or conflict. They often fund groups of women, rather than...more
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Our understanding of the economy will be more tangible and vivid if we can in principle explain all the economic decisions of every agent in the economy. This lecture demonstrates, with two examples, how the theory lets us calculate equilibrium prices and allocations in a simple economy, either by hand or using a computer. In future lectures we shall extend this method so as to compute equilibrium in financial economies with stocks and...more
