Teaching Workshop
A.Y. 2021/2022
Learning objectives
This workshop investigates the history of financial crises in the modern and contemporary ages. Rather than the contingent causes that provoked them, the focus is on the structural conditions that made them possible. Therefore, the workshop will propose a discussion of the role of money and credit, and an analysis of monetary systems and policies, as well as financial institutions and practices, in their historical evolution, with the aim of contributing to the development of the ability to critically understand the various aspects of the phenomenon of financial crises.
Expected learning outcomes
By the end of the workshop, students will have acquired the ability to understand the basic functions and dynamics of the monetary and financial system and to examine the phenomenon of financial crises by tracing their evolution in modern and contemporary history and by employing the basic categories of economic theory (no previous economic or mathematical skills are required). They will also be able to place major innovations and financial crises in their historical and institutional contexts. Having to carry out individual work, through activities assigned by the teacher and then discussed collectively, students will finally be able to use the appropriate linguistic tools (language competence, correct specific vocabulary) to express themselves on the subject in written and oral form, and in a clear and effective way. These skills will be acquired through a direct and continuous debate with the teacher and with fellow students in the classroom, in which the discussion around the students' work will be a moment of critical reflection and methodological learning. Students unable to attend will have the opportunity to use the teaching tools made available by the teacher on Ariel, to deepen the main topics through appropriate readings agreed with the teacher, and of course to consult with the teacher both via email and during office hours.
Lesson period: Second semester
Single course
This course cannot be attended as a single course. Please check our list of single courses to find the ones available for enrolment.
Course syllabus and organization
Single session
Responsible
Lesson period
Second semester
More specific information on the delivery modes of training activities for academic year 2021/22 will be provided over the coming months, based on the evolution of the public health situation.
Course syllabus
Syllabus:
1. Functions and forms of finance
2. The intrinsic precariousness of the financial market
3. Crisis at the center: Nasdaq, subprime, Eurozone debt
4. Crises in the periphery: financial globalization; debt, banking and currency crises
5. Dollar crisis and oil crises
6. Gold standard, gold exchange standard and crisis of '29
7. English financial revolution, South Sea Bubble and System of Law
8. General Discussion
9. Discussion of student presentations
10. Discussion of the cases presented by the students
After an introductory reflection on the functions of finance and on the peculiar instability of market finance, the workshop will propose a journey back in financial history through the main points of rupture that have produced the most significant crises, to go back to the first financial crises following the creation of the three connotative institutions of the capitalist system: stock exchange, treasury and central bank. Students will be encouraged from the first lessons to participate in the discussion and to identify a topic for further study or a case study, starting from personal interests and from the topics presented in class.
The research topic will be defined together with the instructor in the Lab and will be developed by the student into an essay that will be presented and discussed in one of the final classes.
1. Functions and forms of finance
2. The intrinsic precariousness of the financial market
3. Crisis at the center: Nasdaq, subprime, Eurozone debt
4. Crises in the periphery: financial globalization; debt, banking and currency crises
5. Dollar crisis and oil crises
6. Gold standard, gold exchange standard and crisis of '29
7. English financial revolution, South Sea Bubble and System of Law
8. General Discussion
9. Discussion of student presentations
10. Discussion of the cases presented by the students
After an introductory reflection on the functions of finance and on the peculiar instability of market finance, the workshop will propose a journey back in financial history through the main points of rupture that have produced the most significant crises, to go back to the first financial crises following the creation of the three connotative institutions of the capitalist system: stock exchange, treasury and central bank. Students will be encouraged from the first lessons to participate in the discussion and to identify a topic for further study or a case study, starting from personal interests and from the topics presented in class.
The research topic will be defined together with the instructor in the Lab and will be developed by the student into an essay that will be presented and discussed in one of the final classes.
Prerequisites for admission
The Laboratory is addressed to students of all courses of the two-year degree in History, up to a maximum of 35 students, and is open to attending students (up to a limit of 25) and not attending students (up to a limit of 10).
Interested students can register on the Ariel page of the degree program (https://cdlsss.ariel.ctu.unimi.it/v5/Home/) on the appropriate forum. Registration will open in February 2022.
In case the number of students enrolled in the course exceeds the established limits, the selection criterion will be the chronological order of enrollment.
Interested students can register on the Ariel page of the degree program (https://cdlsss.ariel.ctu.unimi.it/v5/Home/) on the appropriate forum. Registration will open in February 2022.
In case the number of students enrolled in the course exceeds the established limits, the selection criterion will be the chronological order of enrollment.
Teaching methods
The course consists of two parts. The first part consists of a series of 7 lectures, in which, starting from an initial reading, the teacher will be in charge of presenting the topic and submitting it to the students' discussion. The second part includes the 3 final lessons, in which students will be asked in turn to present and discuss with the teacher and their peers the themes or cases they have explored in a written essay. Having a highly interactive nature, all lectures will be held in presence in classrooms indicated in due time on the Ariel page of the course, provided that conditions and sanitary arrangements allow it.
Teaching Resources
Reference Texts:
J. M. Keynes, The General Theory of Employment, Interest and Money, Macmillan, London, 1936, chapter 12.
M. Amato and L. Fantacci, The End of Finance, Polity, Cambridge, 2012, Part Two. History, chapters I-XI.
Additional material may be provided during the course.
J. M. Keynes, The General Theory of Employment, Interest and Money, Macmillan, London, 1936, chapter 12.
M. Amato and L. Fantacci, The End of Finance, Polity, Cambridge, 2012, Part Two. History, chapters I-XI.
Additional material may be provided during the course.
Assessment methods and Criteria
The passing of the course for attending students is subject to:
- the attendance of 80% of the lessons
- the presentation of a final essay, of about 2000 words, that the student will have to discuss in class during the last lesson.
Both the attendance of the lessons and the active and collaborative participation in them, as well as the writing of a good quality essay are essential requirements in order to obtain the 3 CFU.
Non-attending students will have to write an essay, of about 2500 words, to be agreed upon directly with the teacher by March 15, and handed in by May 10.
- the attendance of 80% of the lessons
- the presentation of a final essay, of about 2000 words, that the student will have to discuss in class during the last lesson.
Both the attendance of the lessons and the active and collaborative participation in them, as well as the writing of a good quality essay are essential requirements in order to obtain the 3 CFU.
Non-attending students will have to write an essay, of about 2500 words, to be agreed upon directly with the teacher by March 15, and handed in by May 10.
Professor(s)
Reception:
Tuesday 11.30-13.00
By appointment, in presence in my office or online on Teams