Economic and Financial Crises in American History
From the Gilder Lehrman Institute of American History:
"The financial crisis and the ensuing economic recession of 2007-09 serve to remind us that such crises and downturns have been recurring events in American history. They have occurred on average once every fifteen to twenty years since 1789. In this seminar we will study the causes of some major financial crises—those of 1792, 1837-39, 1873, 1893-95, 1907, 1929-33, 1989-90, and 2007-09—and will explore the social, political, and economic consequences of the crises. We will discuss the typical pattern of most of the crises, differences among them, and issues such as whether legislative and regulatory responses to a crisis make subsequent crises more or less likely. Participants will visit the Museum of American Finance on Wall Street to gain a better understanding of the complexities of our financial system, how it developed over two centuries, and how periodically it has crashed on the rocks of excessive risk taking and speculation."