History of Financial Crises 1637 to Present

Harvard Extension School

ECON E-1944

Section 1

CRN 26443

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The goal of this course is to discuss the almost 400 year history of financial crisis from the tulip bubble through the subprime mortgage crisis of 2008 and culminating in the collapse of the Silicon Valley Bank in 2023. We ascertain recurring historical patterns of financial bubbles without, however, overlooking critical differences. If history repeats itself, why can't we avoid making the same mistakes repeatedly? The meltdown of 2008 happened at a time when most macroeconomists (including the former Federal Reserve Chairman Ben Bernanke) were writing about how great the economy was since business cycles had vanished for all practical purposes. Theirs was not a minor slip-up, but a blunder of historical proportions with major repercussions that extend into the present day. The historical evidence enables us to gain a more thorough understanding of global finance which influences our lives to such a great extent. Our primary aim is not to concentrate on facts, theorems, or math, but rather to see the big picture in a multidisciplinary and very-long-run perspective, integrating the knowledge gained from the work of such Nobel-Prize-winning behavioral economists as Robert Shiller and Daniel Kahneman. We also explore our current economic situation, including the great recession and the aftermath of the Wall Street bailouts that forgot the people on main street and stood by as nine million families were evicted from their homes. The course ends by discussing the main impact of the COVID-19 pandemic on the financial sector and how the 2008 financial crisis contributed to the rise of populism.

Instructor Info

John Komlos, PhD

Professor of Economics, Emeritus, University of Munich


Meeting Info

M 11:00am - 1:00pm (1/26 - 5/16)

Participation Option: Online Synchronous

Deadlines

Last day to register: January 22, 2026

Notes

This course meets via web conference. Students must attend and participate at the scheduled meeting time. See minimum technology requirements.

All Sections of this Course

CRN Section # Participation Option(s) Instructor Section Status Meets Term Dates
26443 1 Online Synchronous John Komlos Open M 11:00am - 1:00pm
Jan 26 to May 16