This class will look at a wide range of economies throughout world history to examine the role of institutions in economic activity. The general question addressed in this course is, "How do cultural norms or historical circumstances change our ability to use standard economic models to understand economic events? " Instead of attacking this question on a broad front, we will use historical case studies to get at specific issues. First we will examine how cultural norms affected people's decisions to invest in education in a variety of countries in the nineteenth century, including Japan and Sweden. Second, the contrast of fourteenth century China and Industrial Revolution England will illustrate the role of institutions in technological innovation. Finally, we will look at the role of international and national institutions in the spread of economic downturns by contrasting recessions of the late nineteenth and early twentieth century (including the Great Depression) with the recent Asian Crisis. Format: seminar. Requirements: several short papers, two class presentations, and a research paper. Prerequisites: Economics 251 and 252, or permission of instructor. Enrollment limit: 20.

FRANKL