Inflationary Times: Money, Currency, and Debt in History

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What is inflation? What are its causes and consequences? Inflation has become a pressing concern recently, as prices of fuel, food, and consumer goods have ticked upwards at alarming rates. From the ongoing COVID-19 pandemic, war in Ukraine, and climate disasters, current inflationary pressures are inseparable from the major events disrupting the global economy. This is as much the case today as it was following the discovery of silver mines in Potosí (Bolivia), the French Revolution, the breakdown of Bretton Woods, or the 1980s debt crises in Latin America. This course explores the economic and social consequences of inflation across history. It also considers the economic models used to explain the rise and fall of prices—and how economists and policy-makers experiment with new formulas when old ones appear obsolete. By exploring inflationary moments in historical perspective, this seminar explores topics like the political and social meanings of money, how to build trust in a new currency, and what governments can do (or tried to do) to correct financial crisis. Students will be asked to explore past moments of financial and economic crises on their own terms, but also to look for how the past can offer lessons for the present.