Meets the following requirements: HS   

Joseph Schumpeter in 1942 used the phrase "creative destruction" to describe the process by which capitalism creates vibrant economic growth and new technologies and modes of production, but in doing so destroys organizations and relationships linked to older technologies and modes of production, often with adverse effects on individuals and communities.  Many observers feel that Schumpeter's description is even more appropriate today, as information technologies and the long arm of multinational capitalism create vast new potential for economic growth and  improvement in living standards, while rapidly altering social and environmental relationships,  marginalizing those communities unable or unwilling to adapt, and exacerbating existing inequalities. This course gives the student currency in the dynamic issues surrounding 21st Century capitalist economies (including "advanced," developing, and robber/crony capitalisms) using an institutionalist approach; as such, the course focuses more on using a variety of approaches to understanding economic phenomena, and less on imparting the standard body of neoclassical theory (although the latter will be used where appropriate).  Fundamental capitalistic structures and processes are examined and contrasted with traditional and command economies. Major attention is given to the role of multinational corporations in the global economy. Other topics  include technology, stock markets and investing, money and central banks such as the U.S. Federal Reserve, business cycles, unemployment and inflation, trade and currency issues, consumerism and the nature of work, and whatever other topics students collectively wish to explore. Student evaluation is via multiple diagnostic tools, possibly including quizzes, reading questions, a current event portfolio, written book reviews or issue analysis, and oral exams.

Level: Introductory.  Lab fee:$20.  *HS*