Module Twelve: Bullion to Bull-ish 

Imagine Europe before the 1500s, where feudal lords counted sheep and peasants counted their blessings (or lack thereof). Then, enter the Renaissance: suddenly, everyone dons extravagant hats, debates the latest sonnets, and engages in commerce. This intellectual curiosity and capitalist zeal sparked a transformation, reinvigorating feudalism into a chic economic dance christened capitalism. It's akin to discovering a new gelato flavor at a Renaissance fair. This transition was marked by the rise of merchant guilds, the growth of urban centers, and the emergence of a money economy.

But brace yourselves, dear readers, for the saga doesn't conclude there. The Age of Exploration crashes upon the scene unannounced, with ships, sails, and an insatiable hunger for gold. Spain and Portugal lead the charge, venturing into the unknown to uncover new lands, spices, and perhaps a few "souvenirs" of questionable ownership. Then Columbus made his infamous 1492 voyage (sans egg trick), catalyzing the Columbian Exchange—a global swap meet that traded everything from potatoes to diseases. This exchange had profound effects on both the Old World and the New World, reshaping diets, populations, and economies.

Fast forward to the Enlightenment, where luminaries like Adam Smith emerge as economic rockstars. His seminal work, "The Wealth of Nations," debuts in 1776, extolling the virtues of free markets and the division of labor. Smith's ideas, which emphasized the importance of self-interest and competition in economic life, were a departure from the prevailing mercantilist theories of the time. Suddenly, Smith's treatise is devoured with the enthusiasm of gossip tabloids, propelling capitalism forward like a locomotive fueled by Red Bull.

But as with any coin, there's always a flip side. The Industrial Revolution emerges: a time of towering chimneys, hissing steam engines, and the stark reality of child labor. It bestows upon us the marvels of steam trains and automated looms, but also ushers in social inequality, polluted rivers, and a workforce reduced to mere cogs in the capitalist machinery. The consequences are profound, leaving an indelible mark on our economic and societal landscape.

Then, the Great Depression of the 1930s arrived, crashing the economic ball like a plummeting stock market. Cue global hysteria, breadlines, and the rise of economic doctrines like Keynesianism, advocating for governmental intervention to tame the capitalist circus and prevent a chaotic free-for-all.

Today, we grapple with the enduring legacy of this tumultuous journey. Globalization, the increasing interconnectedness and interdependence of countries through trade, investment, and cultural exchange, has shrunk our world, intertwining our fates whether we relish it. Western economic hegemony, the dominance of Western economic and political systems, has etched its influence like a regrettable tattoo, shaping everything from trade strategies to geopolitical rivalries. Income inequality, climate crisis, and the looming specter of a robot uprising (perhaps in jest) all figure prominently in our inheritance.

So why embark on this historical rollercoaster through cycles of prosperity and collapse? The answer is simple yet profound: understanding our past illuminates the path forward. The lessons learned—both triumphs and pitfalls—serve as our compass, guiding us toward a future where capitalism isn't just about amassing shiny baubles but about constructing a system that benefits all. This journey through history is not just a fascinating tale, but a crucial tool for shaping our economic future.

As we navigate the complex currents of 21st-century economics armed with centuries of wisdom, let's steer this ship towards a horizon where prosperity lifts all, not just a fortunate few. History reminds us that economic evolution is not just about survival—it's about thriving together.

THE RUNDOWN

• Transition from feudalism to capitalism after 1500 CE: Rise of trade and intellectual inquiry during the Renaissance, leading to the emergence of capitalist economic systems in Western Europe.
  
• Age of Exploration (late 15th to 17th centuries): Exploration by European powers such as Spain and Portugal, facilitating global trade networks and the Columbian Exchange between the Old and New Worlds.
  
• Enlightenment economic thought (17th and 18th centuries): Adam Smith's "The Wealth of Nations" (1776) advocating free markets and division of labor, influencing economic policies during the industrial revolution.
  
• Industrial revolution (18th and 19th centuries): Rapid technological advancements and economic growth accompanied by social inequalities, urbanization, and environmental challenges.
  
• Great Depression (1929-1930s): Global economic downturn following the stock market crash, prompting varied government responses from interventionist policies like the New Deal in the US to fascist economic approaches in Europe.
  
• Globalization (late 20th and early 21st centuries): Increased economic interdependence among nations, shaped by historical Western economic expansion and contemporary debates over economic governance.

QUESTIONS

• How did the Renaissance contribute to the transition from feudalism to capitalism in Western Europe? Discuss the role of trade, intellectual inquiry, and cultural developments.
  
• Compare and contrast the economic systems of feudalism and capitalism. What were the key factors that facilitated the shift between these two systems?
  
• To what extent did the rise of capitalism in Western Europe impact social structures and political power dynamics during the Renaissance period?

#12 Perception is Reality
 The enigmatic dance of perception, weaving its intricate tapestry between truth and deception, reality and fantasy. Buckle up, folks, for a rollercoaster journey through the labyrinth of history's funhouse mirrors, where reality wears a mask, and the truth plays hide-and-seek like a mischievous imp.

Let's kick off with a bang, shall we? The Gulf of Tonkin incident is a classic tale of international he-said-she-said. Picture it: 1964, tension fills the air, and suddenly, reports emerge of North Vietnamese attacks on American ships. Cue the suspenseful music, enter stage right, the Gulf of Tonkin Resolution, handing LBJ the keys to ramp up the Vietnam War faster than you can say, "Hold up, what just happened?" But pause for a moment because after looking it over, those attacks might've been as accurate as a unicorn sighting in Times Square. Perception, my friends, can be as elusive as a politician's sincerity, especially when wrapped in layers of political agenda.

Now, let's shift gears and bask in the glow of the Civil Rights Movement, where perception served not as a tool of manipulation but as a beacon of hope in a sea of injustice. Picture MLK Jr. striding onto the scene, armed with nothing but a dream and impeccable fashion sense, ready to tackle segregation like a pro. It wasn't merely about bus seating arrangements but about flipping the script on centuries of systemic oppression. And guess what? The perception took center stage, transforming collective outrage into legislative victories that rattled the foundations of discrimination. Talk about making lemonade out of lemons.

But the Iraq War is a tale of caution if there ever was one. Remember those WMDs? Weapons of Mass Distraction, more like. Bush and his crew sold us a shiny package that closed our eyes to the truth lurking in the shadows. Turns out, those smoking guns were nothing but smoke and mirrors, leaving behind a wake of devastation even Houdini couldn't escape. Perception, my friends, cuts through reality like a sharp blade with all the finesse of a blindfolded samurai.

And let's not overlook the #MeToo Movement, where perception became the battle cry for the silenced and oppressed. From Hollywood to Main Street, survivors rose, shouting their truths from the rooftops and bringing down industry giants like a human Jenga game. Suddenly, what was once whispered behind closed doors became a rallying cry for change, shaking the very pillars of the status quo. Perception, my friends, can spark a revolution, igniting the fuse on long-overdue reckonings.

But why stop there? Let's dive into the Cuban Missile Crisis, shall we? Two superpowers, locked in a high-stakes game of brinkmanship, each convinced the other was a hair trigger away from pushing the big red button. It was a showdown of epic proportions, a clash of egos and ideologies that held the world in suspense. Yet, amid the bluster and bravado, something miraculous emerged: diplomacy. Kennedy and Khrushchev, two men with the world's fate in their hands, saw through the smoke and mirrors to find common ground. Perception, my friends, can be a pathway to peace if only we're willing to take that leap of faith.

So, what's the takeaway for you? For better or worse, perception molds our reality in ways beyond comprehension. It's a slippery slope, a two-faced coin, a wildcard in life's deck. That's what makes it so darn intriguing.


RUNDOWN

• The Gulf of Tonkin incident during the Vietnam War shows how false stories can lead to big decisions.
• The Civil Rights Movement in the 1960s proves that when people see unfairness, they can make changes together.
• The Iraq War teaches us the danger of believing wrong information, like about weapons that weren't there.
• The #MeToo Movement, starting in 2017, helped people speak out about sexual harassment, making a difference.
• Winners often control how we see history, so it's important to think about different viewpoints.
• Learning about perception in history helps us understand truth from lies, especially in today's world of lots of information.

​
STATE OF THE WORLD

World Map, 1531 CE

In the whirlwind of 1531, history unfurled as a vibrant tapestry of discordant notes and bold strokes across a globe in flux. Europe, once draped in the velvet robes of Catholic tradition, now grappled with the fiery zeal of Martin Luther's Protestant Reformation. At the same time, monarchs like Henry VIII reshaped religion with an appetite for both wives and ecclesiastical reform. The Ming Dynasty exuded imperial poise in the East, the Mughal Empire in India embraced cultural fusion, and Japan's Ashikaga shogunate navigated internal strife. The Ottoman Empire sprawled across continents with the audacity of a conqueror fueled by double-shot espresso, while the Americas witnessed the clash of civilizations interrupted by European explorers. Africa, a bustling hub of trade and cultural exchange, enriched the global narrative. Meanwhile, Europe's Renaissance saw da Vinci and Michelangelo redefine art and science, adding their unique brushstrokes to the cultural canvas. Amidst feudalism's grip, life's trajectory hinged on stars and lords' whims, society navigated a cosmic Monopoly game of exploration. 1531, a neon-lit historical blender on max speed, promised a wild ride through uncharted territory, leaving us to brace for an ever-stranger future.

HIGHLIGHTS

We've got some fine classroom lectures coming your way, all courtesy of the RPTM podcast. These lectures will take you on a wild ride through history, exploring everything from ancient civilizations and epic battles to scientific breakthroughs and artistic revolutions. The podcast will guide you through each lecture with its no-nonsense, straight-talking style, using various sources to give you the lowdown on each topic. You won't find any fancy-pants jargon or convoluted theories here, just plain and straightforward explanations anyone can understand. So sit back and prepare to soak up some knowledge. 

LECTURES

• UNDER CONSTRUCTION!

Module 12 Lecture Notes

The Reading section—a realm where our aspirations of enlightenment often clash with the harsh realities of procrastination and the desperate reliance on Google. We soldier on through dense texts, promised 'broadening perspectives' but often wrestling with existential dread and academic pressure. With a healthy dose of sarcasm and a strong cup of coffee, I'll be your guide on this wild journey from dusty tomes to the murky depths of postmodernism. In the midst of all the pretentious prose, there's a glimmer of insight: we're all in this together, united in our struggle to survive without losing our sanity. 

READING

• Chapter 23. Darkening Decades: Recovery, Dictators, and Depression, 1920-1939
  

​
​This class utilizes the following textbook:
Sherman, Dennis, and Joyce Salisbury. The West in the World. 5th ed. McGraw Hill, 2013.
​
In the whirlwind of academia, where tweed jackets and discussions about the best coffee spot reign, Joyce Salisbury and Dennis Sherman stand out as the rebels of historical scholarship. Armed with Salisbury's Ph.D. in medieval history from Rutgers University and Sherman's academic journey from UC Berkeley to the University of Michigan, they challenge the conventional norms with their scholarly prowess and irreverent wit. Salisbury fearlessly delves into ancient violence with works like "The Blood of Martyrs" and uncovers forgotten tales of resilience in "The Encyclopedia of Women in the Ancient World." Meanwhile, Sherman, akin to an academic Indiana Jones, roams the globe contemplating French history in Parisian cafes and making history accessible with titles like "A Short History of Western Civilization." Together, they disrupt the ivory tower with their unapologetic approach and thirst for asking the tough questions.

As a dynamic duo, Salisbury and Sherman defy the stereotype of the stuffy historian. Their partnership merges Salisbury's pen, mightier than Excalibur itself, with Sherman's knack for weaving accessible narratives. They're not just scholars but cultural provocateurs challenging the status quo. So, here's to raising a glass (or a quill) to these academic renegades, who breathe life into the dusty corridors of historical scholarship with their relentless curiosity and scholarly swagger.

RUNDOWN

• Post-World War I optimism was overshadowed by economic challenges like inflation and unemployment in Southern, Central, and Eastern Europe.
  
• Political instability exacerbated uncertainties across these regions.
  
• In the Soviet Union, the Bolshevik regime faced immense tasks of rebuilding amidst civil war.
  
• In Western Europe and North America, there was a desire to return to "normalcy" after the war, but economic instability persisted.
  
• The 1929 stock market crash triggered the Great Depression, ending moments of stability and renewal.
  
• By the early 1930s, the West was divided into capitalist democracies, authoritarian regimes in Central and Eastern Europe, and the communist Soviet Union.
  
• The Great Depression deepened hardships, weakening capitalist democracies and fueling aggression in authoritarian nations.
  
• Under Stalin, the Soviet Union pursued ambitious industrialization and collectivization at great human cost.
  
• Germany, under Hitler and the Nazis, emerged ominously powerful amid the tumultuous 1930s.
  
• The decade ended with renewed fears reminiscent of the horrors of World War I, despite hopes for stability and peace after its end in 1918.

​​Howard Zinn was a historian, writer, and political activist known for his critical analysis of American history. He is particularly well-known for his counter-narrative to traditional American history accounts and highlights marginalized groups' experiences and perspectives. Zinn's work is often associated with social history and is known for his Marxist and socialist views. Larry Schweikart is also a historian, but his work and perspective are often considered more conservative. Schweikart's work is often associated with military history, and he is known for his support of free-market economics and limited government. Overall, Zinn and Schweikart have different perspectives on various historical issues and events and may interpret historical events and phenomena differently. Occasionally, we will also look at Thaddeus Russell, a historian, author, and academic. Russell has written extensively on the history of social and cultural change, and his work focuses on how marginalized and oppressed groups have challenged and transformed mainstream culture. Russell is known for his unconventional and controversial ideas, and his work has been praised for its originality and provocative nature. 

My classes utilize both Howard Zinn's A People's History of the United States and Larry Schweikart's Patriot's History of the United States, mostly in excerpts posted to the modules. 

Zinn, A People's History of the United States
 "... The forced service of seamen led to a riot against impressment in Boston in 1747. Then crowds turned against Thomas Hutchinson, a rich merchant and colonial official who had backed the governor in putting down the riot, and who also designed a currency plan for Massachusetts which seemed to discriminate against the poor. Hutchinson's house burned down, mysteriously, and a crowd gathered in the street, cursing Hutchinson and shouting, 'Let it burn!'

By the years of the Revolutionary crisis, the 1760s, the wealthy elite that controlled the British colonies on the American mainland had 150 years of experience, had learned certain things about how to rule. They had various fears, but also had developed tactics to deal with what they feared.

The Indians, they had found, were too unruly to keep as a labor force, and remained an obstacle to expansion. Black slaves were easier to control, and their profitability for southern plantations was bringing an enormous increase in the importation of slaves, who were becoming a majority in some colonies and constituted one-fifth of the entire colonial population. But the blacks were not totally submissive, and as their numbers grew, the prospect of slave rebellion grew..."                        ​

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Larry Schweikart, A Patriot's History of the United States
"... Despite lower rates, opposition arose over the new enforcement mechanisms, including the referral of all smuggling cases to admiralty courts that had judges instead of juries, which normally handled such cases. Any colonial smuggler knew that the outcome of such a trial was less often in his favor, and complaints arose that the likelihood of real prosecution and conviction was higher under the new law. A second law, the Currency Act of 1764, prohibited the colonies from issuing paper money. When combined with the taxes of the Sugar Act, colonists anticipated that the Currency Act would drain the already scarce metallic money (specie, or gold and silver coins) from America, rendering merchants helpless to counteract inflation that always followed higher taxes.

By 1764, then, colonists drew a direct correlation between paying taxes and governing, and between government intervention in the economy and inflation. A few early taxes had existed on land, but land ownership conferred voting status. Other than that, only a handful of other direct taxes were levied, especially in light of the small size and limited power of government. 'The more revenue governments had, the more mischief they could create,' was the prevailing colonial view. In sharp contrast to land taxes, Grenville’s new duties were in no way associated with rights, and all subjects—landowners or otherwise—now had to pay..."​

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Thaddeus Russell, A Renegade History of the United States​
"... Two days after taking office, Roosevelt, invoking a “national emergency,” took an unprecedented step toward autocratic power. For the first time in United States history, a president closed the nation’s banks. Then, on March 9, Congress transferred much of its power to the president and gave him sole authority over a large swath of the nation’s economy. The Trading with the Enemy Act of 1917 was amended to declare that during time of war “or during any other period of national emergency declared by the President, the President may, through any agency that he may designate, or otherwise, investigate, regulate, or prohibit, under such rules and regulations as he may prescribe, by means of licenses or otherwise, any transactions in foreign exchange, transfers of credit between or payments by banking institutions as defined by the President, and exporting, hoarding, melting, or earmarking of gold or silver coin or bullion or currency.” Congress effectively gave the president unchecked control over banks and financial transactions in general, and everything concerning gold in particular. More ominously, the new law allowed the president to alone decide when to acquire and exercise that power..."​

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Imagine a night sky devoid of moonlight, where certain episodes burst forth like celestial fireworks. One such spectacle is the Boston Riot of 1747, a grandeur that makes modern sports pandemonium seem as refined as a genteel afternoon tea. This riot, sparked by the British conscription and Thomas Hutchinson's ill-conceived fiscal maneuvers, was a pivotal moment in the lead-up to the American Revolution. Envision this: settlers, furious over these issues, clashing with Redcoats in a brawl that echoes feuding neighbors turned arch-rivals at a suburban barbecue showdown.

Now, let's turn our attention to Tommy Hutchinson, a figure not to be dismissed in his powdered wig. He was more than a colonial luminary; he embodied everything the locals despised about British governance—stingy policies and a knack for stirring up trouble faster than a whirlwind in a chicken coop. When his stately abode was engulfed in flames in 1765, amidst a furious public outcry, the cheers and jeers seemed to reverberate through the cobblestone streets. Hutchinson's role in the Stamp Act crisis, where he was seen as a key advocate for the British government, was a significant factor in the public's reaction. It wasn't just a house on fire; it was a blazing manifesto against economic oppression and bureaucratic blundering—a magnificent conflagration of discontent that set the stage for revolutionary fervor.

But the drama didn't end there, my friends. Let's leap forward to the 1760s, where colonial elites grappled not only with governance quandaries but also with the ethical quandary of their age: how to govern burgeoning colonies without compromising their moral compasses. Envision debates hotter than a midsummer sun, where the economic pragmatism of human enslavement was pitted against moral turpitude, all while delicately expanding westward into Native American territories without inciting full-scale conflict.

And if that weren't sufficient, enter stage right: the British, with their brilliant notion of micromanaging colonial economies through acts like the Currency Act of 1764 and the Sugar Act. These acts, which imposed strict regulations and taxes on colonial trade, were not mere bureaucratic dampeners but akin to hosting a keg party and decreeing water as the sole beverage. Predictably, colonists were less than enthused about directives on their hard-earned earnings or the proper sweetness level of their tea. The economic impact of these acts, coupled with the perceived infringement on colonial rights, led to widespread protests, boycotts, and the birth pangs of a nation clamoring for self-determination.

Fast forward a few centuries to 1933—enter President Roosevelt, riding in like a cowboy astride a New Deal stallion, ready to corral the Great Depression with emergency decrees and bold reforms. The New Deal, a series of economic and social programs to provide relief, recovery, and reform during the Great Depression, was viewed as an overreach of government power. Critics argue it represented excessive government intervention and significantly departed from traditional policies. Its impact on the role of the government in the economy and society is still a subject of debate, with some pointing to long-term negative consequences.

This tapestry of history isn't merely ancient tales—it's the blueprint illuminating our past and guiding our future trajectory. It demands grappling with profound questions: the balance of governmental power versus individual autonomy, the enduring scars of past injustices, and the intricate ballet between personal freedoms and state authority.

So, the next time you sip your latte and peruse the headlines, spare a moment for Tommy Hutchinson and his blazing mansion or Roosevelt and his New Deal alchemy. Behind every policy and proclamation lies a narrative of struggle—a tale of civilization's effort to tame chaos, for better or worse. And within this messy, magnificent saga lies the key to unraveling today's mysteries, armed with historical insight and a dash of irreverent humor. For example, understanding the historical context of current debates over the role of government in the economy can help us make more informed decisions about economic policy. Or, considering the historical roots of social and political movements can help us better understand their goals and strategies.

THE RUNDOWN

• Boston Riot (1747): Riot in Boston against impressment and Thomas Hutchinson's controversial currency plan, highlighting tensions between colonists and British authorities over economic policies.
  
• Colonial Elite and Governance (1760s): American elite faced challenges governing diverse populations, including Native Americans and African slaves, shaping colonial economic and social dynamics.
  
• Colonial Opposition to British Policies (1764): Colonists protested new British measures like the Currency Act and Sugar Act, seeking greater economic autonomy and representation.
  
• Expansion of Presidential Powers (1933): President Roosevelt expanded powers during the Great Depression through emergency decrees and legislative reforms, reshaping federal government's role in economic management
  
• Currency Act of 1764: Prohibited colonies from issuing paper money, intensifying colonial grievances and perceptions of economic control by Britain.
  
• Trading with the Enemy Act of 1917: Amended to grant president extensive authority over banking and gold during emergencies, illustrating wartime expansions of executive powers.

​
QUESTIONS

• What were the lasting effects of the Boston Riot on colonial attitudes towards British authority and governance?
• Discuss the long-term constitutional implications of Roosevelt's actions for the balance of powers between the executive, legislative, and judicial branches.
  
• Evaluate the economic consequences of prohibiting colonies from issuing paper money.
  

Revolutionary era cartoon showing US sawing of the horn of a cow (symbolizing a break from British commerce) with a distressed Englishman watching as other European powers wait to collect milk from the new nation, now independent of the Empire.

Prepare to be transported into the captivating realm of historical films and videos. Brace yourselves for a mind-bending odyssey through time as we embark on a cinematic expedition. Within these flickering frames, the past morphs into a vivid tapestry of triumphs, tragedies, and transformative moments that have shaped the very fabric of our existence. We shall immerse ourselves in a whirlwind of visual narratives, dissecting the nuances of artistic interpretations, examining the storytelling techniques, and voraciously devouring historical accuracy with the ferocity of a time-traveling historian. So strap in, hold tight, and prepare to have your perception of history forever shattered by the mesmerizing lens of the camera.

​WATCH

• How a Random Flower Became the Bitcoin of the 1600s (2021) - 11 min. 
  
  

THE RUNDOWN
Once upon a time, a tale in a world like ours unfolded woven from threads of absurdity and greed. Picture the Netherlands, 17th century: the air thick with tulips, those captivating flowers coveted like today's iPhones, but with more petals and less iCloud. Tulips transcended mere flowers to become investments, their prices soaring faster than a SpaceX rocket, fueled by speculation and social status. Conversations at dinner parties shifted from politics to tulip futures, akin to a 17th-century Wall Street. Then, a twist—a biological virus- created kaleidoscope tulips, igniting a frenzy reminiscent of Willy Wonka's golden ticket hunt. But like all bubbles, this one burst overnight, leaving tulips worthless and investors in despair. This is a cautionary tale, a reminder of the consequences of unchecked greed and the importance of learning from history. Fast forward to the 21st century, enter cryptocurrencies—Bitcoin, Ethereum—echoing tulip mania with digital wallets replacing porcelain vases. The moral? Human nature endures, drawn to shiny novelties promising wealth and status, yet cautioning against bubbles that rise and inevitably burst, leaving dreams dashed but lessons learned.

​Welcome to the mind-bending Key Terms extravaganza of our history class learning module. Brace yourselves; we will unravel the cryptic codes, secret handshakes, and linguistic labyrinths that make up the twisted tapestry of historical knowledge. These key terms are the Rosetta Stones of our academic journey, the skeleton keys to unlocking the enigmatic doors of comprehension. They're like historical Swiss Army knives, equipped with blades of definition and corkscrews of contextual examples, ready to pierce through the fog of confusion and liberate your intellectual curiosity. By harnessing the power of these mighty key terms, you'll possess the superhuman ability to traverse the treacherous terrains of primary sources, surf the tumultuous waves of academic texts, and engage in epic battles of historical debate. The past awaits, and the key terms are keys to unlocking its dazzling secrets. 
​
KEY TERMS
1531 CE - Antwerp Stock Exchange
1602 CE - Dutch East India Company 
1651 CE - Navigation Acts 
1688 CE - The Glorious Revolution and Financial Reforms
1694 CE - Bank of England
1773 CE - Boston Tea Party and Western Civilization
1776 CE - Adam Smith’s "The Wealth of Nations" 
1807 CE - Abolition of the Slave Trade Act in the British Empire
1848 CE- Communist Manifesto and Western Civilization
1863 CE - National Banking Act in the United States
1896 CE - Dow Jones Industrial Average
1913 CE - Establishment of the Federal Reserve System in the United States.
1944 CE - Bretton Woods Conference
1947 CE - The Marshall Plan
1957 CE - European Economic Community
1971 CE - Nixon Shock
1973 CE - OPEC Oil Embargo and Energy in Economics
1992 CE - The European Union and the Euro
2008 CE - The Great Recession
2016 CE - Brexit and Economic Relations

​DISCLAIMER: Welcome scholars to the wild and wacky world of history class. This isn't your granddaddy's boring ol' lecture, baby. We will take a trip through time, which will be one wild ride. I know some of you are in a brick-and-mortar setting, while others are in the vast digital wasteland. But fear not; we're all in this together. Online students might miss out on some in-person interaction, but you can still join in on the fun. This little shindig aims to get you all engaged with the course material and understand how past societies have shaped the world we know today. We'll talk about revolutions, wars, and other crazy stuff. So get ready, kids, because it's going to be one heck of a trip. And for all, you online students out there, don't be shy. Please share your thoughts and ideas with the rest of us. The Professor will do his best to give everyone an equal opportunity to learn, so don't hold back. So, let's do this thing!

Activity #1: UNDER CONSTRUCTION

Activity #2: UNDER CONSTRUCTION​

​Ladies and gentlemen, gather 'round for the pièce de résistance of this classroom module - the summary section. As we embark on this tantalizing journey, we'll savor the exquisite flavors of knowledge, highlighting the fundamental ingredients and spices that have seasoned our minds throughout these captivating lessons. Prepare to indulge in a savory recap that will leave your intellectual taste buds tingling, serving as a passport to further enlightenment.​

The chronicle of economics unfolds as a grand narrative, interwoven with ambition, occasional strokes of brilliance, and the quirks of human folly. Imagine an era when feudal lords traded in their rusty swords for polished business cards, and serfs exchanged muddy fields for vibrant market squares. This metamorphosis was not a sudden phenomenon but a hesitant waltz that commenced after the Renaissance.

The Renaissance, a pivotal epoch of rebirth and rebranding, not only sparked a passion for art and literature but also catalyzed a shift in economic paradigms. It was a time when merchants, once confined to the shadows of castles, emerged wielding spreadsheets instead of swords, initiating the gradual transition from feudalism to capitalism.

The Age of Exploration burst onto the scene like a boisterous uncle at a wedding, with ships venturing into the unknown, chasing dreams of spices and silks, and inadvertently discovering entire continents. The Columbian Exchange was not just a trade of goods; it was a monumental swap meet that revolutionized diets and economies and, unfortunately, introduced new diseases (thank you, globalization).

Fast forward a few centuries and enter the Enlightenment—a period of profound thoughts and deeper pockets. Here, Adam Smith, the virtuoso economist, penned 'The Wealth of Nations,' delivering capitalism its inaugural symphony. Smith, a single individual, had a profound impact on economic thought, reminding us of the power of one in shaping history.

Then dawned the Industrial Revolution, where chimneys belched progress while workers coughed up their health. Technological marvels blossomed like mushrooms after a rainstorm, yet so did disparities, slums, and a growing concern that perhaps we were too emotional in our planetary alterations.

Leap into the 20th century—a rollercoaster of economic peaks and troughs. The Great Depression crashed the party like an uninvited guest, leaving everyone scrambling for spare change. Enter FDR and his New Deal—an era of unprecedented government intervention—because nothing heralds economic revival like an alphabet soup of agencies.

Meanwhile, across the pond, Europe experimented with fashionable economic ideologies like fascism and communism—because who settles for pedestrian capitalism when an authoritarian chic is an option?

Then, like a persistent pop-up ad, globalization emerged in the late 20th century. Suddenly, everyone was interconnected—economically and culturally, and even your grandma's knitting club had a global supply chain. Western economic dominance spread like wildfire (a sensitive metaphor?), ushering in prosperity, iPhones, and debates over whether cultural diversity was worth sacrificing for a Starbucks on every corner.

But fear not; Western economics also birthed innovations that improved our lives—medicines that extend our days and gadgets that entertain us while robots handle the struggle.

So why delve into this whirlwind tour of economic history? Well, it's akin to binge-watching a soap opera—it reveals the betrayals, triumphs, and fortunes amassed. It reminds us that behind every financial spreadsheet or market crash lies a human saga—of ambition, fear, and sometimes, hope. Understanding economic history isn't merely about balancing ledgers, navigating ethical dilemmas, and ensuring progress doesn't trample on people, the planet, or principles. It's about equipping ourselves with the knowledge to make informed decisions that shape our future.

In conclusion (because every good story needs one), the saga of Western economics isn't just a lesson in supply and demand; it's a mirror reflecting our collective highs and lows, our aspirations and fears. It serves as a reminder that though we've distanced ourselves from feudal lords and their antiquated flaws, pursuing prosperity and justice remains an ongoing journey. In this tightrope act, equilibrium is paramount.

Or, in others words:

• Transition from Feudalism to Capitalism (after 1500 CE): Renaissance sparks trade and intellectual growth in Western Europe, paving the way for capitalist economies.
• Age of Exploration (late 15th to 17th centuries): European exploration leads to global trade networks and the Columbian Exchange, impacting economies on both sides of the Atlantic.
• Enlightenment Economic Thought (17th and 18th centuries): Adam Smith's "The Wealth of Nations" (1776) advocates for free markets and division of labor, influencing economic policies during industrialization.
• Industrial Revolution (18th and 19th centuries): Rapid technological advances drive economic growth but also increase social inequalities and environmental challenges.
• Great Depression (1929-1930s): Global economic downturn prompts varied government responses, like Roosevelt's New Deal in the US, to stabilize economies and address social welfare.
• Globalization (late 20th and early 21st centuries): Increased economic interdependence among nations shapes modern economic governance and sparks debates on trade policies.

​ASSIGNMENTS

• Forum Discussion #13

Remember all assignments, tests and quizzes must be submitted official via BLACKBOARD
​
Forum Discussion #13

Milton Friedman was a renowned economist known for his advocacy of free-market principles, and the Free To Choose Network promotes these ideas through educational programs and media initiatives. Watch the following:

Please answer the following question:
​​
Milton Friedman, a prominent economist, argues that the free market promotes global cooperation and harmony among diverse peoples. Based on Friedman's lecture, discuss how the production of a simple pencil exemplifies this idea. Consider the role of global trade, specialization, and the price system in fostering cooperation among individuals from different parts of the world. Share your views on whether you agree or disagree with Friedman's perspective, providing reasons and examples to support your position.
​​
Need help? Remember the Discussion Board Rubric.
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THE RUNDOWN
Milton Friedman's lecture underscores the essence of the free market principles advocated by Adam Smith, using the humble pencil as a powerful example. He illustrates how this seemingly simple object, sourced from diverse materials across the globe, involves the cooperation of thousands of people with disparate backgrounds and beliefs. Friedman, in a thought-provoking manner, contends that no individual possesses the knowledge or capability to produce a pencil independently; instead, its creation hinges on the decentralized coordination facilitated by the price system. This impersonal mechanism, he stresses, is the key to aligning the efforts of producers and consumers worldwide, promoting economic efficiency and fostering harmony and peace among people of different languages, religions, and cultures. He argues that the free market's ability to unite people through voluntary exchange highlights its crucial role in driving prosperity and advancing global cooperation and mutual understanding.

Hey, welcome to the work cited section! Here's where you'll find all the heavy hitters that inspired the content you've just consumed. Some might think citations are as dull as unbuttered toast, but nothing gets my intellectual juices flowing like a good reference list. Don't get me wrong, just because we've cited a source; doesn't mean we're always going to see eye-to-eye. But that's the beauty of it - it's up to you to chew on the material and come to conclusions. Listen, we've gone to great lengths to ensure these citations are accurate, but let's face it, we're all human. So, give us a holler if you notice any mistakes or suggest more sources. We're always looking to up our game. Ultimately, it's all about pursuing knowledge and truth. ​​​

Work Cited:

• ​UNDER CONSTRUCTION​​

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Module 11

HST 102

Module 13