Historical and Institutional Economics

Consider one of the following 6 periods of time
1. Greece/Rome during antiquity
2. England during the dark ages/middle ages
3. Britain during the industrial revolution
4. The United States/United Kingdom during the great depression
5. Europe during the post WW2 period
6. China/Russia during their transition away from Communism

Write an essay that considers the economic policy/ economic structure during this time and compare it to the modern economic theory in western economies. You should present a hypothesis that argues a specific view about the success or failure of the polices proposed in the two time periods. Focus should be directed towards areas of difference though similarities should also be considered. In particular you should consider a specific salient (major/important) event during this period and compare how the policy makes of the time responded to the problem and compare this to how western countries have dealt with modern salient events (the great recession or the corona virus being the 2 obvious choices but you can chose another).

1. Structure: Abstract, Introduction, conclusion, and overall presentation (25 Marks)
2. Research: key context in both cases, short review of literature & clear referencing (25 Marks) 3: Theory: Hypothesis, Relevant Economic Theory & Policy for both time periods. Introduce theoretical diagrams to explain these policies along with formula and data if relevant. (25 Marks) 4: Analysis & Discussion: Analyses the two sets of theories/policies considering how successful they were with a focus on the main salient event, a discussion with a focus on what we can learn from these events. (25 Marks)