This seminar will explore the role of crisis in policy change. After exploring the theoretical debates on political economic and institutional change, we will examine in detail the impact of crisis in the past century. We will focus particular attention on the Great Depression, the stagflation of the 1970s, and the recent financial crisis. In each case, crisis forced a reappraisal of accepted economic and political theories, scrutiny of existing institutions, and efforts (successful and unsuccessful) to introduce new policies and institutions. |