Capitalism in Crisis: The global economic crisis explained
4.6 (95 ratings)
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Capitalism in Crisis: The global economic crisis explained

The global economy is teetering of the verge of collapsing into a new great depression. Learn why and what's next.
4.6 (95 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
669 students enrolled
Created by Richard Duncan
Last updated 3/2013
Price: $50
30-Day Money-Back Guarantee
  • 2.5 hours on-demand video
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • To give the student a rock solid understanding of the greatest challenge confronting the world today.
  • To provide a framework through which the student will be able to interpret developments as this crisis continues to unfold.
  • To enhance the student's ability to respond to this crisis, first as a member of a democratic society that must decide how to respond to this crisis, and second as an individual who must manage his or her financial affairs.
View Curriculum
  • Access to Udemy. No prior knowledge of economics is required.

The global economy is in crisis and teetering on the edge of collapsing into a new Great Depression.  If it does, the economic and geopolitical consequences will be catastrophic.  In this global economic crisis course, Richard Duncan provides a comprehensive explanation of how this calamity came about.  Topics include the abandonment of economic orthodoxy, the end of sound money and the consequences of unbalanced trade.  An easy to understand analytical framework that explains all aspects of the crisis is introduced; and the rationale for the government's policy response to the crisis is made clear.  With this knowledge, the student will be well positioned to anticipate how the global economic crisis will evolve during the months and years ahead.

Richard is the author of three books on the global economic crisis and has more than 25 years of experience working in financial markets.

Take this Capitalism in Crisis now and learn about the global economic crisis.

Who is the target audience?
  • This course is intended for everyone who needs to understand the crisis in the global economy and what is likely to happen next: investors, business managers, journalists, students of economics, students of history, all voters and, especially, policymakers.
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Curriculum For This Course
16 Lectures
Abandoned Principles
4 Lectures 31:55
This introduction describes what this course will teach.  It also highlights how close we are to once again collapsing into a new Great Depression.
Preview 06:10

After the Great Depression the United States took steps to restore economic stability, guided by the key principles of economic orthodoxy.  Here we see how this was achieved.
Restoring Stability After The Great Depression

During the 1960s, the government spent too much money on war and on social welfare programs.  As a result, global economic stability began to unravel.  
1960s America: Too Much, Too Soon

In 1968, the Fed stopped backing dollars with gold.  Three years later the Bretton Woods international monetary system collapsed.   This lecture explains why.
The End of Sound Money
Global Imbalances
4 Lectures 41:12
After the Bretton Woods System broke down, massive US trade deficits began to flood the world with excessive dollar liquidity.  Here we see how unbalanced trade created the global imbalances that have brought the world to the brink of disaster.  
The Consequences of Unbalanced Trade

Foreign Exchange Reserves - now approaching US$11 trillion - are one of the most important and least understood aspects of the global economy.  Here their role is explained.
Foreign Exchange Reserves

This lecture describes how the dollars sent abroad as a result of the US trade deficit boomeranged back into the United States and created an economic bubble there.
Preview 16:04

The Dollar Standard lacks an automatic adjustment mechanism to prevent large and persistent trade imbalances between nations.  That is its tragic flaw.
Flaws In The Dollar Standard
The Role Of Credit
4 Lectures 34:26
Total credit in the US expanded fifty-fold during the four and a half decades leading up to the global economic crisis.  This lecture discusses the developments that made that $50 trillion expansion of credit possible.
How Credit Slipped Its Leash

A $50 trillion expansion of credit transformed the American economy - both is size and composition.  The details are outlined here.

This lectures discusses one of the worst economic policy mistakes in the history of the United States: Financial Sector Deregulation.
Financial Sector Deregulation

The Quantity Theory of Credit is an easy to understand analytical framework that is very useful in explaining all aspects of this crisis.  It is introduced here.
The Quantity Theory Of Credit
The Policy Response
4 Lectures 34:19
Policymakers fear that if credit now begins to contract, the economy will breakdown into Depression.  Therefore the policy response is designed to ensure that credit continues to expand so as to perpetuate the Boom.  This is very important to understand because government policy is now the most important driver of asset prices. 
Perpetuating The Boom

Credit and money creation are highly inflationary.  Globalization is deflationary.  The forces behind both inflation and deflation are discussed here.  For the moment, they are completely offsetting one another, creating a unique moment in history.
Inflation - Deflation

Concluding Remarks and Contact Details

This lecture is the introduction to my second Udemy course, How The Economy Really Works.

Capitalism died in World War I. The Government manages the economy now. In order to understand where the economy is headed and what that will mean for the direction of stocks, bonds, property and commodities, it’s necessary to understand how the government manages it.

How The Economy Really Works explains how our economic system works now.

About the Instructor
Richard Duncan
4.6 Average rating
171 Reviews
968 Students
4 Courses
Author, Economist, Consultant, Lecturer

Richard Duncan is the author of three books on the global economic crisis.  The Dollar Crisis: Causes, Consequences, Cures (2003) explained why a worldwide economic calamity was inevitable given the flaws in the post-Bretton Woods international monetary system.  It was an international bestseller.  The Corruption of Capitalism (2009) described the long series of US policy mistakes responsible for the crisis.  It also outlined the policies necessary to permanently resolve it.  His latest book, published in 2012, focuses specifically on the role that credit creation has played in this disaster.  It's entitled The New Depression: The Breakdown Of The Paper Money Economy.

Since beginning his career as an equities analyst in Hong Kong in 1986, Richard has served as global head of investment strategy at ABN AMRO Asset Management in London, worked as a financial sector specialist for the World Bank in Washington D.C., and headed equity research departments for James Capel Securities and Salomon Brothers in Bangkok.  He also worked as a consultant for the IMF in Thailand during the Asia Crisis.  He is now chief economist at Blackhorse Asset Management in Singapore.

Richard has appeared frequently on CNBC, CNN, BBC and Bloomberg Television, as well as on BBC World Service Radio.  He has published articles in The Financial Times, The Far East Economic Review, FinanceAsia and CFO Asia.  He is also a well-known speaker whose audiences have included The World Economic Forum's East Asia Economic Summit in Singapore, EuroFinance Conferences in Miami and Copenhagen, The Chief Financial Officers' Roundtable in Shanghai, and the World Knowledge Forum in Seoul.

Richard studied literature an economics at Vanderbilt University (1983) and international finance at Babson College (1986); and, between the two, spent a year traveling around the world as a backpacker.