‘Those who cannot learn from history are doomed to repeat it’. Do you agree?
You should illustrate your answer with at least one relevant and appropriate historical case study of a financial innovation, bubble or crisis. use Google Scholar to identify reliable and relevant material.
Choosing a case study :
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You should pick a sufficiently historical case study – part of the assignment is to show your ability to compare across different contexts to 1) identify any similarities/patterns but also 2) recognise the significance of changes in the underlying technology/economy/understanding of finance.
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Looking at the NFT bubble in 2021/22 or even the Global Financial Crisis in 2007/8 will not give you the same opportunities to analyze changes over time compared to the Railway Mania in the 1840s or the Wall Street Crash of 1929.
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As you read and think further, try to be more precise and focused. In a short essay, you cannot cover all the possible lessons from 1929 in any detail. The more successful essays will recognise this and concentrate on a particular lesson and how it might (or might not) still have relevance today.
some Exampels :
– Case Study:The Global Financial Crisis, 2007
– Types of innovation (OECD 2005)
– What is a financial bubble Suggested historical case studies:
1.Tulipmania
2.South Sea Bubble
3.Railwaymania
4. 1929 “roaring twenties” US boom (stock market and property)
essay should include :
• Demonstrate your knowledge and understanding of your chosen historical case study and modern financial markets
• analyze the key factors in the historical case study and whether these can provide any wider lessons for participants in the modern financial system
• apply these lessons to modern finance (or explain why these lessons are not applicable today)
• evaluate whether such historical reflection has any practical value or not
You should construct a well-reasoned argument to support your answer to the question and demonstrate the above elements. The recommended structure is a ‘five paragraph’ essay with an introduction and conclusion framing the key points that will support your argument. Note that you do not need to use three key points – some essays may focus on two, four or five – although it is best not to try to cover too many different topics as you may not be able to engage with each of them in sufficient depth.
– The essay should be written in an academic style with full referencing (using the Harvard authordate system)
– Make sure that you answer the question (in this case, whether you agree with that we can learn lessons from history or not.
– Think about your structure – does the introduction provide the motivation/context for the question, signpost your structure and frame key themes? In terms of the body of the essay, does it flow are the links between the different topics clear? Finally, does the conclusion effectively summarize the key points and your answer to the question.
– Proof-read the essay carefully for spelling and grammar but also for sense (are my points clear?) and check your referencing for accuracy and consistency.