We investigate, using numerical simulations and analytical arguments, a sim
ple one-dimensional model for the swelling or the collapse of a closed poly
mer chain of size Ai, representing the dynamical evolution of a polymer in
a Theta -solvent that is rapidly changed into a good solvent (swelling) or
a bad solvent (collapse). In the case of swelling, the density profile for
intermediate times is parabolic and expands in space as t(1/3), as predicte
d by a Flory-like continuum theory. The dynamics slows down after a time pr
oportional to N-2 when the chain becomes stretched, and the polymer gets st
uck in metastable "zig-zag" configurations, from which it escapes through t
hermal activation. The size of the polymer in the final stages is found to
grow as root ln t. In the case of collapse, the chain very quickly (after.
a time of order unity) breaks up into clusters of monomers ("pearls"). The
evolution of the chain then proceeds through a slow growth of the size of t
hese metastable clusters, again evolving as the logarithm of time. S;Ve enu
merate the total number of metastable states as a function of the extension
of the chain, and deduce from this computation that the radius of the chai
n should decrease as 1 / ln(ln t). We compute the total number of metastabl
e states with a given value of the energy, and find that the complexity is
non-zero for arbitrary low energies. We also obtain the distribution of clu
ster sizes, that we compare to simple "cut-in-two" coalescence models. Fina
lly, we determine the aging properties of the dynamical structure. The suba
ging behaviour that we find is attributed to the tail of the distribution a
t small cluster sizes, corresponding to anomalously "fast" clusters (as com
pared to the average). S;Ve argue that this mechanism for subaging might ho
ld in other slowly coarsening systems.