The Return of depression economics

http://www.renaud-bray.com

http://www.renaud-bray.com

In 1999, in The Return of Depression Economics, Paul Krugman surveyedthe economic crises that had swept across Asia and Latin America, andpointed out that those crises were a warning for all of us: likediseases that have become resistant to antibiotics, the economicmaladies that caused the Great Depression were making a comeback. Inthe years that followed, as Wall Street boomed and financialwheeler-dealers made vast profits, the international crises of the1990s faded from memory. But now depression economics has come toAmerica: when the great housing bubble of the mid-2000s burst, theU.S. financial system proved as vulnerable as those of developingcountries caught up in earlier crises and a replay of the 1930s seemsall too possible. In this new, greatly updated edition of The Returnof Depression Economics, Krugman shows how the failure of regulationto keep pace with an increasingly out-of-control financial system setthe United States, and the world as a whole, up for the greatestfinancial crisis since the 1930s. He also lays out the steps thatmust be taken to contain the crisis, and turn around a world economysliding into a deep recession. Brilliantly crafted in Krugman'strademark style--lucid, lively, and supremely informed--this newedition of The Return of Depression Economics will become an instantcornerstone of the debate over how to respond to the crisis.