Nobel Prize® winning economist Paul Krugman shows how today's crisis parallels the events that caused the Great Depression - and explains what it will take to avoid catastrophe. In 1999, Paul surveyed the economic crisis that had swept across Asia and Latin America, and warned that those crises were a warning for all of us: like diseases that have become resistant to antibiotics, the economic maladies that caused the Great Depression were making a comeback. In the years that followed, as Wall Street boomed and financial wheeler-dealers made vast profits, the international crises of the 1990s faded from memory. But now depression economics has come to America: when the great housing bubble of the mid-2000s burst, the U.S. financial system proved as vulnerable as those of developing countries caught up in earlier crises - and a replay of the 1930s seems all too possible.
In this new, greatly updated edition of The Return of Depression Economics, Paul shows how the failure of regulation to keep pace with an increasingly out-of-control financial system set the United States, and the world as a whole, up for the greatest financial crisis since the 1930s. He also lays out the steps that must be taken to contain the crisis, and turn around a world economy sliding into a deep recession. Brilliantly crafted in Paul's trademark style - lucid, lively and supremely informed - this new edition of The Return of Depression Economics will become an instant cornerstone of the debate over how to respond to the crisis.
Customer ReviewsSee All
Great book, but...
I REALLY wish Paul could execute his own narration... there is always something lacking when an author chooses someone else's voice...
5 stars for the content but 4 stars for the audio version
Read the book!
After reading (listening to) this book and reading the two reviews above, I wonder if either reviewer actually listened to this book. If the first reviewer had read the book he would have understood that this is not a current exaggerated media reaction to the current market downturn - the original version was written ten years ago and just happens to be highly relevant to the current economic crisis. If the second reviewer had read this book he would acknowledge that the causes of economic downturns (including the current one) are far more complex and nuanced than the simplistic populist (Marx was right – it’s the greedy corporations) criticism that he levels. The bottom line is that reviews best serve readers when they evaluate the book specifically and are not used as a platform to express reviewers’ ideologies.
That being said, this book is highly relevant to both liberal and conservative thinkers as it gives insightful historical perspective on the various solutions currently being proposed to address the current economic downturn. Since this may be one of the most significant issues of our time, we need to have the knowledge and historical perspective to make informed decisions as to which economic solutions we will support.
I read this the first time around...
It was a fascinating read. Krugman addressed the policies that led to the meltdown in Latin America and Asia and pointed the way toward today. This is worth listening to if you're disinclined to read a rather wonky tome, but by all means Krugman's perspective is excellent. He didn't win the Prize in Econ by accident.
As an aside, it was inaction on the part of Hoover, typically Republican intransigence toward social welfare and other conservative responses to the crisis that exacerbated the depths of the Depression. People need to read their Econ Hist & stop relying on mainstream media for their talking points.
This item is a good start.