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The Return of Depression Economics and the Crisis of 2008 (Hardcover)
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The Return of Depression Economics and the Crisis of 2008 (Hardcover)
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In 1999, in The Return of Depression Economics, Paul Krugman
surveyed the economic crises that had swept across Asia and Latin
America, and pointed out 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, Krugman 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 Krugman'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.
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