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Reviews of The Return of Depression Economics by Paul Krugman
Amazon.com
What do babysitting coops and liquidity traps have in common? Lots,
according to Paul Krugman. In The Return of Depression Economics,
the MIT professor looks at the alarming string of financial crises that
plagued various economies around the globe in the 1990s, especially the
Asian contagion, and sees an "eerie resemblance to the Great
Depression." Instead of the "new world order" promised by the triumph
of capitalism over socialism, "the world economy has turned out to be a
much more dangerous place than we imagined."
Buy Paul Krugman's book The return of Depression Economics at amazon by clicking here
Krugman uses the example of a Washington, D.C., babysitting coop to
explain the dynamics of recession and inflation. He examines the
remarkable emergence of Asia and the precursors to the Asian mess--the
Tequila Effect of the mid-'90s that began in Mexico and Japan's fall in
the
early '90s into an economic malaise. He then analyzes the underlying
reasons for the collapse of the Thai baht and other Asian currencies as
well as the subsequent actions of the IMF and the murky role of hedge
funds. In the end, Krugman sees the return of depression economics,
which "means that for the first time in two generations, failures on the
demand side of the economy--insufficient private spending to make use
of the available productive capacity--have become the clear and present
limitation on prosperity for a large part of the world." It's the same
problem that was at the root of the 1930s depression. And while it took
a world war to solve that problem, Krugman sees solutions that are far
less dramatic but that do require a willingness to chuck obsolete doctrines
and think about old problems in new ways.
Over the years, Krugman has earned a well-deserved reputation for
translating the jargon that economists speak into something that anyone
with an interest--not necessarily a Ph.D.--can understand. The Return of
Depression Economics is another timely testament to Krugman's ability
to read and interpret the tea leaves of today's global economy. Highly
recommended. --Harry C. Edwards
The New York Times Book Review, Floyd Norris
...excellent.... reading Krugman as he glances over the economic history
of the past several decades is both enjoyable and thought-provoking.
Book Description of The Return of Depression Economics by Paul Krugman
Surely the Great Depression could never happen again. Or could it? One
of the world's top economists gives us a sobering tour of the global
economic crises of the last two years. Today, the terrible tragedy of the
Great Depression looks gratuitous and unnecessary: Our economists and
policy makers simply have gained too many tools, too much experience
since then. It could never happen again. Or could it? Over the course of
the last two years, six Asian economies have experienced an economic
slump that bears an eerie resemblance to the Great Depression. Russia,
once a military superpower but today an economic midget, defaulted on
its debt in 1998, an event that, halfway around the world, drove Brazilian
interest rates through the roof and terrified the US bond market. Some
of
the brightest financiers in the world, working for Long-Term Capital
Corporation, thought they had the market licked only to find themselves
in a jam that had all the makings of the over-leveraged positions that
caused the 1929 stock market crash. Then, in January of 1999, it was
Brazil's turn, with a financial crisis and currency devaluation that is
still
playing itself out. Paul Krugman, who "writes better than any economist
since John Maynard Keynes" according to Fortune magazine, recounts
these events and more: he points out that they raise significant questions
for which economists may not have answers.
About the Author of The Return of Depression Economics: Paul Krugman
Paul Krugman is Professor of Economics at the Massachusetts Institute
of Technology. His book "The Age of Diminished Expectations" was
called "perhaps the best little book on economics in the past ten years."
(Boston Globe), and another, "Peddling Prosperity," was hailed as "The
best primer around on recent US economic history." (Newsweek).
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