In End This Depression Now! Paul Krugman argues “Nations rich in resources, talent, and knowledge—all the ingredients for prosperity and a decent standard of living for all—remain in a state of intense pain.” He shows how the failure of regulation to keep pace with an increasingly out-of-control financial system positioned the world for the greatest financial crisis since the 1930s. Decrying the tepid response so far, he lays out the steps that must be taken to free ourselves and turn around a stagnating world economy. His is a powerful message: a strong recovery is only one step away, if our leaders find the intellectual clarity and political will to see it through.
Krugman states that only one government is “engaging in unforced austerity because it believed in the confidence fairy: David Cameron’s government in Britain.” However, “business confidence fell to levels not seen since the worst of the crisis and consumer confidence fell even below the levels of 2008-9… Yet Cameron and Osborne remain adamant that they will not change course.” He praises the Bank of England, which continues to do what it can to mitigate the slump.
Krugman looks at whether the economic collapse in Europe would have happened regardless of the US crash, what the causes of the European crisis were and why it came as such a shock. He discusses how long the euro will be seen as a unifying currency when there are such stark differences between the economic situations of countries that have adopted it.
This is Krugman at his best—direct, clear, never afraid to apportion blame at any level. A plea for common sense, dedicated “to the unemployed, who deserve better”, End This Depression Now! will become the cornerstone in the debate over how to respond to the crisis.
“...lively and readable... Krugman’s book may persuade governments to limit further austerity and that would be a fine thing.” Robin Harding, Financial Times
|W W NORTON & CO|
About this author
PAUL KRUGMAN, the recipient of the 2008 Nobel Prize in Economics, is a best-selling author, columnist and blogger for The New York Times. A professor of economics and international affairs at Princeton University, The Economist described him as “the most celebrated economist of his generation”.