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The Return of Depression Economics and the Crisis of 2008

Paul Krugman

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The Return of Depression Economics and the Crisis of 2008

By: Paul Krugman

Narrarated by: Don Leslie

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.

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Total File Size: 181 MB (6 files) Total Length: 6 Hours, 35 Minutes

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Scott Esposito

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Scott Esposito has written about books for almost ten years. His work has appeared widely, including in the Los Angeles Times, Tin House, The Paris Review, and

12.02.08
Paul Krugman, The Return of Depression Economics and the Crisis of 2008
2008 | Label: Random House Audio

The Nobel Prize-winning economist explains how we got here and how we might get out
It’s easy to see why Paul Krugman’s The Return of Depression Economics was ignored when it was first published in 1999. In the heady days of the Internet economy and amidst the feting of Alan Greenspan, the most celebrated Fed chairman ever to hold the office, who wanted to listen to a somewhat obscure economist warning us about irresponsible fiscal policy and stock bubbles?

Now that Krugman has received a Nobel prize, and now that most of the predictions he made in The Return of Depression Economics have come true, perhaps this update will garner the audience it deserves. Krugman’s thesis remains simple but provocative: the cycle of economic growth and recession, which many economic experts long considered “conquered,” is not so easily slain. Krugman cites the Latin American economies of the ’90s — many of which imploded spectacularly in spite of government intervention — as evidence. He also looks at the strange case of Japan, which remained stubbornly stuck in a decade-long economic stagnancy despite the application of every available form of fiscal policy.

To these, Krugman can now add America’s current crisis — which bears disturbing resemblances to the earlier crises in Asia and Latin America. He first offers a compelling, lucid explanation of how the country reached this point — required reading for anyone who wants to understand its chances of beating this recession. Krugman prescribes solutions for the ailing economy, a mixture of standard Keynesian theory and lessons learned from ill-fated predecessors.

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Great book to become conversant on

JoppaRasta

modern economics and how we got to where we are today. I really enjoyed the Introduction to 20th Century Economics and even though its extremely complex even on first listen a neophyte can gather enough information here to become conversant. The reading is pretty good the only problem is that this is some pretty heady stuff and I would actually prefer if it were even slower to give us more time to digest. I guess part of my problem is that when you mention Argentina, Russia, and Indonesia my brain needs time to process my emotional reaction to those places and more background information on what you want me to think about. Instead the author presents everything in a matter of fact - "thats the way it is" voice. Still it is a condensed and potent purely intellectual commentary that is really a must read for anyone who is a public intellectual today.

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