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Diane Publishing Books
Return of Depression Economics
Paul Krugman (au)
In this book, pub. in 1999, acclaimed economic Paul Krugman gives us a sobering tour of the global economic crises of the previous two years, from the collapse of six Asian economies incl. Japan in July 1997; to the failure of the Russian economy; the Federal Reserve Board’s bailout in the U.S. of the over-leveraged Long-Term Capital Management Corp.; and Brazil’s currency crisis in early 1999. In the 1930s policymakers realized that they had to limit the free market in order to save it. By 1999, when governments worldwide had spent decades lifting regulatory restraints on trade within and across their borders, interference in markets was completely out of favor as a policy tool. Krugman suggests that a variety of capital restraints may well be in order.
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