By Paul Krugman
The Great Recession is more than four years old – and counting. Yet, as Nobel Prize winning author Paul Krugman argues in this powerful new book, “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.” In End This Depression Now! Krugman shows how the failure of regulation to keep pace with an increasingly out-of-control financial system positioned the United States and the world as a whole, for the greatest financial crisis since the 1930s. Decrying the tepid response thus far, he lays out the steps that must be taken to free ourselves and turn around a world economy stagnating in deep recession. 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. What about the UK? In his chapter on “Austerians”, Krugman states that only one government is “engaging in unforced austerity because it believed in the confidence fairy: Prime Minster David Cameron’s government in Britain.”
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