Културата е свободна, културата е свобода: Paul Krugman - The Return of Depression Economics and the Crisis of 2008

In 1999, in The Return of Depression Economics, Paul Krugman surveyed the economic crises that had swept across Asia and Latin America, and pointed out 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, Krugman 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 Krugman'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.

Contents

Introduction
About This Book

1. "The Central Problem Has Been Solved"
Capitalism Triumphant
The Taming of the Business Cycle
Technology as Savior
The Fruits of Globalization
Skeptics and Critics

2. Warning Ignored: Latin America's Crises
Mexico: Up from the 1980s
Argentina's Break with the Past
Mexico's Bad Year
The Tequila Crisis
The Great Rescue
Learning the Wrong Lessons

3. Japan's Trap
Japan as Number One
Bubble, Toil and Trouble
A Stealthy Depression
Japan's Trap
Japan Adrift
Japan's Recovery

4. Asia's Crash
The Boom
July 2, 1997
Meltdown
Contagion
Why Asia? Why 1997?
Epilogue: Argentina, 2002
The Deeper Question

5. Policy Perversity
How the International Monetary System Didn't Evolve
The Speculative Threat
The Confidence Game
Did the IMF Make the Situation Worse?

6. Masters Of The Universe
The Nature of the Beast
The Legend of George Soros
The Madness of Prime Minister Mahathir
The Attack on Hong Kong
The Potemkin Economy
The Panic of 1998

7. Greenspan's Bubbles
The Age of Greenspan
America's Designated Driver
Greenspan's Bubbles
When Bubbles Burst

8. Banking In The Shadows
The History of Banking, Simplified
The Shadow Banking System
Malign Neglect

9. The Sum Of All Fears
The Housing Bust and Its Fallout
The Non-Bank Banking Crisis
The Fed Loses Traction
The Mother of All Currency Crises
A Global Slump

10. The Return Of Depression Economics
What Is Depression Economics?
What to Do: Dealing with the Emergency
Financial Reform
The Power of Ideas