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Author : E. Bragina
Chief Research Associate, Institute of World Economy and International Relations, Russian Academy
of Sciences, Doctor of Science (Economics)
THE PUBLICATIONS of Paul Krugman, a
renowned American economist and a 2008 Nobel
Prize winner, invariably arouse interest, occasionally
showing an out-of-the-box approach and to some
extent even shocking views and comments.
As to the book under review, with the shocking title
End This Depression Now! its second edition (the
first came out in 2012) has clearly demonstrated its
timeliness and success. What needs stressing is the
creative boldness of Krugman, who resolved, amid general pessimism, to announce the
possibility of ending the crisis "here and now." This mindset opened the door for a new
perspective of which American society was clearly in need. The position of Paul Krugman
favorably contrasted with negative socio-economic assessments of the crisis in the econ-
omy of the U.S. as well as of most of the European and developing nations. They had
taken hold in world media from 2008, when a global financial crisis hit. The fact that it
started against the backdrop of a relatively long period of economic growth, just as ex-
pected due to the cyclical nature of the world economy, made it even more painful. The
interest in Krugman's new book came from a defensive reaction to the constant discussions
among variously competent economists and policy makers about a further downturn and
protracted crisis; hence the increasing desire to hear words of encouragement and hope
from one of the contemporary economics gurus.
A short but an expressive epigraph prefaces the work, essentially determining one of its
basic propositions: "To the unemployed, who deserve better."
Interesting in the book are the author's frequent references to John Maynard Keynes, the
undoubted authority on questions of employment/unemployment/inflation - in a word,
of economic crisis.
Unusual for modern economic literature is the absence in the book of a focus on global-
ization - how the crisis relates to the position of the U.S. in the world economy, how much
external influences affect its progress and how the U.S. financial policy affects developing
markets.
Paul Krugman's work merits reader interest - it deals with pressing issues. As no country
Электронное приложение к журналу «
Международная жизнь
»
Recipe for Overcoming the Crisis Is Written but the Reality Is
More Complex