End This Depression Now!
With a new Preface
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." He describes how Cameron’s policies are based primarily to build confidence. However, "business confidence fell to levels not seen since the worst of the crisis and consumer confidence fell even below the levels of 2008-9. The result is an economy that remains deeply depressed...Yet Cameron and Osborne remain adamant that they will not change course." Krugman praises the Bank of England, which continues to do what it can to mitigate the slump.
What about Europe? Krugman looks at whether the economic collapse in Europe would have happened regardless of the US crash, what the causes of the European crisis were and why it came as such a shock. The romance of the idea of the single currency led European leaders to brush aside the known objections and the risks in a crisis were never addressed. He discusses how long the euro will be seen as a unifying currency when there are such stark differences between the economic situations of countries that have adopted it.
Peripheral European countries are now entering austerity-induced depressions and they are systematically denying a future to their young people. Leaving the euro looks as though it may be the last chance for the worst hit countries, with no realistic alternative for recovery. The prognosis for the core of Europe does not have to be so bleak but countries must act now. Worryingly though, every small uptick in the economic news is being used to shore up the austerity mantra.
This is Krugman at his best—direct, clear, never afraid to apportion blame at any level. A passionate plea for common sense, dedicated "to the unemployed, who deserve better", End This Depression Now! will become an instant cornerstone in the debate over how to respond to the crisis.
With characteristic lucidity and insight, Krugman pursues the questions of how bad the situation really is, how we got stuck in what can now be called a depression and above all, how we free ourselves. He has a powerful message for anyone who has suffered over these past four years—a quick, strong recovery is just one step away, if our leaders can find the "intellectual clarity and political will" to end this depression now.
"...a thoroughly persuasive polemic against premature fiscal austerity in the wake of a deep recession."
Robert Harding, Financial Times
"...Krugman divides opinion like no other. To his followers, he's a saint; to his detractors, he's a false prophet with satanic intent."
Jeremy Warner, The Daily Telegraph
"Krugman...most hated and most admired columnist in the US..."
Martin Wolf, Financial Times
"It's the sort of book you wish were compulsory reading, and want to quote to anyone who'll listen, because End This Depression Now! provides a comprehensive narrative of how we have ended up doing the opposite of what logic and history tell us we must do to get out of this crisis."
Decca Aitkenhead, The Guardian
"Loathe him or love him—and Krugman's take-no-prisoners writing style has as many enemies as admirers—it is impossible to ignore him."
Ben Chu, The Independent
"I hope without much confidence that the book's wide readership includes the UK prime minister and chancellor."
Samuel Brittan, Financial Times
"Anyone persuaded by Osborne's eulogy of reduced deficits at the Mansion House last week should read Krugman's End This Depression Now! His plea for immediate, universal demand expansion is unanswerable."
Simon Jenkins, The Guardian
"[Paul Krugman] is one of a golden generation of economic thinkers...that have emerged to dominate the debate about the causes and consequences of slump."
The Jewish Chronicle
"Krugman is "feisty" and "sharp-elbowed": you might disagree with his thesis, but you'll keep on reading."
"Krugman is always an engaging writer and here he clearly sets out what must be done to get our economies back on track. Right on the money."
The Crack Magazine
"Furious but funny, Krugman's seductive style renders recondite theory readable for even the most economically illiterate."
"He [Krugman] has written a useful and timely book."
"...an excellent introduction to the state of the world economy..."
"...Krugman has written a tract for the times...It is succinct, polemical, satirical in places, advocating unashamedly Keynesian policies which, in his view, could rapidly end the recession and produce sustained growth."
"Paul Krugman breaks the mould with this practical answer to our increasingly troubled times from an economist who proves consistently right."
"...End This Depression Now! is a thoroughly captivating read which provides much food for thought..."
The Business Economic
"In this lively polemic, he [Krugman] makes a powerful case against austerity."
"... this brilliant book..."
Christmas Books 2012, Financial Times
"Nobel Laureate Paul Krugman's End This Depression Now! explains in clear, accessible language why the US and UK need a fiscal stimulus and how an austerity policy is repeating the mistakes of the 1930s."
Brian Ashcroft, The Best Reads of 2012, Scotland on Sunday
"Fascinating and timely."
London Evening Standard
May 2012 • £14.99 • ISBN 978 0 393 08877 9 • 192pp • 159 x 235mm
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February 2013 • Paper • £9.99 • ISBN 978 0 393 34508 7 • 192pp • 159 x 235mm
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