Arn Kawano's Reviews > The Return of Depression Economics and the Crisis of 2008

The Return of Depression Economics and the Crisis of 2008 by Paul Krugman
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bookshelves: political-economy

Reading this book reminded me of The Confessions of St. Augustine in which St. Augustine expounded on all the reasons that he should be an atheist yet he could never break from his faith in God and saw his questioning as a symptom of not having enough faith. In this book, Paul Krugman describes numerous recent financial crises that naturally arise from global capitalism yet he cannot break from his faith in capitalism (perhaps because professed socialists don't get Nobel Prizes in Economics nor write for The New York Times).

Mr. Krugman gives numerous examples of how capitalism fails to provide sustainable growth, yet he clings to his faith with hopes that believing in capitalism even mightier (with massive government stimulus of the capitalist system) will revive the system under cardiac arrest. One concludes Mr. Krugman's book completely confused as to the actual causes of the series of crises he chronicles. Is society just at the mercy of inter-related but seemingly unresolvable economic riddles? The best antidote to this confusion is "The Great Financial Crisis" by Foster and Magdoff. These authors are not afraid of being intellectually honest and breaking away from blind faith in capitalism resulting in a coherent analysis of our present economic predicament.
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Reading Progress

Started Reading
January 1, 2009 – Finished Reading
April 10, 2009 – Shelved
August 26, 2013 – Shelved as: political-economy

Comments Showing 1-1 of 1 (1 new)

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message 1: by Sho (new)

Sho Nice review, I'll be reading the book you have mentioned here instead.


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