Overview

Paul Krugman examines how the forces that produced the Great Depression resurfaced during the 2008 financial collapse. He traces connections among asset bubbles, fragile banking systems, and failures in regulation, showing why advanced economies became vulnerable.

Updated after the 2008 crisis, the book explains the mechanics of financial contagion and why crises that once hit emerging markets spread to developed nations. Krugman summarizes how policy choices—regulatory gaps, inadequate oversight, and delayed fiscal responses—amplified the downturn.

Why read this analysis: it offers clear economic diagnosis and practical policy directions, including steps to stabilize credit markets and coordinate government responses to avoid prolonged recession.

• Key topics: causes of financial crises
• Focus: regulation, housing bubble, macroeconomic policy
• Suitable for students, policy readers, and anyone studying recent economic history

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