Issue 2010 July 24
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US, EU economics stuck in a ‘long depression’
“We are now, I fear, in the stages of a third depression”, writes Nobel Prize-winning US economist Paul Krugman.He argues that only two previous eras in global economic history have been described as “depressions”. These were “the years of deflation and instability that followed the Panic of 1873, and the years of mass unemployment that followed the financial crisis of 1929-31”.Of the current…
