Ökonomie in der Depression

BERKELEY – Vor etwa zehn Jahren schrieb der Nobelpreisträger in Wirtschaftswissenschaften von 2008, Paul Krugman, ein kleines Buch mit dem Titel Die Große Rezession: Was zu tun ist, damit die Weltwirtschaft nicht kippt (The Return of Depression Economics). Es fiel komplett durch.

Die ostasiatische Finanzkrise von 1997-1998 war heftig, aber kurzlebig und rasch auskuriert, sobald der IWF erkannte, dass hilflose Regierungen nicht das Problem waren, und der Finanzminister der Vereinigten Staaten, Robert Rubin, die New Yorker Banken ins Gefecht in die südkoreanische Wirtschaft schickte. Kurz darauf löste der Zusammenbruch der Dotcom-Blase 2000-2001 keine Depression aus, sondern lediglich einen so geringen Leistungsrückgang, dass er kaum den Namen „Rezession“ verdiente.

Jetzt ist Krugman mit einer überarbeiteten und erweiterten Version seines Buches wieder da, und traurigerweise ist der Zeitpunkt perfekt. Denn heute lässt sich wesentlich besser argumentieren als 1998, dass wir in den Begriffen einer „Depressionsökonomie“ denken sollten.

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