BUSINESS
12/12/2011 02:28 am ET Updated Jul 29, 2013

Paul Krugman On Depression And Democracy

It’s time to start calling the current situation what it is: a depression. True, it’s not a full replay of the Great Depression, but that’s cold comfort. Unemployment in both America and Europe remains disastrously high. Leaders and institutions are increasingly discredited. And democratic values are under siege.

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