Return To The Nep Book

This is a pretty good book, if for nothing else than the author's ability to plainly discuss and talk about the economic meltdown that occurred in 2008, as well the activities that lead up to it. I have to agree with others, though. The book was quickly written and it shows; however, it is not at all hard to follow, which is surprising when you realize Posner, as a judge, was able to break away from the legalese/court-style of writing.

What really impressed me, though, is Posner's ability to take on a potentially controversial subject and discuss it without politicizing it. Do not be put off by the title. Posner is a conservative judge (which sometimes comes though, but not in an offending way for this self-proclaimed liberal), and when he speaks of a "failure of capitalism," he is really referring to the failure of the monetarist principles. Posner starts out early by saying that both individuals and businesses acted well within expectations of natural behavior up to and during the early months of the recession (though he continuously refers to it as a depression). What failed specifically was, in Posner's opinion, the government's (in)ability to react and regulate business so as to avoid the meltdown. He goes on to talk about possible silver linings in the "depression" and solutions to addressing the economy. On some occasions, he even applies his judicial experience to how the courts might interpret Federal actions towards regulating the economy.

It gives interesting insight to the layperson interested in reading about theories regarding the economic collapse and what we can do to avoid it in the future. Though, honestly, given the numerous comparisons/similarities he provides between the 2008 and 1929 meltdowns leaves you with a feeling that the Federal Reserve and legislative and executive branches of government might very well always remain reactive, not proactive, to economic woes coming up on the horizon.