By 1991, following the disintegration first of the Soviet bloc and then of the Soviet Union itself, the United States was left standing tall as the only global super-power. Not only the 20th but even the 21st century seemed destined to be the American centuries. But that super-optimism did not last long.

In 1971, President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing currency war that had destroyed faith in the U.S. dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon.

In 1971, President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing currency war that had destroyed faith in the U.S. dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon.

Stay up to date with the current global financial crisis with a special revised edition of PRINCIPLES OF MICROECONOMICS, 6E, the popular text by accomplished economic expert John B. Taylor and co-author Akila Weerapana. As former Undersecretary of the Treasury for International Affairs and one of the most respected voices in economics, Taylor provides unique insights into today's issues. Updated graphs, figures, and popular learning features present the latest issues and data, including coverage of the Obama Administration.

In 2020, the U.S. foreign debt reached a critical size - the first time in its history, the U.S. government defaulted. The world's banking system collapsed, and the world plunged into the Great Depression. The ensuing anarchy has become fertile ground for a new redistribution of the world - China is trying to seize Siberia, India to settle scores with Pakistan, Quebec declares independence. The world was plunged into chaos, a new era of human development. Top any of the 250 countries and make it a superpower, to subdue the weak and destroy the rebels - a new order!

In 2020, the U.S. foreign debt reached a critical size - the first time in its history, the U.S. government defaulted. The world's banking system collapsed, and the world plunged into the Great Depression. The ensuing anarchy has become fertile ground for a new redistribution of the world - China is trying to seize Siberia, India to settle scores with Pakistan, Quebec declares independence. The world was plunged into chaos, a new era of human development. Top any of the 250 countries and make it a superpower, to subdue the weak and destroy the rebels - a new order!

This innovative book focuses on the current global financial crisis and the inadequacies of the economic theories being used to guide policy. In so doing, it tackles the economic theories that have been used firstly to understand its causes and thereafter to contain the damage it has brought.

This innovative book focuses on the current global financial crisis and the inadequacies of the economic theories being used to guide policy. In so doing, it tackles the economic theories that have been used firstly to understand its causes and thereafter to contain the damage it has brought.