Frontmatter Introduction

Green type indicates global example

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THIRD EDITION

Paul Krugman Robin Wells

Princeton University

WORTH PUBLISHERS

A Macmillan Higher Education Company

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Vice President, Editing, Design, and Media Production: Catherine Woods

Vice President, Editorial—Sciences & Social Sciences: Charles Linsmeier

Publisher, Social and Behavioral Sciences: Kevin Feyen

Associate Publisher, Economics & Geography: Steven A. Rigolosi

Executive Development Editor: Sharon Balbos

Development Editor: Mary Walsh

Editorial Assistant: Fay Kelly

Marketing Manager: Thomas Digiano

Marketing Assistant: Tess Sanders

Executive Media Editor: Rachel Comerford

Media Editor: Lukia Kliossis

Director of Development for Print and Digital: Tracey Kuehn

Product Owner—LaunchPad: Marie McHale

Managing Editor: Lisa Kinne

Project Editor: Liz Geller

Art Director: Babs Reingold

Cover Designers: Lyndall Culbertson and Babs Reingold

Interior Layout: Paul Lacy

Interior Design: Charles Yuen

Photo Editor: Cecilia Varas

Photo Researcher: Elyse Rieder

Production Manager: Barbara Anne Seixas

Supplements Production Manager: Stacey Alexander

Supplements Project Editor: Edgar Bonilla

Composition and Illustration: TSI Graphics

Printing and Binding: RR Donnelley

See page vii for credits information. Page vii is an extension of this copyright page.

ISBN-13: 978-1-4641-3905-5

ISBN-10: 1-4641-3905-9

Library of Congress Control Number: 2014932841

©2014, 2012, 2006 by Worth Publishers

All rights reserved.

Printed in the United States of America

First printing

Worth Publishers

41 Madison Avenue

New York, NY 10010

www.worthpublishers.com

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Photo Credits

Front cover City of Shanghai: iStockphoto/Thinkstock. Girl writing on graph: iStockphoto/Thinkstock. Currency: Shutterstock. Gas prices: © Laura Gangi Pond/iStockphoto/Thinkstock. Welder: Thinkstock. Archival Depression photo: Everett Collection/Shutterstock. Neon sign in Spanish: Mikeledray/Shutterstock. p. xii Young woman and young man in TV store: iStockphoto/Thinkstock. p. xii Cotton boll: iStockphoto/Thinkstock. p. xiii City of Shanghai: iStockphoto/Thinkstock. Bank of England: Thinkstock. p. xiv Crowd in Hong Kong: Red Chopsticks/Getty Images. Cash transaction: Media Bakery. p. xv Warehouse worker: Moodboard/Alamy. Need job sign: Thinkstock. p. xvi Tax return check: Shutterstock. Bank vault: Jund Lund/Getty Images. p. xvii Ben Bernanke: Britt Leckman/Official Federal Reserve Photo. Printing U.S. notes: Thinkstock. p. xviii Map/coins: © Sadik Demiroz/Thinkstock. Archival Depression photo (Looking for Work): Everett Collection/Shutterstock. p. xxxvi Portrait: Rubberball/Superstock. Young woman and young man in TV store: iStockphoto. Boeing 787 Dreamliner: UPI/Alan Marts/Boeing/Landov. Hong Kong/Made in China: Kees Metselaar/Alamy. p. 1 Crowd in mall: Dmitrijs Dmitrijevs/Shutterstock. p. 30 Portrait: Chris Gramly/iStockphoto. Women wearing denim jeans: Thinkstock. Cotton field: © Fábio Salles/Dreamstime.com. Flooded farmland: AP Photo/Khalid Tanveer. p. 31 Cotton boll: iStockphoto/Thinkstock. p. 94 Portrait: Rubberball/Superstock. Photo of Hooverville: American Stock/Getty Images. Calculator: Thinkstock. Crowd in an urban setting: SFC/Shutterstock. Shelves of boxes: Andersen Ross/Getty Images. Shopping cart: Corbis/Superstock. p. 95 City of Shanghai: iStockphoto/Thinkstock. p. 130 Portrait: Stockbyte/Getty Images. Cutting staff and employee job reduction concept: Lightspring/Shutterstock. Job seekers at a career fair: Frances Roberts/Alamy. Supermarket check: Oleg Doroshin/Shutterstock. Gas station sign: AP Photo/Paul Sakuma. p. 131 Bank of England: Thinkstock. p. 170 Portrait: Chris Schmidt/Getty Images. The Iron Foundry, Burmeister & Wain, 1885 by Peder Severin Kroyer: Prisma/UIG via Getty Images. Smelting of the metal in a foundry: Kaband/Shutterstock. Circuit board manufacturing: Kim Steele/Getty Images. Busy streets in Shibuya Tokyo 2006: FocusJapan/Alamy. p. 171 Crowd in Hong Kong: Red Chopsticks/Getty Images. p. 204 Portrait: Sherrie Nickol/age fotostock. Conceptual money symbols with large group of people: Shutterstock. Wall Street bull statue: © Michael Belardo/Alamy. Time is money: Shutterstock. U.S. Savings Bonds: NoDerog/Getty Images. Stock market: Tupungato/Thinkstock. p. 205 Facebook: Knut Knipser/Media Bakery. p. 240 Portrait: © Klaus Mellenthin/Westend61/Corbis. People window shopping: Thinkstock. People carrying shopping bags: Monkey Business Images/Shutterstock. People window shopping: Thinkstock. Logs on truck: Johner Images/Alamy. Worker checking inventory: Moodboard/Alamy. p. 241 Foreclosure bus tour: AP Photo/Chris O’Meara. p. 272 Portrait: Luis Alvarez/Getty Images. Man shopping for laptop: PhotoAlto/Alamy. Welder cutting track rail: Tristan Savatier/Getty Images. Store closing sale: Dorset Media Service/Alamy. p. 273 Need job sign: Thinkstock. p. 312 Portrait: Yuri Arcurs Media/Superstock. U.S. dollars: Shutterstock. Tax return check: Shutterstock. National Debt clock: Marmaduke St. John/Alamy. Payment by credit card: Dmitriy Shironosov/Alamy. p. 313 Highway sign: AP Photo/The Plain Dealer, Scott Shaw. p. 344 Portrait: Tom Fullum/Getty Images. Paper money: Shutterstock. Money pouring out of bank vault: Jund Lund/Getty Images. Federal Reserve building: Visions of America/JoeSohm/Getty Images. p. 345 Detail of dollar bill: © Anna Delaw/Alamy. p. 376 Portrait: © HBSS/Corbis. Meeting room: AP Photo/Britt K. Leckman, Federal Reserve. Janet Yellen: Drew Angerer/Bloomberg via Getty Images. Hands with money: Shutterstock. Money graph: Jezper/Shutterstock. p. 377 Ben Bernanke: Britt Leckman/Official Federal Reserve Photo. p. 412 Portrait: Luis Alvarez/Getty Images. Printing U.S. dollar banknotes: Thinkstock. Tokyo street scene: Tom Bonaventure/Photographer’s Choice RF/Getty Images. Businessman with umbrella: Igor Stevanovic/Shutterstock. p. 413 Zimbabwe money: Trevor Kelly/Shutterstock. p. 452 Portrait: Tim Kitchen/Getty Images. Map and coins: © Sadik Demiroz/Thinkstock. Currency exchange board: © Image Source Plus/Alamy. Travelex Currency Exchange: Greg Balfour Evans/Alamy. Stacks of British currency: Millennium Images/SuperStock. p. 453 Exterior of Swiss bank: © Prisma Bildagentur AG/Alamy. p. 488 Portrait: Justin Horrocks/Getty Images. Children carrying picket signs: © Minnesota Historical Society/CORBIS. Man holding sign: Thomas W. Elliott. President Obama with senior advisors: White House Photo/Alamy. p. 489 Roosevelt signing Social Security bill: Universal History Archive/Getty Images.

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