Final answer:
Thomas Friedman compares our current crisis to the financial crisis of the late 2000s. He discusses the economic challenges and approaches taken to address the crisis, highlighting the role of economists like Keynes.
Step-by-step explanation:
In his book The World Is Flat: A Brief History of the Twenty-First Century, Thomas Friedman compares our current crisis to the financial crisis that occurred in the late 2000s. He discusses how the economic slowdown and massive capital flight led to fiscal and current account deficits, similar to what happened during the Great Depression. Additionally, Friedman highlights the role of economists like Keynes and the implementation of Keynesian guidelines by the Obama administration in addressing the crisis.
This comparison helps us understand the economic challenges faced by different periods and the approaches taken to mitigate them. By studying history and economic theories, we can learn valuable lessons and make informed decisions to improve the current state of the economy.