For undergraduate students and general readers with some background in economics, Knoop (economics and business, Cornell College) surveys fundamental business cycle theories and key market failures. He discusses classical, Keynesian, and other economic theories and their development and policy implications, and provides studies of major business cycle downturns in the US from the Great Depression and postwar recessions to the new economy of the 1990s, the 2001 recession, and the 2007 global financial crisis, added in a new chapter in this edition. This edition also has updated statistics, coverage of recent international crises in East Asia and Japan, a new chapter on financial market crashes and panics and the role finance plays in macroeconomic volatility, and an updated chapter on what is known and not known about business cycles. Praeger is an imprint of ABC-CLIO, LLC. Annotation ©2010 Book News, Inc., Portland, OR (booknews.com)