After the bankruptcy of Lehman Brothers three years ago, the world is living under the Great Recession. To face the crisis, US president George W. Bush advocated the Ownership Society. Yet, the US economy fell into its worse economic recession since the Great Depression, which quickly expanded to the rest of the world. The new US President Barack Obama, the Fed and the ECB have more recently undertaken fiscal and monetary expansionary policies. This book discusses what can economics say about the great recession, and what it suggests to do. Professor David Laidler, one of the most outstanding monetary economists and economic historians, inquires into what old economic thinkers can say. Dean Rowena Pecchenino, from National University of Ireland Maynooth, approaches the causes that underlie the European economic situation. Professor Jose Noguera analyze the role of oil in the current economic scenario, and Vittorio Corbo, former president of the Central Bank of Chile, discusses the role of monetary policy and its ability to deal with financial fragility. The book grew up from a conference organized by the Center of Finance at the University of Santiago de Chile.