The Coming First World Debt Crisis
In 2005, the Bank for International Settlements stated:
Growing domestic and international debt has created the conditions for global economic and financial crisis.
In this book Ann Pettifor examines the issues of debt affecting the first world or OECD countries. She traces the history and roots of where the current international debt crisis comes from – economic liberalization – and the restructuring of the international financial architecture in the early 1970s.
The book goes on to explore the implications of high international indebtedness for governments, corporations, households and individuals. An important and unique contribution is Pettifor’s discussion of the justice and morality of debt.
She includes such topics as:
- Globalization – The House That Finance Built
- Costless Money and Costly Credit
- Easy Credit: Costly Debts
- Poor Country Debt Crisis: Causes and Parallels
- and many more.
The book was published in 2006 and reading it today, you will be able to see that we are in fact living through what was predicted years earlier.
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