The Coming First World Debt Crisis

by Pettifor, Ann

• ISBN13: 9780230007857
• ISBN10: 0230007856
• Format: Hardcover
• Copyright: 2006-11-28
• Publisher: Palgrave Macmillan

Summary

In this book, Ann Pettifor turns her attention from the debt crises of low-income countries to the ballooning debts of the rich, or 'first world' countries. She examines the history, politics and ethics of the coming 'first world' debt crisis, by paying particular attention to financial de-regulation and the 1970s re-structuring of the international financial system. The book highlights threats posed by high levels of debt to governments, corporations, households and individuals. But Pettifor also demonstrates that these debts have implications for the ecosystem, as debtors accelerate their rate of extraction of the earth's assets. An important and unique contribution is Pettifor's discussion of the ethical framework within which debt has been allowed to grow, and the implications for faith organizations. Pettifor contrasts Islam's condemnation of interest and usury with Christianity's more relaxed approach to money-lending, and calls on faith organizations to emulate their prophets and once again 'chase money-lenders from the temple'. Pettifor's book makes a strong appeal for new political alliances, particularly between Industry and Labour; and for changes to personal lifestyles; to regulatory systems and to the international financial architecture. Book jacket.

Author Biography

ANN PETTIFOR was the co-founder of Jubilee 2000 which campaigned for debt relief at the turn of the millennium and is now a Director of Advocacy International, which works with debtor governments, and has helped countries like Nigeria, Ethiopia and Guyana write off millions of dollars of debt.

Table of Contents

The International Financial System: At the Root of the Crisis * Understanding Money * Debt: Personal, Household, Corporate and Sovereign * The Bubble and the Coming De(b)tonation * Debt and Ethics: An Age-old Struggle * What Is to Be Done? * Conclusion

The International Financial System: At the Root of the Crisis * Understanding Money * Debt: Personal, Household, Corporate and Sovereign * The Bubble and the Coming De(b)tonation * Debt and Ethics: An Age-old Struggle * What Is to Be Done? * Conclusion