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A Fate Worse than Debt

A radical analysis of the third world debt crisis
Susan George
November 2008

How did the Third World countries accumulate a staggering trillion dollars' worth of debt? Who really shoulders the burden of reimbursement? How should we deal with the debt crisis? Susan George answers these questions with the solid evidence and verve familiar to readers of 'How the Other Half Dies'.

Debt-induced economic austerity is destroying the lives of countless Third World people who derive no benefit from the borrowed billions but must now make great sacrifices to bail out their elites. Nortern economies stagnate and unemployment soars as the South serves the banks first and slashes imports. Nature pays too, as natural resources are cashed in to service debt. Yet the crisis could be a fantastic opportunity to create greater economic justice. With enough popular pressure in both North and South, the 3-D solution - Debt, Development, Democracy - could make debt an instrument not of oppression and despair but of liberation.

 
ISBN: 
0-14-022789-x
Susan George

TNI fellow, President of the Board of TNI and honorary president of ATTAC-France [Association for Taxation of Financial Transaction to Aid Citizens]

Susan George is one of TNI's most renowned fellows for her long-term and ground-breaking analysis of global issues. Author of fourteen widely translated books, she describes her work in a cogent way that has come to define TNI: "The job of the responsible social scientist is first to uncover these forces [of wealth, power and control], to write about them clearly, without jargon... and finally..to take an advocacy position in favour of the disadvantaged, the underdogs, the victims of injustice."

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