A Fate Worse than Debt
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.