The Politics of global debt

the long version

Since the 1970s country after country, throughout the world, has been devastated by an escalating and uncontrollable external debt. Why has this global debt crisis emerged? Who or what incurred the debt, and who or what is repaying it? How does the distribution of indebtedness, and its effects, relate to the distribution of political power? Does debt give the creditor power, or if sufficiently indebted can debtor states wield a countervailing power? What are the ethical issues involved? What are the consequences of debt for sovereignty, future economic strategy and sustainable development? These are some of the issues which The Politics of Global Debt seeks to address. The book is a detailed political analysis of the origins and consequences of this debt crisis. It assesses both Marxian, 'imperialist' and 'New Right' interpretations of the crisis, and also presents a series of case-studies of the effects of external debt upon Africa, Latin America, Eastern Europe and Asia. The book focuses on the 'sovereign debt' of states and its management, and examines the ways in which global economic structures, inefficient policies, weak institutions and corrupt political leaders contribute to a global debt crisis which has both international and domestic roots.