Download The Coming First World Debt Crisis by Ann Pettifor PDF

By Ann Pettifor

During this booklet Ann Pettifor examines the problems of debt affecting the 1st international or OECD international locations. She strains the background and roots of the place the present overseas debt problem comes from--economic liberalization--and the restructuring of the overseas monetary structure within the early Seventies. The ebook is going directly to discover the results of excessive foreign indebtedness for governments, organizations, families and members. a massive and special contribution is Pettifor's dialogue of the justice and morality of debt.

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But for the first 14 years after 1945 most governments kept control of their citizens’ access to foreign exchange. Some restricted foreign investment and ownership within their territory. Broadly Globalization: the House that Finance Built 39 speaking, they did their best to restrict imports to what they could pay for (Milward, 1977). Under the Bretton Woods system, while the dollar was key, the US government was nevertheless subject to stiff constraints, and was obliged to ration imports in balance with earnings from exports.

Hence, almost as soon as the gold standard mechanism was in place, entire societies began to collude in trying to offset its impact. (Block, 2001) Both the nineteenth- and twentieth-century versions of these policies, were designed to protect the assets – including loans and debt repayments – of international creditors, and not the interests of nations and their people. Above all, gold and the gold standard system enabled London’s bankers to maintain their dominant role in the global economy as the world’s creditors.

As a share of America’s economy, this external deficit has more than doubled since 1999 (IMF, 2005). 2 trillion (Setser, May 2006). This is equivalent to more than 25% of GDP. The US is not the only country to build up trade deficits: Britain’s trade deficit has recently hit record levels. Somewhat alarmingly for the central banks and private lenders that have lent money to the US, American policy-makers have indicated that the US could use its power to cancel its own debts, by printing more dollars and lowering the value of the reserve currency.

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