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I.o.u: The Debt Threat And Way We Must Defuse It (pb)2005 by Hertz
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I.O.U: THE DEBT THREAT AND WAY WE MUST DEFUSE IT (pb)2005
Author: NOREENA HERTZ
ISBN: 0007178999
Year: 2005
Publisher: HARPER COLLINS PUBLISHERS (UK)300
Category: ORGANIZATIONAL / BUSINESS ADMINISTRATION
Edition: 1
Format: Paperback
Language: English
Pages: 304
 ABOUT THE TITLE
For every $1 the West gives to developing countries in aid, developing countries pay the West $9 in debt service.
At the beginning of the new millennium we are witnessing a global debt crisis of unprecedented size. Sub-Saharan Africa owes $200 billion, Brazil $223.8 billion, Argentina $155 billion. Why does this matter? In this shocking, ground-breaking book, Noreena Hertz shows that these numbers matter because they account for millions of people dying of AIDS; for the rainforests being cut down; for poverty, illiteracy, terrorism and war. These numbers matter because they will affect all of our lives if the balance is not redressed.
IOU is a story of avarice but also of vulnerability; of power asymmetries and misuse of influence; of corrupt dictators and careless lenders; of Cold War interests and Wall Street pressure; of third world governments who get given it, and third world people who have no access to it. Noreena Hertz, one of the world's leading experts on economic globalisation, argues that this is not an issue of left or right: it is an issue of right versus wrong, of peace versus war. It must be addressed now.
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