- Hardcover: 232 pages
- Publisher: Palgrave Macmillan (2 Oct 2006)
- Language English
- ISBN-10: 0230007856
- ISBN-13: 978-0230007857
- Product Dimensions: 21.7 x 14.1 x 1.6 cm
- Average Customer Review: 4.3 out of 5 stars See all reviews (7 customer reviews)
- Amazon Bestsellers Rank: 1,123,770 in Books (See Top 100 in Books)
- See Complete Table of Contents
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Review
'This insightful book examines how the current international trade in goods and finance that is making the rich richer and the poor poorer and threatens ecosystem and societal collapse is no accident.' - Jonathan Essex, Green World
--This text refers to the
Paperback
edition.
Product Description
In this book Ann Pettifor turns her attention from the debt crisis affecting developing countries and examinesthe ballooning debts of first world or OECD countries. She explores the history and roots of the forthcoming international debt crisis - economic liberalisation - and the restructuring of the international financial architecture in the early 1970s. The book goes on to explore the implications of high international indebtedness for governments, corporations, households and individuals. An important and unique contribution is Pettifor's discussion of the justice and morality of debt, particularly for individuals.
The issue of the US deficit and increasing level of individual debt has become a source of concern for governments and individuals alike. Total UK personal debt broke though the £1.1. trillion barrier in June 2005. Britain's personal debt is increasing by £1 million every four minutes. This situation is echoed in the US and throughout Europe. Under George Bush's Presidency, the national debt has increased by 34% which is now 64.8% of GDP. Pettifor's new book makes a strong appeal for the need for change to the current satiation to avert the coming crisis and argues for a new financial architecture.
The issue of the US deficit and increasing level of individual debt has become a source of concern for governments and individuals alike. Total UK personal debt broke though the £1.1. trillion barrier in June 2005. Britain's personal debt is increasing by £1 million every four minutes. This situation is echoed in the US and throughout Europe. Under George Bush's Presidency, the national debt has increased by 34% which is now 64.8% of GDP. Pettifor's new book makes a strong appeal for the need for change to the current satiation to avert the coming crisis and argues for a new financial architecture.
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Most Helpful Customer Reviews
14 of 14 people found the following review helpful
Format:Paperback
If you've ever looked at headlines in the newspapers about the enormous profits of banks, hedge funds and private equity companies and wondered 'just how do they do this' and 'is it really sustainable'?, then this is the book for you.
Ann Pettifor takes the reader lucidly through the complexities of global financial developments since the 1950s, laying out in clear but passionate terms the great challenge facing modern economies and societies today: how to reform capitalism so that it puts productive activity and investment over the 'making of money from money'.
A truly enlightening read, illustrated with a host of powerful case studies and quotes from the world's great thinkers and economists, past and present, which gives hope that a better world is possible.
The book covers vast ground in a concise 180 pages and the chapters on the nature of money lending and how the deregulation of global capital, driven by US political interests, have led to the erosion of public and democratic control of money supply and the setting of interest rates are particularly important for anyone wishing to understand the strange world that we live in.
Buy it, and tell your friends about it.
Ann Pettifor takes the reader lucidly through the complexities of global financial developments since the 1950s, laying out in clear but passionate terms the great challenge facing modern economies and societies today: how to reform capitalism so that it puts productive activity and investment over the 'making of money from money'.
A truly enlightening read, illustrated with a host of powerful case studies and quotes from the world's great thinkers and economists, past and present, which gives hope that a better world is possible.
The book covers vast ground in a concise 180 pages and the chapters on the nature of money lending and how the deregulation of global capital, driven by US political interests, have led to the erosion of public and democratic control of money supply and the setting of interest rates are particularly important for anyone wishing to understand the strange world that we live in.
Buy it, and tell your friends about it.
15 of 16 people found the following review helpful
Format:Paperback
Ann Pettifor's background appears to be in church groups campaigning for debt cancellation. Her take on debt, in particular third world debt, is primarily a moral one. This is right, as the question only has importance as it is a moral issue. She is also being proven right that, despite what the mainstream news will tell you, the debt crises are gradaully coming closer to the "first world" nations, and will inevitably occur there just as they have done everywhere else.
That said, her understanding of economics and history is a little shaky. In some cases this is only a minor problem, like saying Thatcher was PM in 1978, or the UK lost the Boer War. However, her account of Keynes is a bit mangled, and although she pitches for a moral Guardian-reader audience, her economic understanding probably owes more to writers like Michael Rowbotham. Moreover, although she is justifiably outraged at the dehumanising effects of massive debts, her strident moral tone sometimes reads as if she believes that the banks are run by sadists suicidally bent on causing mayhem for the sheer hell of it. Her attempts at a historical analysis of the development of the modern economy doesn't take into account the fact that economic pressures force people, even those in high places, to act the way they do or else to face bankruptcy themselves.
That said, this is a very timely book, and I'm not sure what other book on this topic is available just now.
That said, her understanding of economics and history is a little shaky. In some cases this is only a minor problem, like saying Thatcher was PM in 1978, or the UK lost the Boer War. However, her account of Keynes is a bit mangled, and although she pitches for a moral Guardian-reader audience, her economic understanding probably owes more to writers like Michael Rowbotham. Moreover, although she is justifiably outraged at the dehumanising effects of massive debts, her strident moral tone sometimes reads as if she believes that the banks are run by sadists suicidally bent on causing mayhem for the sheer hell of it. Her attempts at a historical analysis of the development of the modern economy doesn't take into account the fact that economic pressures force people, even those in high places, to act the way they do or else to face bankruptcy themselves.
That said, this is a very timely book, and I'm not sure what other book on this topic is available just now.
5 of 5 people found the following review helpful
Format:Paperback
This book analyses the nature, the historical context and the potentially horrific consequences of the enormous levels of debt that have grown in the so-called First World countries during recent times. Ann Pettifor shows us clearly the unsustainable structure and dynamics of our global debt-based financial systems, how Third World countries are already enslaved by irredeemable debt and how, unless we act swiftly and decisively, we will be next. She adopts an ethical stance and contrasts and compares the accepted and now orthodox laxity towards money creation and lending practices with the more controlled and conservative traditions of Islam and earlier Christianity. Towards the end of the book she outlines a five-step programme of action through which we can alleviate and manage the coming crisis by radically changing our beliefs, morals, politics, economics and personal behaviour.
Sometime within the next few years at most it is mathematically certain that there must be fundamental change of one sort or another to the current runaway global debt-laden financial system. Ann Pettifor's book alerts us to this fast approaching massive global dislocation and shows us how we might turn it into a change for the betterment and spiritual uplift of humanity rather than allow a world of misery dominated by universal debt-slavery to engulf us. Her message is that we need not be passive victims of the coming crisis and that radical change is both essential and possible. She shows that we all need urgently first to understand the nature and causes of our predicament, and then to influence and encourage those presently in power to undertake the necessary changes. Her tone is compassionate and hopeful, the issues and arguments are presented in clear and jargon-free language and I thoroughly recommend this book.
Sometime within the next few years at most it is mathematically certain that there must be fundamental change of one sort or another to the current runaway global debt-laden financial system. Ann Pettifor's book alerts us to this fast approaching massive global dislocation and shows us how we might turn it into a change for the betterment and spiritual uplift of humanity rather than allow a world of misery dominated by universal debt-slavery to engulf us. Her message is that we need not be passive victims of the coming crisis and that radical change is both essential and possible. She shows that we all need urgently first to understand the nature and causes of our predicament, and then to influence and encourage those presently in power to undertake the necessary changes. Her tone is compassionate and hopeful, the issues and arguments are presented in clear and jargon-free language and I thoroughly recommend this book.
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Most Recent Customer Reviews
Financial Melt-down
This book was written in 2006, and successfully forecast the the first financial melt-down.
It contains the thoughts and predictions of Ann Pettifor, a lady who has worked for... Read more
It contains the thoughts and predictions of Ann Pettifor, a lady who has worked for... Read more
Published 7 months ago by asterix
mundane analysis
While the book is worth reading, it has to be said that Ms Pettifor's analysis is fairly conventional in that she comes from a left leaning church group and as such she takes a... Read more
Published 13 months ago by F. Humbert
Bot of background
Not aiming for pedantry, just bit better understanding re where author is coming from [see church background review]. Read more
Published 18 months ago by J. Innes
A MUST READ to understanding modern economics
Sadly, not enough people seem to take notice. Even less so the people who matter.
Published on 8 Mar 2010 by net_efekt
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