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IOU: The Debt Threat and Why We Must Defuse It
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Review
‘A searing critique…Noreena Hertz is angry – and wants you to get angry too.’ Observer
‘Cuts through the jargon and acronyms to show that the debt crisis is not just about money but about people, and its solutions are not about charity, but justice.’ Bono
'In this brave and provocative book Noreena Hertz weaves together a compelling argument against an unjust international order with a groundbreaking and empowering agenda for change. Something can be done to create a better and safer world for all of us. Everyone should read this book.'
Bob Geldof
Product Description
We are bombarded with images of poverty, terrorism, war and collapsing states. Do we ever question what the root cause of these problems might be? Noreena Hertz, one of the world's leading experts on economic globalization, tackles Third World Debt as a situation that must be resolved if we are ever to see global stability.
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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Customer Reviews
Most Helpful Customer Reviews
1 of 1 people found the following review helpful
Format:Paperback
Developing world debt was high on the international agenda around the millenium, with the Jubilee Campaign enjoying some remarkable success. Much was promised. Several years later, Noreena Hertz explains, very little has happened, and the issue has slipped out of the public eye.
IOU is a useful overview of debt, of where it came from and how it came to be - lending the absolute maximum to the developing world has been a very profitable strategy. The crippling debt may look like a terrible mistake now, but it was and remains entirely deliberate, with richer countries and banks aggressively touting loans, and reaping the rewards.
Hertz' account of the various chapters of lending, first governments, then banks flush with dollars from the 1970s oil crisis, and then the IMF, captures all the complexity of the issue without making it overly dense. She also unpacks the potential consequences of the debt problem, both for the developing world as it struggles to keep up payments, but also what happens in the developed world when a country defaults. Suffice to say that with commodity prices rising and debt becoming increasingly painful, the problem is getting worse, not better.
Fortunately, the last chapters deal with solutions, and there are some. The scale of international cooperation is daunting, but there are precedents and possibilities. All that's missing, like so many of these things, is the will to act.
IOU is a useful overview of debt, of where it came from and how it came to be - lending the absolute maximum to the developing world has been a very profitable strategy. The crippling debt may look like a terrible mistake now, but it was and remains entirely deliberate, with richer countries and banks aggressively touting loans, and reaping the rewards.
Hertz' account of the various chapters of lending, first governments, then banks flush with dollars from the 1970s oil crisis, and then the IMF, captures all the complexity of the issue without making it overly dense. She also unpacks the potential consequences of the debt problem, both for the developing world as it struggles to keep up payments, but also what happens in the developed world when a country defaults. Suffice to say that with commodity prices rising and debt becoming increasingly painful, the problem is getting worse, not better.
Fortunately, the last chapters deal with solutions, and there are some. The scale of international cooperation is daunting, but there are precedents and possibilities. All that's missing, like so many of these things, is the will to act.
8 of 11 people found the following review helpful
Format:Hardcover
This is certainly no Moore-esque rant about the dark side of capitalism. Hertz exposes then ruthlessly demolishes the almost criminal system which has allowed so much debt to be accumulated. Her meticulous research and accessible prose make this an informative and understandable book on what is a complex economic subject. In her conclusion she goes the extra mile and, unlike many other commentators, comes off the fence to suggest radical solutions. Buy this book .Read this book. Then make sure everyone you know does likewise.
7 of 10 people found the following review helpful
Format:Hardcover
This is an incredible book: candid, readable, true.
Noreena Hertz manages to convey the complex subject of Third World Debt with such effortless elegance that one is left wondering why the world's richest counties cannot see the wood for the trees.
Perhaps the real question though is why debt ever fell out of public consciousness. The book questions this along with the complex politics lurking behind the debt issue. And it makes the issue very, very current.
Whether your politics swing to the right or the left, I highly recommend this work. It is an accessible and compelling read - a mystery story based on fact, with a solution as brilliant as it is simple.
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Most Recent Customer Reviews
Badly written, derivative, Bono-loving crud
...well it's actually not THAT bad but someone had to balance the other eulogising comments from the hip young globalization-bashers (just like our Noreeena). Read more
Published on 7 Mar 2007 by milfleurs
enlightening!
This really is a must read for anyone who wants to be informed about global issues. Noreena Hertz does a great job of making an extremely complex subject understandable. Read more
Published on 22 Jun 2006 by H. Clark
Very sensible propositions
Noreena Hertz's basic principle is that the rights of creditors do not stand above fundamental human rights. Read more
Published on 20 Oct 2005 by Luc REYNAERT
Blueprint for change, endorsed by rock stars
Few exhortations to action manage to blend a detailed objective analysis of the facts; a practical, well thought-out agenda for change; and the true passion that comes of moral... Read more
Published on 26 Oct 2004 by Vincent Toolan
You must buy this book
I thought a book about third world debt might be boring. I.O.U. is in no way that. At times really funny - Noreena Hertz's descriptions of ADD suffering traders with twitches and... Read more
Published on 19 Sep 2004
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