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Real World Economic Outlook: The Legacy of Globalization - Debt and Deflation Paperback – 5 Dec 2003

4.0 out of 5 stars 2 customer reviews

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Product details

  • Paperback: 224 pages
  • Publisher: Palgrave Macmillan; 2003 edition (1 Sept. 2003)
  • Language: English
  • ISBN-10: 1403917957
  • ISBN-13: 978-1403917959
  • Product Dimensions: 14 x 1.4 x 21.6 cm
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Bestsellers Rank: 1,319,442 in Books (See Top 100 in Books)
  • See Complete Table of Contents

Product Description

Review

'The globalization of the world economy is a fact of life and here to stay. In this first of a series of Reports by the New Economics Foundation, edited by the renowned campaigner Ann Pettifor, the dramatic consequences of economic and financial liberalization for the world in general, and for poor countries in particular, are starkly portrayed. For anyone wanting to understand the anti-globalization movement, Real World Economic Outlook should be their first port of call.' - Tony Thirlwall, University of Kent, UK

'Many churchgoers read the gospel as it if it has no economics. Economics, they argue, is for specialists, not for them. But money, economics and inequality are at the heart of the scriptures. Africans, particularly those in the new South Africa, are often blinded, and intimidated by the science of economics, and in particular by the economics of globalization. This annual report on the global economy - the Real World Economic Outlook - lifts the veil of complexity behind which many economists hide, makes economics easy to understand and explains the mechanisms which have led to historically unprecedented inequalities between the many who are poor, and the few who are now incredibly rich. If we are to challenge this injustice, and the politicians and economists that perpetuate it, then it is vital that we educate ourselves, move beyond mere rhetoric, and begin to challenge the so-called science of economics. This book does just that, which is why it is essential reading for Africans - in particular those in the churches, in universities and in finance ministries.' - The Most Reverend Njongonkulu Winston Hugh Ndungane

'This first annual Real Global Economic Outlook could not be more timely, as the world economy lurches from crisis toward a general debt deflation reminiscent of the Great Depression of the 1930s. In the opening chapter, Ann Pettifor, moving spirit and principal editor of this excellent initiative, explains that 'globalization' is driven by an instituted process of deregulation of financial capital from national and international control. The ever mounting debts of governments and coporations, at high real rates of interest sustained by central banks and international financial institutions, drive international competition, mergers and acquisitions - and the systematic disestablishment of social support systems.
The contributors to this volume from North and South include eminent economists Jospeph Stiglitz, Dani Rodrik, Robert Wade and Herman Daly. The authors combine professional excellence with lucid styles of writing accessible to the general public. In the context of the gross imbalance of resources available to critics of economic globablization, the Real Global Economic Outlook is an essential and welcome corrective to the annual publications of the World Bank and IMF.' - Kari Polanyi-Levitt, Emeritus Professor of Economics, McGill University

'All in all, this report is as unfashionable as kipper ties and loon pants. On the grounds that there is a world of difference between a credit-driven cyclical upswing and a sustainable recovery, it calls for the taming of financial markets, the upsizing of the state and downsizing the single global market. This challenge to what Orwell called the 'smelly little orthodoxies' is long overdue.' - The Guardian

'Another feat of trademark brilliance and determination, the IFI's are no doubt once again shaking in their boots...' - Bono, U2

From the Author

What they say about Real World Economic Outlook

Kari Polanyi-Levitt Emeritus Professor of Economics, McGill University: "This first Real World Economic Outlook could not be more timely, as the world economy lurches from crisis to crisis toward a general debt deflation reminiscent of the Great Depression of the 1930s. In the opening chapter, Ann Pettifor, moving spirit and principal editor of this excellent initiative, explains that ‘globalization’ is driven by an instituted process of deregulation of financial capital from national and international control.
The contributors to this volume from North and South include eminent economists Joseph Stiglitz, Dani Rodrik, Robert Wade, and Herman Daly. The authors combine professional excellence with lucid styles of writing accessible to the general public. In the context of the gross imbalance of resources available to critics of economic globalization, Real World Economic Outlook is an essential and welcome corrective to the annual publications of the World Bank and the IMF."

Larry Elliott, The Guardian, London: "Too much of what passes as economic analysis is used to justify the status quo. This book provides absolutely the right diagnosis of globalisation. It tells it as it really is."

Vandana Shiva, Director of the Research Foundation for Science, Technology and Ecology in New Delhi: "In the unreal world of corporate spin and wars fought for fictitious reasons, Real World Economic Outlook, brought out by a group of engaged and rooted economists, gives a much-needed reality check about the mess we're in and ways for getting out of it."

Ed Mayo, ex-chair of Jubilee 2000 and new Director of the National Consumer Council, in the foreword to RWEO: "The publication of the first Real World Economic Outlook is a sign of the fast-growing maturity of the global justice movement. It exposes the reality that debt is as systemic a by-product as pollution or global warming of a global political economy locked into inequality and unsustainability. The emergence of a new era of geopolitical insecurity means that any such ideas, emerging from the alternative legitimacy of civil society rather than the captured institutions of the rich, may come to define our future."

+ NJONGONKULU, Archbishop of Capetown: "Many churchgoers read the gospel as it if it has no economics. Economics, they argue, is for specialists, not for them. But money, economics and inequality are at the heart of the scriptures. Africans, particularly those in the new South Africa, are often blinded, and intimidated by the "science" of economics, and in particular by the economics of globalisation. This annual report on the global economy – the Real World Economic Outlook – lifts the veil of complexity behind which many economists hide, makes economics easy to understand and explains the mechanisms which have led to historically unprecedented inequalities between the many who are poor, and the few who are now incredibly rich. If we are to challenge this injustice, and the politicians and economists that perpetuate it, then it is vital that we educate ourselves, move beyond mere rhetoric, and begin to challenge the so-called "science" of economics. This book does just that!
, which is why it is essential reading for Africans – in particular those in the churches, in universities and in finance ministries.

Colin Hines, author of Localisation - a global manifesto, former head of Greenpeace International's Economics Unit and is an Associate of the International Forum on Globalization: "The strength and originality of ‘the real world economic outlook’ is that it doesn’t take the usual line that the only option available to tackle global decline is to tinker with globalisation. Instead it substantiates in detail the case for its unequivocal and courageous conclusion that ‘the great transformation’ lies in REVERSING this process. Their final conclusion that the coming US economic crisis could result in that country leading the world towards ‘localization’ tantalisingly rounds off this valuable, innovative and hope inducing report."

Tony Thirlwall, University of Kent: "For anyone wanting to understand the anti-globalization movement, Real World Economic Outlook should be their first port of call."

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Format: Hardcover
You have probably wondered like me with all the information that is available to the well educated leaders of the Banking sector how did we get into the Banking mess that prevails today. This book sets what has happened, and why. It is drafted in terms understandable to the layman. Where there economists as far back as 2000 who where getting extremely alarmed at the dismantling of the compartmentalisation of the Banking sector put in place post the Great Depression(1926)? There were and they are documented in this book all are eminent in their fields. Why did nobody listen to them?

This book draws you to concluded that post 1970 an unhealthy complicity grew between Politicians who believed in market liberalisation as a matter of faith (Regan, Thatcher, Gordon Brown) and Bankers who saw the structural changes in the market as an opportunity to earn super profits at near zero risk. The cycle of deregulation leading to super profit leading to higher Government taxation takes become so seductive that the players got trapped in their own logic.

I enjoyed this book but I have enjoyed others written by Ann Pettifor. If you are interested in the debt crisis and its cause this is a must read along with The coming First World Debt Crisis another book by Ann Pettifor. My only reservation is a bit too much time is registering the consequences for the Third World. I appreciate that it is important and even merits a book in its own right but I would rather that more time had been spent on how European Government and US Government policy has been to hold down food prices and wages whilst favouring through Taxation policy Intellectual Property which has resulted in the top 10% doubling their wealth between 1998 and 2008 and the majority of European citizens over the same period becoming 10% poorer.

Of Interest to those with a yearning for a better understanding of Social Economic policy and its consequences.
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Format: Paperback
I am now only halfway through the book but am pleased with my purchase. It is very detailed and each part requires time to reflect and digest the contents. When that is combined with a busy life, you can see why I'm only halfway through after about three weeks. I have though, also briefly looked at Ann Petifor's other book "The Coming First World Debt Crisis" which seems to be an update of "Real World...."
I can understand and agree with the new phenomena of crowds of people protesting about corporate greed.The Coming First World Debt Crisis
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Most Helpful Customer Reviews on Amazon.com (beta)

Amazon.com: 5.0 out of 5 stars 1 review
3 of 3 people found the following review helpful
5.0 out of 5 stars Another great read made avail. thru Ann Pettifor 28 May 2012
By Sarah - Published on Amazon.com
Format: Paperback
This book possibly should be read in conjunction with her other book, "The Coming First World Debt Crisis".
This present book is a collection from various authors, who go into more detail the economic outlook of various countries throughout the world.
I used both these books for a presentation at a pontifical university in Rome, Italy, along with some more historical background by Carroll Quigley.
Every important claim or fact is sourced, credited. There is also a "further reading" section at the end of each chapter.
No 'conspiracy theories', and these aren't economists who have been bought by bankers to tell us what bankers want us to hear -
This is economic record at it's finest!
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