Soaring capital flows, a debt-based consumer culture and unbalanced trade between countries all contributed to the worst financial crisis since the Great Depression. The question now is whether governments follow a 'business as usual' model based on self-interest and inequality, or one that promotes equitable development based on moral and social principles.
"The paradox of lower than expected beneficial investment in some developing countries is difficult to resolve, and is linked with several of the most tenacious problems in current economic theory."
"Opportunities to change the global trading system in 2005 must also be realised. If we are to make poverty history, we now need a 'sea change' - not of the awful form seen on 26 December, but in how the rich world treats the poor world."
A survey of the economic and social impact of currency crises on developing countries, with an in-depth look at how the world’s biggest banks use
the world financial system to speculate on currency movements that sparked
economic meltdown in Russia, South East Asia and South America.
A thought provoking collection of articles that lay bare the dynamics,
the interlinkages and impact of debt, financial institutions and the making of
a Global South.