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 USD1 the West gives to developing countries in aid, developing countries pay the West USD9 in debt service. At the beginning of the new millennium we are witnessing a global debt crisis of unprecedented size. Sub-Saharan Africa owes USD200 billion, Brazil USD223.8 billion, Argentina USD155 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.
Noreena Hertz was recently voted one of the 'Best Young British' in the New Statesman. She is currently Associate Director at the Centre for International Business and Management at Cambridge University. With the critically acclaimed publication of The Silent Takeover, she has become recognised as a leading expert on economic globalization. Her op ed pieces have appeared in the Observer, the Guardian and the Financial Times. She wrote and presented Channel 4's curtain raiser for the coverage of the 2001 British general election. She has appeared on Question Time, Newsnight, Start the Week, The World at One, amongst others, and has been profiled in numerous publications. Noreena also regularly takes part in debates and panels with leading public figures.