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.

'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

The International Financial System: At the Root of the Crisis
Understanding Money
Debt: Personal, Household, Corporate and Sovereign
The Bubble and the Coming De(b)tonation
Debt and Ethics: An Age-old Struggle
What is to be Done?
Conclusion

ANN PETTIFOR has been synonymous with the issue of cancelling third world debt. She was the co-founder of Jubilee 2000 which campaigned for debt relief at the turn of the millennium. After an intense campaign involving the Pope, Bill Clinton, Tony Blair and Bono, in 1999 the G8 leaders agreed to write off $110bn of debt for 41 of the world's poorest countries. She is now a Director of Advocacy International, which works with debtor governments, and has helped countries like Nigeria, Ethiopia and Guyana write off millions of dollars of debt. She frequently speaks at conferences including those of the IMF and World Bank and was recently invited to speak at the Hay-on-Wye festival. She also writes for journals, The Guardian, The New Statesman and prepares policy briefs for NGOs. She has a strong following with NGO groups and a high profile in the media.