The theme of this first book is globalization's true legacy: debt and deflation. Globalization is examined not as a spontaneous event of economic and technological combustion, but as a deliberate strategy to place finance at the centre of our communities - whether local, national or global. This strategy has proved disastrous for the environment and for billions of people in poor countries. It now poses a threat to people and households in the West, as well as to corporations and governments. Globalization's great achievement, falling prices for wages, goods and services, will make it more difficult for individuals, households, governments, and corporations to repay their growing debts. They have, argue the authors, collectively been lured into a quagmire of debt and deflation. Worse, a finance centered economy has led to a dramatic increase in human inequality - both within and between countries. This edition analyzes the foundations of globalization, explores how it works in different parts of the world, explains the impact, and suggests alternative approaches.

Contents
PART I: GLOBAL TRANSFORMATION AND GLOBAL OUTLOOK: Ann Pettifor - Making Sense of our World; Romilly Greenhill - Globalization and its Consequences; Romilly Greenhill - RealWorld Economic Outlook; Andrew Simms – RealWorld Environmental Outlook; Joseph Stiglitz - Inflation Paranoia, Slicing and Dicing Risk.

PART 2: REAL OUTLOOK FOR THE WORLD'S REGIONS: Erinc Yeldan - Middle East; Franklin Serrano - South and Central America; Dean Baker - North America; Jayati Ghosh - South Asia; Jomo K S - East Asia; Janet Bush - Europe; Zo Randriamaro - Africa.

PART 3: GLOBALIZATION AND ITS INCONSISTENCIES: Herman Daly – Globalization and its Inconsistencies; Gita Sen – Primitive Accumulation Revisited; Nic Marks – The Well-being of Nations; Robert Wade - Poverty and Income Distribution :What is the Evidence?; Alan Freeman – Globalization: Economic Stagnation and Divergence.

PART 4: RISE OF THE FINANCE SECTOR: Peter Warburton – Debt and Delusion; Michael Hudson – The Dollar Bill: Who Picks up the Tab?; Wynne Godley – The US Economy: A Changing Strategic Predicament; Dani Rodrik – Why Financial Markets Misbehave; Franklin Serrano – Globalizing Money: Dollarization in Latin America; David Boyle – Localizing Money – Alternative Currencies; Ann Pettifor – Financial Architecture in the 20th Century; Jane d'Arista – Financial Architecture in the 21st Century?

PART 5: NEW ERA? Ann Pettifor and Romilly Greenhill – Framework for Economic Justice and Sustainability

About The Editor
Ann Pettifor is Director of Jubilee Research at the New Economics Foundation (NEF). She co-founded the Jubilee 2000 movement for the cancellation of the debts of the poorest countries.