A Fate Worse Than Debt

Ever wonder just how the rich get richer and the poor get poorer? Well, Susan George goes the distance in explaining both the how and the why of this phenomenon, on a global context. Her book, A Fate Worse Than Debt, outlines just how a few select countries continue to accrue wealth, while a vast majority sink deeper into the abyss of poverty and insecurity. Ms. George sees debt as the great, unsung cause of increased hunger, a lack of food security, and a generally deepening level of misery for the vast majority of the world's population. She approaches the topic from the standpoints of food security, economic development, and equity. All three, she has found, have a common cause: crushing debt burdens imposed by rich country donor elites and their rich counterpart recipients in the poor countries. She sums up the situation best by saying, "The elites, either out of stupidity, cupidity, or lack of foresight, racked up debt, and when they could not pay, transferred the burden to the larger nation." Though she goes to great lengths to distance herself from the 'vast conspiracy theory of history', what she documents throughout the book amounts to a veritable conspiracy of criminal proportions. In her defense, every single assertion she makes about how the economic (mal)development assistance programs worked back then, as they still do now, were later fully corroborated by an entrenched member of the economic development establishmment in his memorable book, Confessions of an Economic Hitman. Ms. George explains the problems in very clear, common-sense terms using the then available information. Since then, the problem has gotten much worse, however, but the debtor nations are making payments on their debt. The truly shocking thing was to learn the true nature of this debt- almost all of the nations involved went into debt in an attempt to finance prestige projects, ape the West through misguided modernization schemes, or to purchase things they did not really need, meanwhile very basic needs such as for infrastructure, health and education (those things that really would have helped the poor) went unheeded. While there is little historical depth to the book (again, her attempt to distance herself from the Vast Conspiracy Theory of History), she does present example after example of how official development assistance hurts the people all involved say they are trying to help. As such, it does much to dispel the prevailing notion that many in the Third World are simply do-nothing deadbeats looking for a handout to squander. Instead, many hardworking people in these countries have found it harder to make ends meet because they are burdened with the consequences of someone else's stupidity- they literally pay for the idiotic ideas that their leaders put into motion. In the end, the issues she presents boils down to a question of priorities and self-interest. The needs and wants of a rich and elite minority (often educated abroad and h

I agree 100% with the previous reviewer, about this book changing your life. This book, along with others like 'Man Made Famine' show the truth is worse than fiction. And pseudo liberals like Sting with their cheesy 'sponsor a child' stuff is NO GOOD.Makes us first world feels less guilty about the 'third world' (which means, the overexploited Non white world). And this books goes real deep, with the facts and quotes (from Banks, Multinations the power brokers) and leaves us with the question. What Price for Peace, am I prepared to allow say, Ghana develop it's Gold and Diamond mines knowing that if it does it put my Middle Class standard of living at risk? Really what is the price of peace.serious reasonings.Zeech

Must read for all students, taxpayers, inhabitants of 1st world countries. Shows how WB is corrupt and devastating down to its CORE! Before you turn on TV one more time, MUST read this.

This is my #1 book recommendation! Mind-blowing! Expose on the corrupt, IMF/WorldBank/Ex-Im/multinational corporation/defence industry led ABUSE of environment and indiginous peoples world-wide. A MUST! for every single person in US and Europe, First World.