This comprehensive volume explores debt dynamics and the intensification of debt crises across the globe, bringing together several recent but underexplored debt crises from different regional and socioeconomic contexts. Using detailed case studies, the authors recast the perils of debt-based growth in the context of regional/global imbalances; not to advocate ‘one-size-fits-all’ reforms, but to point to the need for accommodating diversity. They examine how current economic developments put developing and developed countries under new strain. They also interrogate the opportunities and challenges generated for developing countries by the new development finance landscape and newly (re)emerged geopolitical tensions. The book also explores the inability of existing dominant structures and thinking to effectively manage the multiple facets of the ongoing global debt crisis, pointing to responses that exacerbate rather than address unsustainable debt dynamics. The authors illustrate the adverse effects of ad hoc crisis management mechanisms which are not fit for purpose, and indicate the negative consequences that existing policies may have for democracy. They then put forward a framework for alternative thinking as well as concrete ideas on what needs to be done, in response.
This book will be of great interest to students, scholars and professionals in the field of global debt studies. It was originally published as a special issue of the online journal Third World Thematics.
1. Introduction How ‘demos’ met ‘cracy’: debt, inequality, money Andreas Antoniades and Ugo Panizza
2. Sri Lanka’s debt troubles in the new development finance landscape Dushni Weerakoon
3. Fiscal crises in Barbados: comparing the early 1990s and thepost-2008 crises Kristina Hinds and Jeremy Stephen
4. Divergence via Europeanisation: rethinking the origins of the Portuguese debt crisis Neil Dooley
5. Funding Hungary: competing crisis management priorities of troika institutions Dóra Piroska
6. Debt in the super-periphery: the case of the Western Balkans Will Bartlett and Ivana Prica
7. Debt relief initiatives 20 years on and implications of the new development finance landscape Shakira Mustapha and Annalisa Prizzon
8. The global debt governance system for developing countries: deficiencies and reform proposals Kathrin Berensmann
THIRDWORLDS will focus on the political economy, development and cultures of those parts of the world that have experienced the most political, social, and economic upheaval, and which have faced the greatest challenges of the postcolonial world under globalisation: poverty, displacement and diaspora, environmental degradation, human and civil rights abuses, war, hunger, and disease.
THIRDWORLDS serves as a signifier of oppositional emerging economies and cultures ranging from Africa, Asia, Latin America, Middle East, and even those ‘Souths’ within a larger perceived North, such as the U.S. South and Mediterranean Europe. The study of these otherwise disparate and discontinuous areas, known collectively as the Global South, demonstrates that as globalisation pervades the planet, the south, as a synonym for subalterity, also transcends geographical and ideological frontiers.