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A Fate Worse Than Debt Paperback – January 1, 1990

by Susan George (Author)
3.7 3.7 out of 5 stars 8 ratings
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Book by George, Susan
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  1. Language
    English
  2. Publisher
    Grove Pr
  3. Publication date
    January 1, 1990
  4. Dimensions
    5.5 x 1 x 8.25 inches
  5. ISBN-10
    0802131212
  6. ISBN-13
    978-0802131218
  7. See all details
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Editorial Reviews

From Publishers Weekly

George (How the Other Half Lives) considers the Third World debt crisis as symptomatic of "an increasingly polarized world organized for the benefit of a minority that will stop at nothing to maintain and strengthen its control and privilege." She brings into focus the informal financial-political "club" of U.S. banks, creditor-country governments, the World Bank and the International Monetary Fund, and argues that they "work together . . . to keep the Third World in line" (author's emphasis). In her view the IMF is an enforcer of the status quo with its "adjustment" programs that, as she forcefully demonstrates, contribute to the accelerating unemployment, malnutrition and ecological breakdown prevalent in many African and Latin American countries. Urging that the Third World debt problem be taken off the financial pages and put on the political agenda, she warns that "we are all passengers on the Titanic, although some of us are travelling first-class."
Copyright 1988 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

Product details

  • Publisher ‏ : ‎ Grove Pr (January 1, 1990)
  • Language ‏ : ‎ English
  • ISBN-10 ‏ : ‎ 0802131212
  • ISBN-13 ‏ : ‎ 978-0802131218
  • Item Weight ‏ : ‎ 12.8 ounces
  • Dimensions ‏ : ‎ 5.5 x 1 x 8.25 inches
  • Customer Reviews:
    3.7 3.7 out of 5 stars 8 ratings

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Susan George

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Customer reviews

3.7 out of 5 stars
3.7 out of 5
8 global ratings

Top reviews from the United States

careful shopper
5.0 out of 5 stars This book is so true
Reviewed in the United States on March 21, 2013
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If you wonder about the 47% debate, this is the book for you to read. Read and learn. You will be a fan and want to buy all Susan George's books.
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5.0 out of 5 stars Blows the Lid Off of Certain Economic Fantasies
Reviewed in the United States on January 18, 2005
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 having sizable assets in other countries) in-country take precedence over the very real day to day needs of the poor majority. While investments in economic growth uniformly benefit this minority and the foreign investment community, economic development could (and indeed would) benefit everyone, rich and poor alike, by setting the stage for continued, sustained growth. In the two decades or so that this book has been around, we have seen the consequences of such destructive self-interest. In Brazil, for example, you have a rich and isolated minority living in fear of poor hordes pressing upon their gated, high security communities (or is this the USA!?!). Everywhere one looks, we now have a polarized world rife with conflict, but as long as debt gets serviced, no matter how crushing the burden on the average citizen, no intervention (economic or military) is required. Perhaps it is time that all of us thought about a more enlightened self-interest, one that would avert total disaster- aka The Economic Apocalypse, as opposed to managing small (but increasingly more frequent) economic disasters here and there.

Anyone looking to understand some of the economic reasons for the failure of official development assistance to the Third World must read this book first. The book also contains a list of highly informative source materials, though somewhat dated, for further reading. In sum, this book does much to release some of the hot air surrounding techno-economic fixes to many of the problems in the world. We really can't rely on technological quick fixes or economic palliatives to bring relief to much of the suffering humanity when self-interest works counter to these measures.
6 people found this helpful
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David Romain
5.0 out of 5 stars Debt, the silent killer!
Reviewed in the United States on October 12, 2014
She tells it better that I can! I haven't read a non-fiction that I could scarcely put down!. I had heard about the book many years ago, but did not get around to purchasing it until recently. I think that everyone, who is interested in the plight of the poor should read!
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Zeech
5.0 out of 5 stars What Price is Peace?
Reviewed in the United States on November 14, 2001
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
4 people found this helpful
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Top reviews from other countries

A m a z o n Customer Ian
5.0 out of 5 stars One of Susan Georges more assertive books.
Reviewed in the United Kingdom on September 26, 2020
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1st US Revised and Updated edition. 1990. pp.xiv+300. pbk. There is a later Penguin edition on 2 June 1991.

In the 1970s interest on loans was low and poor countries borrowed a lot but after Kissinger and OPEC increased oil prices to slow industrial development. Interest rates rose making these countries unable to pay off their debts and undermining their economies. The Consortium of creditor-country governments, World Bank and IMF introduced the orthodoxy of austerity (now extended to the developed countries). They imposed drastic reductions in civil spending but arms budgets remain untouched. Sixty per cent of Black African countries now (2000) live under military rule.

There are case studies of Morocco, Zambia, Kenya, Tanzania, Zaire, Brazil, Bolivia and Dominican Republic.

The creditor countries follow the Milton Friedman and the Chicago School Neo-liberal economics and its rapacious orthodox ideology of undermining goverment powers and privatisation of all property and services.
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Anna Costa Ferrer
4.0 out of 5 stars Excellent Condition
Reviewed in the United Kingdom on October 7, 2014
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Book is in an excellent condition. I'd been struggling to find a copy at the university's library and at any book shops. Good quality for the price and quick delivery, which was very helpful as I needed it quickly for my studies.
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Amazon Customer
2.0 out of 5 stars Two Stars
Reviewed in the United Kingdom on January 9, 2018
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Very good all well received thanks P.H.
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