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.

chapter |17 pages


How ‘demos’ met ‘cracy’: debt, inequality, money
ByAndreas Antoniades, Ugo Panizza

chapter |18 pages

Sri Lanka’s debt troubles in the new development finance landscape

ByDushni Weerakoon

chapter |21 pages

Fiscal crises in Barbados: comparing the early 1990s and the post-2008 crises

ByKristina Hinds, Jeremy Stephen

chapter |20 pages

Funding Hungary: competing crisis management priorities of troika institutions
ByDóra Piroska

chapter |20 pages

Debt in the super-periphery: the case of the Western Balkans

ByWill Bartlett, Ivana Prica

chapter |18 pages

Debt relief initiatives 20 years on and implications of the new development finance landscape

ByShakira Mustapha, Annalisa Prizzon