Real World Economic Outlook The Legacy of Globalization: Debt and Deflation

Real World Economic Outlook is a yearly publication that will review issues in the global economy from a different, radical and more realistic perspective. In stark contrast to the output of other institutions like the IMF and World Bank, this annual report is written in an accessible way, informing and offering alternative analyses of the global economy to a wide audience. Real World Economic Outlook 2003 's theme is globalization's true legacy: debt 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. The legacy of this strategy has proved disastrous. Individuals, households, governments and corporations have collectively been lured into a quagmire of debt and deflation.

PART I: GLOBAL TRANSFORMATION AND GLOBAL OUTLOOK Making Sense of our World; A.Pettifor Globalization and its Consequences; R.Greenhill Real World Economic Outlook; R.Greenhill Real World Environmental Outlook; A.Simms Inflation Paranoia, Slicing and Dicing Risk; J.Stiglitz PART 2: REAL OUTLOOK FOR THE WORLD'S REGIONS Middle East; E.Yeldan South and Central America; F.Serrano North America; D.Baker South Asia; J.Ghosh East Asia; K.S.Jomo Europe; J.Bush Africa; Z.Randriamaro PART 3: GLOBALIZATION AND ITS INCONSISTENCIES Globalization and its Inconsistencies; H.Daly Primitive Accumulation Revisited; G.Sen The Well-being of Nations; N.Marks Poverty and Income Distribution: What is the Evidence?; R.Wade Globalization: Economic Stagnation and Divergence A.Freeman PART 4: RISE OF THE FINANCE SECTOR Debt and Delusion; P.Warburton The Dollar Bill: Who Picks up the Tab?; M.Hudson The US Economy: A Changing Strategic Predicament; W.Godley Why Financial Markets Misbehave; D.Rodrik Globalizing Money: Dollarization in Latin America; F.Serrano Localizing Money - Alternative Currencies; D.Boyle Financial Architecture in the 20th Century; A.Pettifor Financial Architecture in the 21st Century?; J.d'Arista PART 5: NEW ERA? Framework for Economic Justice and Sustainability; A.Pettifor & R.Greenhill

ANN PETTIFOR is Director of Jubilee Research at the New Economics Foundation. She co-founded the Jubilee 2000 movement for the cancellation of the debts of the poorest countries. Jubilee 2000's global petition collected over 24 million signatures. In 2000, Ann Pettifor was awarded an honorary doctorate by the University of Newcastle and she received an honorary Masters from the Archbishop of Canterbury the following year.