The Creditor-Led Economy: Ann Pettifor and Michael Hudson.
What happens when creditors gain the power to reorganise entire societies around the repayment of debt?
Ann Pettifor and Michael Hudson trace the history of the creditor-led economy — from the first global financial crisis of 1873 and the use of sovereign debt to impose foreign control over Egypt and the Ottoman world, to today’s international financial system.
And what can the history of earlier creditor-dominated economies tell us about the system emerging today?
Ann Pettifor is a political economist, author, and one of the leading voices on debt, finance, and economic justice. She is the director of the advocacy organization PRIME (Policy Research in Macroeconomics) and was a key figure in the Jubilee 2000 campaign, which successfully pushed for the cancellation of debts of the world’s poorest countries.
Michael Hudson is the Distinguished Research Professor of Economics at the University of Missouri, Kansas City. He is the author of Super-Imperialism: The Economic Strategy of American Empire (Editions 1968, 2003, 2021), ‘and forgive them their debts’ (2018), J is for Junk Economics (2017), Killing the Host (2015),