The book consist of two parts: a brilliant overview of financial capitalism and debt slavery in the first six chapters and case studies (Belize, Nicaragua , El Salvador, Honduras) in the second part of the book. The last chapter - chapter 18 devoted to the problem in the USA as seen at the time of writing.
The first six chapters are a recommended reading for anybody who studies or is simply interested in how financial capitalism functions. The author cover many interesting details that are not found in other books. You can judge the level of the author from the following quote:
== start ==
In many cases, post-colonial states were forced to assume the debts of their colonizers. And where they did not, they were encouraged to become in debt to the West via loans that were issued through international institutions to ensure they did not fall prey to communism or pursue other economic policies that were inimical to the West. Debt is the tie that binds nation states to the geostrategic and economic interests of the West.
As such, the Cold War era was a time of easy credit, luring postcolonial states to undertake the construction of useless monoliths and monuments, and to even expropriate such loans through corruption and despotism, thereby making these independent rulers as predatory as colonizers. While some countries were wiser than others and did use the funds for infrastructural improvements, these were also things that benefited the West and particularly Western contractors. In his controversial work Confessions of an Economic Hit Man, John Perkins reveals that he was a consultant for an American firm (MAIN), whose job was to ensure that states became indebted beyond their means so they would remain loyal to their creditors, buying them votes within United Nations organizations, among other things.
Predatory capitalists demand export-orientations as the means to generate foreign currency with which to pay back debt. In the process, the state must privatize and drastically slash or eliminate any domestic subsidies which are aimed at helping native industry compete in the marketplace. Domestic consumption and imports must be radically contained, as shown by the exchange rate policies recommended by the IMF. The costs of obtaining domestic capital will be pushed beyond the reach of most native producers, while wages must be depressed to an absolute bare minimum. In short, the country’s land, labor, and natural resources must be sold at bargain basement prices in order to make these goods competitive, in what one author has called “a spiraling race to the bottom,” as countries producing predominantly the same goods engage in cutthroat competition whose benefactor is the West.
== end ==
I highly recommend the book.
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