Debt crisis

Martin Orr

doi:10.1002/9780470670590.wbeog135.pub2

Debt crisis

Martin Orr

Sociology Department

Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review

Abstract

A debt crisis occurs when an organization finds itself unable to service its debt and is at risk of default on its loans. When a nation is unable to service its public debt, this is referred to as a sovereign debt crisis. Debt crises may lead to contagion, in which those holding the debt in turn find themselves at risk of default to their creditors. In a neoliberal financial system, dominated by Western control of the International Monetary Fund (IMF) and the World Bank, contagion has led to several sovereign debt crises with global impact.

Original language	English
Title of host publication	The Wiley-Blackwell Encyclopedia of Globalization
Pages	1-2
Number of pages	2
ISBN (Electronic)	9780470670590
DOIs	https://doi.org/10.1002/9780470670590.wbeog135.pub2
State	Published - 1 Jan 2012

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Debt crisis

Abstract

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