Real World Economic Outlook is a yearly publication that reviews 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. With contributions from high profile and leading thinkers, it sets out to integrate economic, environmental, and gender themes; to transform mainstream economic thinking; and offer alternative analyses and solutions. Real World Economic Outlook will appear annually with changing themes. This year's 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 for the environment; but also for many millions of individuals, corporations and governments. Globalization's other great achievement - falling prices for wages, goods and services, will make it more difficult for individuals, households, governments and corporations to repay their growing debts. They have collectively been lured into a quagmire of debt and deflation. Worse, a finance-centred economy has led to a dramatic increase in human inequality - both within and between countries. This edition analyzes the foundations of globalization, explores how it works in different parts of the world, explains the impact, and suggests alternative approached.