An economist from Glasgow, Mr. Abbott sees ominous similarities between the piling up of Third World debt and the European-American debt and reparations problems of the 1920s. To avoid comparable results and to get on with the job of economic development, he would recycle debt payments into aid grants in an ingenious manner not likely to attract much support in the creditor and aid-giving countries. The Franko-Seiber volume presents substantial papers-some of them reprints-on many aspects of the subject, including history, case studies and policy questions.