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The Global Minotaur: America, Europe and the Future of the Global Economy (Economic Controversies)by Yanis Varoufakis
Synopses & Reviews
In this remarkable and provocative book, Greek Finance Minister Yanis Varoufakis explodes the myth that financialisation, ineffectual regulation of banks, greed and globalisation were the root causes of both the Eurozone crisis and the global economic crisis. Rather, they are symptoms of a much deeper malaise which can be traced all the way back to the Great Crash of 1929, then on through to the 1970s: the time when a 'Global Minotaur' was born. Just as the Athenians maintained a steady flow of tributes to the Cretan beast, so Europe and the rest of the world began sending incredible amounts of capital to America and Wall Street. Thus, the Global Minotaur became the 'engine' that pulled the world economy from the early 1980s through to the financial collapse of 2008.
Today's deepening crisis in Europe is just one of the inevitable symptoms of the weakening Minotaur; of a global 'system' which is now as unsustainable as it is imbalanced. Going beyond this, Varoufakis lays out the options available to us for reintroducing a modicum of reason into a highly irrational global economic order.
An essential account of the socio-economic events and hidden histories that have shaped the world as we now know it.
Revised and updated, The Global Minotaur, originally published in 2011 is a provocative book, by one of the most dynamic and reasonable of contemporary economists, takes a long view of the global economy and describes how, after the collapse in the 1970s of the post-war economic order, the world began sending incredible amounts of capital to Wall Street - just as the ancient Athenians paid regular tribute to the mythical Cretan Minotaur. It was this flow of money that became the "engine" that pulled the world economy through to the financial collapse of 2008.
Europe's crisis today is just one symptom of a global "system" which is now as unsustainable as it is imbalanced. Full of up to the minute commentary on the financial crisis as the unfold, The Global Minotaur is an essential account of the socio-economic events and hidden histories that have shaped the world as we now know it.
About the Author
Yanis Varoufakis is Director of the University of Athens' Political Economy Division.
Table of Contents
Preface to the New Edition
2. Laboratories of the future
3. The Global Plan
4. The Global Minotaur
5. The beast's handmaidens
7. The handmaidens strike back
8. The Minotaur's global legacy: the dimming sun, the wounded tigers, a flighty Europa and an anxious dragon
9. A future without the Minotaur?
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