Yanis Varoufakis explodes the myth that financialisation, ineffectual regulation of banks, greed and globalisation were the causes of the global economic crisis.
In this remarkable and provocative book, Yanis Varoufakis explodes the myth that financialisation, ineffectual regulation of banks, greed and globalisation were the root causes of 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 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 to 2008. Today's crisis in Europe, the heated debates about austerity versus further fiscal stimuli in the US, the clash between China's authorities and the Obama administration on exchange rates are 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.
Yanis Varoufakis is Professor of Economic Theory, Director of the Department of Political Economy within the Faculty of Economic Sciences of the University of Athens.
1. Introduction2. Laboratories of the future3. The Global Plan4. The Global Minotaur5. The Beast's Handmaidens6. Crash7. The Handmaidens Strike Back8. The Minotaur's Global Legacy: The Dimming Sun, the Wounded Tigers, a Flighty Europa and an Anxious Dragon*9. A future without the Minotaur?
'Yanis is one of the best, brightest and most innovative economists on the planet' - Steve Keen, author of Debunking Economics
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