The Global Minotaur : America, Europe and the Future of the World Economy

Financialization, greed, ineffectively regulated banksall have been blamed for the global economic crisis. In reality, though, these were mere subplots in a much grander, almost mythological, dramaone that can be traced back to the Great Crash of 1929, then on through to the 1970s when, like the Athenians forced to pay tribute to the Cretan beast, the world began financing the "Global Minotaur" of America's budget and trade deficits. Now, from the deepening crisis in Europe to the heated debates about austerity versus further fiscal stimuli in the US, the consequences of the fatally wounded Minotaur are everywhere. Remarkable and provocative, The Global Minotaur gives an essential account of the socio-economic events that have shaped the world as we now know it, and the options available for reintroducing a modicum of reason in our irrational global economic order. 'The emerging rock-star of Europe's anti-austerity uprising.'Daily Telegraph'A spirited book.'New YorkerIn this remarkable and provocative book, Yanis Varoufakis, former finance minister of Greece, 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.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 reveals how we might reintroduce a modicum of reason into what has become a perniciously irrational economic order.An essential account of the socio-economic events and hidden histories that have shaped the world as we now know it. Financialization, greed, ineffectively regulated banks - all have been blamed for the global economic crisis. In reality, though, these were mere subplots in a much grander, almost mythological, drama. Remarkable and provocative, The global minotaur gives an essential account of the socio-economic events that have shaped the world as we now know it, and the options available for reintroducing a modicum of reason in our irrational global economic order