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9781780320144

The Global Minotaur America, The True Origins of the Financial Crisis and the Future of the World Economy

by
  • ISBN13:

    9781780320144

  • ISBN10:

    1780320140

  • Format: Paperback
  • Copyright: 2011-09-15
  • Publisher: Zed Books
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Summary

In this remarkable and provocative book, Yanis Varoufakis explodes the myth that financialisation, ineffectual regulation of banks, greed and globalisation were the causes of the global economic crisis. Rather, they are symptoms of a much deeper malaise which can be traced back 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' sent 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.

Author Biography

Yanis Varoufakis is Professor of Economic Theory and Director of the Department of Political Economy within the Faculty of Economic Sciences of the University of Athens.
 
For more information on Yanis Varoufakis, visit his blog: http://yanisvaroufakis.eu/ and follow him on twitter: @yanisvaroufakis
 

Table of Contents

1. Introduction - The Crash of 2008 in Context * 2. Crises: The Laboratory of the Future * 3. The Global Plan * 4. The Early Years (1971-1983) * 5. The Roaring Years (1983-2008) * 6. The Crash of 2008 * 7. A Future Without the Minotaur?

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