The Global Minotaur
America, Europe and the Future of the Global Economy, is the subtitle of the new edition (cover on the left above). The original, 2011, edition’s subtitle was America, the True Causes of the Financial Crisis and the Future of the World Economy (cover on the right above).
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‘The book is one of those exceedingly rare publications of which one can say they are urgent, timely and absolutely necessary.’ – Terry Eagleton
‘Yanis is one of the best, brightest and most innovative economists on the planet’ – Steve Keen, author of ‘Debunking Economics’
‘In the most comprehensive guide to the contemporary economic crisis yet written, Yanis Varoufakis traces out the path from post-war US economic supremacy to the current predicament. This book’s provocative thesis, written in lively and impassioned prose, is that which neither the US nor the EU nor any other nation can now restore robust global growth. Whether you agree or disagree, this book’s lively and impassioned prose will engage you both heart and mind, and hold you in thrall to the last word. The Global Minotaur is a masterwork that registers for all time the challenge of our time.’ – Prof. Gary Dymski, University of California, Riverside
‘If you want to know how serious the current crisis is, you should read his book. With much eloquence, Yanis Varoufakis argues that the current financial problems are connected to the emerging fault lines of the international monetary system. The US (the Minotaur) used to govern the international monetary system, but no more; and this crucially means that there is no surplus recycling mechanism that can reliably stabilise the world economy. The elephant in the room, so to speak, is a stumbling Minotaur.’ – Prof. Shaun Hargreaves-Heap, University of East Anglia
‘Yanis Varoufakis is a rare economist: skilled at explaining ideas, happy to join in public debates and able to put his discipline in a broader context. You may not agree with what he says, but you’ll enjoy the way he says it.’ –
Aditya Chakrabortty, The Guardian lead economics writer
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.
So far, also available in German, in Greek, in Italian, in Spanish, in Czech and, most recently, in Finnish (for the Preface to the Finnish edition, click here)
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