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The Global Minotaur: America, Europe and the Future of the Global Economy (Economic Controversies) Paperback – March 12, 2013
by
Yanis Varoufakis
(Author)
There is a newer edition of this item:
The Global Minotaur: America, Europe and the Future of the World Economy (Economic Controversies)
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$16.47
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Only 17 left in stock (more on the way).
Revised and updated The Global Minotaur originally published in 2011 is a provocative 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 Europes 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
- Print length288 pages
- LanguageEnglish
- PublisherZed Books
- Publication dateMarch 12, 2013
- Dimensions5.77 x 0.9 x 11.03 inches
- ISBN-101780324502
- ISBN-13978-1780324500
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Customer reviews
4.4 out of 5 stars
4.4 out of 5
125 global ratings
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Top reviews from the United States
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Reviewed in the United States on February 14, 2015
I've read dozens of books about the GFC and it causes, but not one comes even close to The Global Minotaur in terms of historical perspective and insight. I pray, most sincerely, that Yanis will be able to fascinate his colleagues in the political arena, now that he has jumped into the fray as Greece's finance minister, and captivate their attention and impregnate their minds with a spark for radical change, as he has succeeded to do with those who've read his excellent book.
Reviewed in the United States on May 1, 2013
I have read this for the first time and will now go back to the beginning and read it again. The explanations are well done, but the subject is complex, so a second read should help. What I have gained from the reading is a much clearer understanding of the 'Financial Thievery Industry' (aka - Financial Products Industry) and how the industry's ability to pass on their losses to anyone and/or everyone else forces the so called recovery to be stalled or stopped entirely.
If more people read this work, the political pressure to exert real change would be possible, so we can move beyond the rhetoric of the 'left' and the 'right' to build more just economic realities.
If more people read this work, the political pressure to exert real change would be possible, so we can move beyond the rhetoric of the 'left' and the 'right' to build more just economic realities.
Reviewed in the United States on March 24, 2013
I was fortunate enough to hear the author speaking about this book. Intrigued, I took the opportunity to read it. I was not dissapointed. Yanis connected events and their consequences with clarity and vision. I look and listen, now, to world and local events and news with a larger and different perspective. I see our country's leaders, movers and shakers, differently, and have a new perspective of the world's "leaders." I look forward to more books by this author.
Reviewed in the United States on May 19, 2015
It is rare to read something that answers so many questions and provides such an insight. I grew interested in economics as a result of the GFC, and have read much about it, but nothing of this scope, or so entertaining. I could not put it down. I have been emailing quotes from it to friends, something I have never done before. It is beautifully succinct and uses some descriptions that made me laugh in surprise.
Reviewed in the United States on August 6, 2015
This is an interesting and readable book, but a little irritating to non-Marxist readers. Varoufakis found a balance between dull economic theories and passionate Marxism, and he also mixes in some of his own colorful style, viewpoints, and expressions. If you are a Marxist, or have tendencies to Marxism, this will probably be a thoroughly enjoyable read.
If you are not a Marxist (like me), the good news is that you will also find it readable, thought-provoking, and interesting. But on the flip side, he can be irritating as well. Like most Marxists, Varoufakis ignores the concept of market saturation. For example, he consistently ignores the massive expansion in the US railroad and agricultural infrastructure that occurred between the 1870s and the late 1920s. But even in a large country like the US, the market is finite, so by the 1930s', it was saturated with farmers and railroads producing "surplus products" that the market no longer needed, wanted, was willing to pay for, or (in the case of Varoufakis), "recycle".
Like most Marxists, Varoufakis believes that the value of products are somehow objectively linked to the labour and capital used to produce them. But value is always subjective and determined by the customer. If the customers stop buying American (European, Asian, or anyone else's) products for any reason whatsoever (rational or irrational), it is really irrelevant how much labour and capital went into producing them; because if they don't sell, they are valueless; therefore, and for that reason only, the workers who made them are overpaid, the "capitalists" made a bad investment, and the bankers made bad loans. The resulting labour conflicts, capital-C Crises, "burst bubbles", bankruptcies etc, do make dramatic evening news, but they merely mask the main point: the market grew until it stopped growing. Varoufakis gets seduced by the drama and fails to see that governments, national banks, and other regulatory institutions can try manipulating the value of the currency, manipulate interest rates, regulate prices and salaries, raise or lower taxes, institute economic regulatory zones (EU, NAFTA, etc), or even start wars, but these are all superficial measures that merely mask the problem, delay it, or move it into somebody else's back yard: the bottom line always remains that products have value only if someone is willing to buy them (ie there is a market).
Likewise Varoufakis' "surplus recycling" programs are interesting to read about, but are beside the point; in the 1930s, the US (and Germany) had a surplus of products from farmers and railroads, and in 2008, it was surplus housing. Rather than "recycle" the surpluses (by politically redistributing the losses of selling them below the cost of production), one would think that the more obvious solution would be to simply stop generating a surplus: ie, stop generating surplus products that few people want, need, or (most importantly) are unwilling to pay for. But to stop generating a surplus, one must stop pretending that the value of the product is objectively linked to the labour and capital used to produce it; therefore, one must also stop pretending that workers deserve to be paid good wages to make surplus products, and stop pretending that investors and banks should expect to profit from surplus production. But this is a shift in thinking that Varoufakis, most Marxists, (and even many non-Marxists) are unwilling to make. It is amusing to read how Varoufakis characterizes "reducing production" like some sort of devious capitalist trick to manipulate the market, but advocates "surplus recycling" as though it were not.
If you are not a Marxist (like me), the good news is that you will also find it readable, thought-provoking, and interesting. But on the flip side, he can be irritating as well. Like most Marxists, Varoufakis ignores the concept of market saturation. For example, he consistently ignores the massive expansion in the US railroad and agricultural infrastructure that occurred between the 1870s and the late 1920s. But even in a large country like the US, the market is finite, so by the 1930s', it was saturated with farmers and railroads producing "surplus products" that the market no longer needed, wanted, was willing to pay for, or (in the case of Varoufakis), "recycle".
Like most Marxists, Varoufakis believes that the value of products are somehow objectively linked to the labour and capital used to produce them. But value is always subjective and determined by the customer. If the customers stop buying American (European, Asian, or anyone else's) products for any reason whatsoever (rational or irrational), it is really irrelevant how much labour and capital went into producing them; because if they don't sell, they are valueless; therefore, and for that reason only, the workers who made them are overpaid, the "capitalists" made a bad investment, and the bankers made bad loans. The resulting labour conflicts, capital-C Crises, "burst bubbles", bankruptcies etc, do make dramatic evening news, but they merely mask the main point: the market grew until it stopped growing. Varoufakis gets seduced by the drama and fails to see that governments, national banks, and other regulatory institutions can try manipulating the value of the currency, manipulate interest rates, regulate prices and salaries, raise or lower taxes, institute economic regulatory zones (EU, NAFTA, etc), or even start wars, but these are all superficial measures that merely mask the problem, delay it, or move it into somebody else's back yard: the bottom line always remains that products have value only if someone is willing to buy them (ie there is a market).
Likewise Varoufakis' "surplus recycling" programs are interesting to read about, but are beside the point; in the 1930s, the US (and Germany) had a surplus of products from farmers and railroads, and in 2008, it was surplus housing. Rather than "recycle" the surpluses (by politically redistributing the losses of selling them below the cost of production), one would think that the more obvious solution would be to simply stop generating a surplus: ie, stop generating surplus products that few people want, need, or (most importantly) are unwilling to pay for. But to stop generating a surplus, one must stop pretending that the value of the product is objectively linked to the labour and capital used to produce it; therefore, one must also stop pretending that workers deserve to be paid good wages to make surplus products, and stop pretending that investors and banks should expect to profit from surplus production. But this is a shift in thinking that Varoufakis, most Marxists, (and even many non-Marxists) are unwilling to make. It is amusing to read how Varoufakis characterizes "reducing production" like some sort of devious capitalist trick to manipulate the market, but advocates "surplus recycling" as though it were not.
Reviewed in the United States on September 8, 2015
Yanis Varoufakis is a brilliant and original thinker. Thank God he can afford to be a courageous defender of the truth that few want to accept. This expose of the maccinations of Wall Street and EU Finance is fascinating and deeply disturbing. He should be recognised as being a valuable contributor to those experts who try to illuminate The Dismal Science!
Reviewed in the United States on February 20, 2015
Extremely readable for an econ book. Explains to the layman how changing US policy affected the global economy following 1) WWII, 2) the end of the dollar peg to gold in 1971, 3) the 70's Oil crisis and 4) the 2008 financial crisis.
FYI - I found James K. Galbraith's book "The End of Normal: The Great Crisis and the Future of Growth" a great companion book. It provides greater depth while debunking much of the faulty thinking that helped get us into this mess. 5 stars.
FYI - I found James K. Galbraith's book "The End of Normal: The Great Crisis and the Future of Growth" a great companion book. It provides greater depth while debunking much of the faulty thinking that helped get us into this mess. 5 stars.
Reviewed in the United States on February 4, 2015
This book on the economic strategies and financialization foibles that brought us to the 2008 collapse explains in detail many terms that seemed mysterious before. Quantitative Easing, Credit Default Swaps, etc are clearly and with passion put into context. It also outlines the way out of the precarity of our age with a healthy dose of doubt we can. Excellent!
Top reviews from other countries
Tremblay
5.0 out of 5 stars
An Exceptional Read
Reviewed in Canada on February 21, 2015
Bought two--one for myself and another for my dad. An exceptional explanation of what caused the Crash of 2008 and why were now mired in "neoliberal austerity" despite our better judgment. Each and every sentence of this book is a joy, as it is packed with clarity, first, but also with delightful references to Greek mythology, fairy tales, cinema, history, etc. It's easy to see that Varoufakis, who is now Greece's Minister of Finance and was once a professor of Economics, must have been a popular academic lecturer. The energy, conviction, and intelligence he brings to his writing is contagious. I found myself in a doctor's waiting room hoping--for once--that they wouldn't call me in too soon so that I could have greater time to read in peace! A brilliant book and I wholeheartedly recommend it.
One person found this helpful
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Jean Gillet
5.0 out of 5 stars
Indispensable.
Reviewed in France on August 13, 2015
A ne pas manquer !Une réflexion originale et révélatrice sur l'état actuelle du système économique actuel qui aide à comprendre ce qui va se passe
MR ROGER HOWARD SMITH
5.0 out of 5 stars
since the 2008 mess, I have read many books ...
Reviewed in the United Kingdom on July 27, 2015
since the 2008 mess, I have read many books in my attempt to understand how the global economy and financial system works. How is it that the planet earth is in more debt than it can ever repay? How is it that the financial world has become so disconnected from the real economy? Why is there not the political will to reel in the bankers and avoid global economic catastrophe. This book answered more of my questions than any other single book. Its not the easiest read but its worth it if you want to understand where we have come from and where we are going. Varoufakis is clearly a real economist in that he understands the real world of cause and effect. I can see why he was not welcome in the discussions on Greece with the Eurogroup and IMF. He basically understands their rotten corrupt games. As long as we have bankers running our economy and real economists observing and commenting on the madness from the outside, we are doomed.
One person found this helpful
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Waldemar Stemle
5.0 out of 5 stars
ich bin sehr zufrieden mit dem Buch
Reviewed in Germany on May 10, 2015
ich bin sehr zufrieden mit dem Buch ich bin sehr zufrieden mit dem Buch ich bin sehr zufrieden mit dem Buch ich bin sehr zufrieden mit dem Buch ich bin sehr zufrieden mit dem Buch ich bin sehr zufrieden mit dem Buch ich bin sehr zufrieden mit dem Buch ich bin sehr zufrieden mit dem Buch
Marfisa
5.0 out of 5 stars
An intriguing examination of economical processes that leaded to the financial crash of 2008
Reviewed in Italy on April 19, 2015
In analyzing economical processes that affected world economics in the last few decades, Varoufakis does not refuse to inquire into what caused them, tracing their origins from Bretton Woods conference in 1944, when "a new monetary framework was designed". The so called global Minotaur came into existence just when the Global Plan stopped working, in 1971. Then capital flows reversed their direction: from all over the world (mainly from Germany and Japan until the beginning of 2000, since when "China stepped in as the greatest contributor") they converged on the US, where they began to be invested in Wall Street. As the author says, "the Minotaur was generating capital inflows that in turn guaranteed a rising tide in Wall Street that submerged any remaining last islets of caution".
Not only is it a very interesting examination of what happened in the last decades, but it is also an intriguing and well written essay.
Not only is it a very interesting examination of what happened in the last decades, but it is also an intriguing and well written essay.

