The Global Minotaur: America, Europe and the Future of the Global Economy (Economic Controversies)

In this provocative book, Yanis Varoufakis—the fiery former finance minister in Greek’s new Syriza-led government—explodes the myth that financialization, ineffective regulation of banks, and generalized greed and globalization were the root causes of the global economic crisis. Rather, he shows, they are symptoms of a much deeper malaise, one that can be traced all the way back to the Great Depression, then through the stagflation of the 1970s, when a “Global Minotaur” was born. Today’s deepening crisis in Europe, Varoufakis shows, is just one of the inevitable signs of the weakening Minotaur—of a global system that is now as unsustainable as it is unbalanced. Rather than simply diagnose a problem, however, Varoufakis also offers a solution, a program for introducing reason into what has become a perniciously irrational economic order.

An essential, powerfully polemical account of the hidden histories that continue to shape our world and economy today, this book from a major player on the stage of world finance, and with a new introduction by Paul Mason, will be essential reading for economists, policy makers, and regular citizens alike.