Yanis Varoufakis

The Global Minotaur

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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—one 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.
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350 printed pages
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Quotes

  • sariyyabunyatovahas quoted8 years ago
    A quick perusal of the ancient myth (see Box 1.1) confirms its suitability as a tale of unbalanced might stabilized and sustained by one-sided tribute; of a hegemonic power projecting its authority across the seas, and acting as custodian of far-reaching peace and international trade, in return for regular tribute that keep nourishing the beast within
  • sariyyabunyatovahas quoted8 years ago
    Returning to the realm of myth, the eventual slaughter of the Minotaur by Theseus, son of King Aegeus of Athens, marked the emancipation of Athens from Cretan hegemony and the dawn of a new era.
  • sariyyabunyatovahas quoted8 years ago
    symbol of a particular form of political and economic equilibrium straddling vastly different, faraway lands; a precarious geopolitical balance that collapsed with the beast’s slaughter, thus giving rise to a new era.

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