Name: The global minotaur
ISBN: 9781783606108

The global minotaur

'The emerging rock-star of Europe's anti-austerity uprising.' Daily Telegraph 'A spirited book.' New Yorker In this remarkable and provocative book, Yanis Varoufakis, former finance minister of Greece, explodes the myth that financialisation, ineffectual regulation of banks, greed and globalisation were the root causes of both the Eurozone crisis and 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. Today's deepening crisis in Europe is just one of the inevitable symptoms of the weakening Minotaur; of a global system which is now as unsustainable as it is imbalanced. Going beyond this, Varoufakis reveals how we might reintroduce a modicum of reason into what has become a perniciously irrational economic order. An essential account of the socio-economic events and hidden histories that have shaped the world as we now know it.

What Hacker News says

pineauxMay 2024

You should read "the global minotaur" by yanis varoufakis. It explains exactly why this is the case. This is true only for the US and it is because other countries buy dollars in bulk to keep the dollar high because: 1) not keeping the dollar high will devalue their dollar reserves. 2) they need large reserves of dollars to be able to facilitate trade in dollar denominated resources like oil. 3) they buy us treasury bonds because this will raise the value of their dollars and because it ks historically a safe investment.

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atmosxJun 2022

The problem with the economist is not lack of analysis. The problem a very skewed-Americanized world-view. Assuming you are able to reckon that part, the Econ has sections about EU, Asia and Africa and the special reports are awesome (most times). Definitely read the economist if you care about current affairs.

I would propose Varoufakis books, especially “talking to my daughter about the economy”, “the global Minotaur” and “adults in the room”. The latest “another now” is a bit more advanced and the next one that’s coming out about the new status quo is also interesting.

Another way to learn a lot is to read columns in major, mainstream, journals like NYC - Krugman’s column is really good - the FT, etc.

Keep in mind that you will have many “???” Moments when authors will be alluding or assuming the high inflation and low unemployment rate lead to recession, etc. jump to investopedia an try to connect the dots… this process will make you an expert eventually.

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toomuchtodoJul 2017

Capital In The Twenty First Century: https://www.amazon.com/gp/aw/d/B00I2WNYJW/

The Economics Of Inequality: https://www.amazon.com/gp/aw/d/B013HZ8U0G/

Debt: The First 5000 Years: https://www.amazon.com/gp/aw/d/B00Q1HZMCW/

Boomerang: Travels in the New Third World: https://www.amazon.com/gp/aw/d/B005CRQ2OE/

The Global Minotaur: America, the True Origins of the Financial Crisis and the Future of the World Economy: https://www.amazon.com/gp/aw/d/B010VKP0CQ/

I'm mobile at the moment, but will noodle on further books that I'd consider contributors to the "late stage capitalism" school of thought (IMHO, as an amateur macroeconomic scholar). I am also open to rebuttals!

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pm90Jan 2016

For a good context on this, I would highly recommend "The Global Minotaur" by Yanis Varoufakis. It really changed my understanding of the use and flow of debt, specifically sovereign and institutional debt.

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1971genocideAug 2015

5% +- 1%

I am a strong believer that all people have equal ability, and if all countries were on a equal footing then their GDP size would be more of less reflective of their labour force.

Ofcourse it gets complicated if countries have resources only to their geography.

GDP per capita is a weak measure since america has high inequality, some people in america are as poor and hungry as the worst conditions in africa.

America was built mostly out stealing labour from the rest of the world in a selective way, without taking full advantage of your own labour force.

The unfairness comes when we talk about investment. A lot of counties like India invested heavily on education. What happened to the talent produced by that investment ? They all ran away to US.

Its okay if a small number of people do it, but when a huge portion of the population does it then its not fair to the country involved.

It also allows america to get away with it by not investing in their own education or labour force.

Some countries figured out this game - south korea, china. who force their labour to pay back the investment - is it wrong ? yes.

But given america's hypocrisy they had no other option.

Right now america is loosing its ability to attract talent, since the global financial meltdown in 2008. It used to be a blackhole to world labour and investment (using wallstreet).

But as countries develop american multinationals and the american govt will need to downsize and they are not happy to do it, since it means downsizing its global bullying power.

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If you want to learn more about how america has screwed over humanity.

1) http://www.amazon.co.uk/The-Global-Minotaur-Economic-Controv...

2) http://www.amazon.co.uk/The-Oil-Kings-Changed-Balance/dp/143...

3)https://en.wikipedia.org/wiki/Confessions_of_an_Economic_Hit...

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I have been reading about it and making sure things are historically accurate, not only am I becoming more economically literal - I am also enraged about how horrible america has being, I used to celebrate american culture and now really feel bitter. I have been reading them only for the past 20 days or so, so my initial phase of angry is still not complete.

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corimaithDec 2024

Except Africa has in fact received billions in aid. Building factories & infrastructure like the BRI was all tried in the 60s, it never worked out due to failures of ISI development and weak governments and instuitions.

We've had 40 years of learning hard mistakes, if you believe the Western System is exploitative then the logical conclusion would be that isolation from that system would provide better outcomes, when in reality those that did stagnated. Domestic consumption markets are far too weak initially to drive growth, it's only through the focus on export surplus capacity to sell to open foreign markets that one can provide the impetus for growth.

But that's only possible so in as far the West or really the USA willingly chooses to open it's markets and let it's industries and blue-collar workers decline. From a global perspective, with the assumption that these developing markets would open their markets eventually would have been optimal in providing a path for everyone to develop. Except in reality, many of these countries especially now in the 2020s never intended to open their markets, they're perpetuating the massive trade imbalance with their neomercantalism. Which Varoufakis himself btw points out in The Global Minotaur as unsustainable.

Can you really say the USA is the oppressor in this instance or the victim in maintaining that massive trade deficit? If America decides to go protectionist (which is happening with Trump), the entire damn system collapses and the pathways for development will be closed for future nations.

It's not a question of whether China is building infrastructure or cheap cars for developing nations, it's whether they will be willing to let their industries be gouged by future upstarts. And with economic nationalism, the answer will always be no. And that goes for most of the "global south" for that matter. A zero-sum world for a zero-sum worldview. Compared to that, I would argue that America's attempt at positive-sum world was alot more charitable.

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