- Taschenbuch: 280 Seiten
- Verlag: Zed Books; Auflage: Rev Upd (14. Februar 2013)
- Sprache: Englisch
- ISBN-10: 1780324502
- ISBN-13: 978-1780324500
- Größe und/oder Gewicht: 12,7 x 2,3 x 20,3 cm
- Durchschnittliche Kundenbewertung: 3 Kundenrezensionen
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- Nr. 127 in Fremdsprachige Bücher > Business, Karriere & Geld > International > Wirtschaft
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- Komplettes Inhaltsverzeichnis ansehen
The Global Minotaur (Economic Controversies) (Englisch) Taschenbuch – 14. Februar 2013
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'The emerging rock-star of Europe's anti-austerity uprising' - Daily Telegraph 'The book is one of those exceedingly rare publications of which one can say they are urgent, timely and absolutely necessary.' - Terry Eagleton '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.' - Aditya Chakrabortty, Guardian lead economics writer 'Yanis is one of the best, brightest and most innovative economists on the planet' - Steve Keen, author of Debunking Economics 'Clearly and strongly written, with logical organization building towards simple conclusions, the book is an easy yet rewarding read ... perhaps should become the standard way we think about the nature of our increasingly dysfunctional world economy.' - Joel Campbell, International Affairs '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
Über den Autor und weitere Mitwirkende
Yanis Varoufakis is Professor of Economics at the University of Athens, Visiting Professor at the University of Texas, and Economist-in-residence for Valve Corporation. Born in Athens, 1961, Varoufakis completed his secondary education in Greece before moving to England where he read mathematics and economics at the Universities of Essex and Birmingham. He has taught at various British Universities (Essex, East Anglia, Cambridge, Glasgow), and spent twelve years teaching at the University of Sydney (Australia). Recently, he has emerged as an active participant in the debates over the Global, European and Greek Crises as well as a co-founder of www.vitalspace.org
Furthermore, he explains the drivers and shortfalls and gives plenty of proof.
My recommended reading to understand the Crisis of 2008 and the following euro crisis.
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To Varoufakis, the key to a well-functioning world economy is a "Global Surplus Recycling Mechanism". Keynes proposal did this in simple and elegant way, but it didn't suit the Americans, who wanted the United States to lead the global economy by running trade surpluses and recycling profits as they saw fit. Keynes had argued that countries with trade surpluses (like the US) should be taxed to give loans to countries with trade deficits (like the damaged economies of Europe). From one point of view, this amounted to a form of altruism to automatically reduce inequality among nations, but practically it would build the foundation for lasting and prosperous peace.
Instead the US came up with the Marshall Plan to turn Europe and Asia into prosperous markets for US goods, especially Germany and Japan. Varoufakis credits key US policy makers, having learnt hard lessons from the 1929 Crash and Great Depression, for the extraordinay policy that led to the 30 year Golden Age of capitalism from 1945 to 1975. Yet, however amazing, this "Global Plan" was not built to last, unlike the Keynes plan.
As in the Global Plan, 70 percent of China's surplus from its spectacular industrial growth is recycled back to Wall Street to balance accounts, but the US government left it to Wall Street to use this bonanza to increase, not decrease inequality in the US. Thus Varoufakis more sinister name of "The Global Minotaur" for what took place after the Global Plan fell apart in 1971 when Nixon took the US off the gold standard. This happened because the US, instead of surpluses, had begun running both budget and trade deficits, especially due to the Vietnam War and the maturing of the German and Japanese economies. By then others had the surpluses, so the flow of funds had to be reversed in some way.
Varoufakis calls the new US plan the "Global Minotaur" by because it formed a system of tribute from the rest of the world to finance the US budget deficit and trade deficit, like the tribute the ancient Athenians gave to Crete in the form of sacrifices to the mythological Minotaur (half human / half bull). It was based on the US dollar as the world reserve currency and the related requirement to trade oil and other commodities in US dollars. The Global Minotaur succeeded in enriching global elites, and eventually China, but fed off many victims in the process. These included the American working class and many a third world country, even the East Asian tigers, until they learned to defend themselves against the financial predations from Wall Street, the transnational corporations, and agents of neoliberalism like free trade agreements and the International Monetary Fund. This neoliberal Minotaur was severely wounded by the financial crash of 2008, but reactionary politics has blocked any new plan, with the prospect that the world will lurch from one crisis to the next.
Varoufakis' explains how this system of imperial tribute and its associated market strategies and finances has driven the ideology of neo-liberalism, or free market fundamentalism, which he calls one of the four "handmaidens" of the Minotaur. The other handmaidens were (1) Wall Street, (2) global corporations like Walmart leading the race to the bottom, and (3) economic theory divorced from reality.
The European Central Bank certainly won't be able to fool Varoufakis. He knows exactly what needs to be done and has many allies on both sides of the Atlantic. Let's hope that he can help leverage the Greek crisis into the long overdue reform of the EU into a true banking and budgetary union.
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.
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