The Global Minotaur: America, Europe and the Future of the Global Economy PDF
Preview The Global Minotaur: America, Europe and the Future of the Global Economy
ECONOMIC CONTROVERSIES Innovative and thought-provoking, the Economic Controversies series strips back the often impenetrable facade of economic jargon to present bold new ways of looking at pressing issues, while explaining the hidden mechanics behind them. Concise and accessible, the books bring a fresh, unorthodox approach to a variety of controversial subjects. Also available in the Economic Controversies series: Lorenzo Fioramonti, Gross Domestic Problem: The Politics behind the World’s Most Powerful Number Robert R. Locke and J.-C. Spender, Confronting Managerialism: How the Business Elite and Their Schools Threw Our Lives Out of Balance Heikki Patomäki, The Great Eurozone Disaster: From Crisis to Global New Deal ABOUT THE AUTHOR 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. THE GLOBAL MINOTAUR America, Europe and the Future of the Global Economy YANIS VAROUFAKIS Zed Books LONDON | NEW YORK The Global Minotaur: America, Europe and the Future of the Global Economy was first published in 2011 by Zed Books Ltd, 7 Cynthia Street, London N1 9JF, UK and Room 400, 175 Fifth Avenue, New York, NY 10010, USA www.zedbooks.co.uk This edition published in 2013 Copyright © Yanis Varoufakis 2011, 2013 The rights of Yanis Varoufakis to be identified as the author of this work has been asserted by him in accordance with the Copyright, Designs and Patents Act, 1988 Typeset in Monotype Bulmer Index by Sally Phillips Cover design: www.alice-marwick.co.uk All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying or otherwise, without the prior permission of Zed Books Ltd. A catalogue record for this book is available from the British Library Library of Congress Cataloging in Publication Data available ISBN 978 1 78032 646 7 Contents ABBREVIATIONS PREFACE TO THE NEW EDITION ACKNOWLEDGEMENTS 1 Introduction 2 Laboratories of the future 3 The Global Plan 4 The Global Minotaur 5 The beast’s handmaidens 6 Crash 7 The handmaidens strike back 8 The Minotaur’s global legacy: the dimming sun, the wounded tigers, a flighty Europa and an anxious dragon 9 A world without the Minotaur? POSTCRIPT TO THE NEW EDITION NOTES RECOMMENDED READING SELECT BIBLIOGRAPHY INDEX Abbreviations AC alternating current ACE aeronautic–computer–electronics complex AIG American Insurance Group ATM automated telling machine CDO collateralized debt obligation CDS credit default swap CEO chief executive officer DC direct current ECB European Central Bank ECSC European Coal and Steel Community EFSF European Financial Stability Facility EIB European Investment Bank EMH Efficient Market Hypothesis ERAB Economic Recovery Advisory Board EU European Union FDIC Federal Deposit Insurance Corporation GDP gross domestic product GM General Motors GSRM global surplus recycling mechanism IBRD International Bank for Reconstruction and Development ICU International Currency Union IMF International Monetary Fund LTCM Long-Term Capital Management (hedge fund) MIE military–industrial establishment NAFTA North American Free Trade Agreement NATO North Atlantic Treaty Organization OECD Organisation for Economic Co-operation and Development OEEC Organisation for European Economic Co-operation OMT outright monetary operations OPEC Organization of the Petroleum Exporting Countries RBCT Real Business Cycle Theory RBS Royal Bank of Scotland REH Rational Expectations Hypothesis RMB renminbi – Chinese currency SME small and medium-sized enterprise SPV Special Purpose Vehicle TARP Troubled Asset Relief Program
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